I’m trying to learn for my Business class and I’m stuck. Can you help?
1. In Chapter 11 of Innovation and Entrepreneurship Drucker lays out his 5 Principles of Innovation. Of these, the one most often misunderstood is the fifth one: “Aim at leadership.” What does this mean, exactly? Justify your answer, and provide an example (which can be from the Drucker text, from another source, or even from your own experience).
Please respond to the question with a minimum, of 200 words. Please use three references.
Please reply to two of your classmates postings with a minimum of 100-150 words.
2. Read this two writings and reply your own opinions for each
1. In Drucker's 5 Principle of Innovations, he mentioned that aiming at leadership in the industry is significant. In other words, being the index of your industry is what makes your product stand out. These days, "me too" is a trend that we can see everywhere in the market. For example, when Gigabyte Technology launched OLED monitor for laptops during Computex event in Taiwan, we immediately see other competitors starting to product OLED monitors, which causes OLED monitor price skyrockets. With this example, we see that in many industries, in order to compete with others, you need to keep up with the trend to survive in the market. From the other perspective, what if you are the one that was GIgabyte who started OLED monitor? In this case, you would be the leader in the market because you are the one who initiated the trend, the new look in the industry. Aim at leadership is particularly important in the tech industry because everything is about being different but also being liked by users; however, once you have climbed up to that leadership position, most likely majority of the products you come up with will have good results.
2. Systematic innovation is defined as “to the search for and the exploitation of new opportunities for satisfying human wants and human needs.” (Drucker, 2014, p.166) From my understanding, leadership in this content can be referred to as being a leader in the process of innovation. A lot of businesses and organizations are copying each other’s ideas and works when they can’t innovate. Should the market not be evaluated depending on the position of the organization. Nonetheless, if an organization fails to aim at leadership during the process of innovation, the chance of being copied by other competitions are higher. A recent change in social media has proven Drucker’s point of view. Instagram introduced its own version of stories – the same function Snapchat has for years, wherein photos and videos are shared with friends for a limited time. No one has ever thought that Instagram would launch the same feature as Snapchat. Instagram has also gained more users since then. (Zaleski, 2017) Perhaps Snapchat failed to be a leader when it was first launched. They didn't evaluate the market and they didn't know other competitors were trying to be better than them. They created an opportunity for Instagram, a platform that’s originally for users to share photos. To conclude, the outcomes of the success of businesses are not predictable. Leadership takes a major part in the process of innovation if the companies wish to stand out in the market. It is fundamental for businesses to be leaders and to establish their own positions in the market.