Why did you select this individual to interview?
Answer to question 1.
I agree with the fact that an entrepreneur should never afraid of taking risk. The successful entrepreneurs are the most innovative one and they do not care about the failure or success but always strive to achieve their destinations.
Answer to question 2.
I did not start my career as an entrepreneur but had a working experience in the world’s business companies like Apple Inc, IBM Ansett and KPMG in corporate marketing departments. In 2011, I started my own business with only 46 workers.
Answer to question 3.
My study with marketing management helped me immensely to build this company. In addition to this my vision and thinking out of the box process had supported me to leave the global companies and risk my saving to start a new business.
Answer to question 4
I am motivated with the word success but this does not only mean how profitable the business is growing. To me the journey to success and pursuing what one wants is the thought that motivated me. No business is set or ever forget but what the entrepreneurs learn from the failure is their road to success.
Answer to question 5.
To state the naturel strength the entrepreneur, I will refer to my willingness to bring changes in the thought process regarding gift retailing. I wanted to do something that nobody ever thought of or tried to start. I had been very inquisitive about everything from my very childhood which had helped me to innovate this business and give this business a shape of global face. My simplicity of thought and ability to align things so that the vision remains clear to both myself as well as my followers. It is my characteristics to retain people into my plan and serve them honestly. To refer to my strengths, the risk-taking mentality is always present in me as an entrepreneur which guided me to listen to all and respect all the new ideas. I then analyse those as if they are my north stars and steer my business to the new ways. The entrepreneurs who do not have the risk-taking mentality, can never excel in life as half of the business remain unknown to them.
Answer to question 6.
I have learnt a lot of qualities of leadership from different leaders. First of all, I shall refer to my introvert nature of the childhood. I had gradually learnt to open up as well as express my thought before others. Now I am a blogger and my thoughts are followed by huge number of people around the world. To be a good entrepreneur, I built a network of such relationship that can support me. I started to hire the most fitted and ambitious people in my organization so that I can utilize their zeal to improve the business. I believe in teamwork hence my organization provides all types of facilities to entertain the diversity in the teams so that the current of positive ideas can flow always in the organization.
What insights did you gain from talking to them?
Answer to question 7.
In spite of being interested in art, she had taken commerce according to the suggestion of my mother. It was my mother whom I see my role model as she had a great influence on me. In my childhood I used to see my mother working with computers and realized her hard works both in her workplace as well as in household. My mother taught me the importance of working and often kept me busy with casual works for this I used to get extra pocket money as reward. This is how I started to consider work to be my motto of life based on which I will be developing myself. Beside my mother I follow many global leaders who have shared their knowledge in the business world and solved issues of human kind through their innovative ideas.
I am aware of the popularity of the programs like Shark tank and supports the idea of investing in the businesses of the moist innovative entrepreneurs around the world. I take this program as both information and inspiration.
Answer to question 8.
I advise the innovators to have faith on them and grab all the chances that life gives so that they do not repent for a good chance to miss.
Answer to question 9.
I follow the incremental model for supporting innovation or new ideas.
Answer to question 10.
Yes I have network to consider critical to my entrepreneur success.
Answer to question 11.
In case any business is not working according to the plan I immediately stop investing on it and understand this in a very limited span of time. I allow ideas and suggestion from the departments before making any decisions.
Answer to question 12.
Being a woman I myself faced many issues but finally able to change the perspectives of the world that women can be successful entrepreneurs too.
Answer to question 13.
The world needs more ideas and innovation instead of focusing on the business profitability only.
From the data from the external sources and assessments, the importance of innovation capabilities has been clearly understood to me. The innovation process to me is the combination of individuals, their insights, ideas and their ability to act. Innovation capabilities to me is the ability to approach new challenges to face in working out any job with an open mind and with positive and creative attitude (Galor and Michalopoulos 2012). I see innovation capabilities in me to seek new and unconventional solution to my problems. In such case I think no one can learn new things and new ways to face the problems. In doing a task I always seek to find the most appropriate way to complete it efficiently and with reduced time as well as efforts. it is the process of using my own strength to figuring out that in which aspect I can do better in a less time. In the context of business also, the customers expect their brands to work faster with less motions and offer them the best product or service. In this way the firms achieve customer satisfactions and add value to their external as well as internal customers.
What will you do differently based on your discussion?
From my own point of view, instead of approaching one single task with the attitude of satisfaction and confidence does not give the scope to innovate as these are under our comfort zone but the true innovator approaches every single task with this similar attitude as they have the confidence that they will apply their creativity and innovation to think out of the box and achieve the desired result effectively (Kirzner 2015). From the past experience I have realized that innovation is the method of thinking differently to an ordinary job then taking actions to accomplish them better than others. As the studies of innovation have pointed out that there are three capabilities of innovation which are dependent upon one another. These three capabilities of innovation are creative abrasion, creative agility and creative resolutions. Creative abrasion refers to the ability to generate different ideas and thoughts through debate and discourse (Bridge and O’Neill 2012). Creative agility is the ability to experiment and tests through quicker reflection, pursuit and adjustment. Finally, the creative resolution is the ability to make the integrative decides which combine the opposing ideas. In such case I think no one can learn new things and new ways to face the problems. In doing a task I always seek to find the most appropriate way to complete it efficiently and with reduced time as well as efforts. it is the process of using my own strength to figuring out that in which aspect I can do better in a less time.
My innovation capabilities are purely based on the cognitive skills which helps me to think creatively and critically and the behavioral skills helps me to solve problems and to manage risks. Innovation capabilities in me mainly focuses on the changing the way of doing a critical task in as easy and acceptable manner so that the task is completed more efficiently than it can be done in a conventional way (Espíritu-Olmos and Sastre-Castillo 2015). This is the reason why there must be a willingness to change. In the learning curve, intention to bring changes makes me the more competent. Despite the fact that these new tools often take more time and question the relevancy initially but gradually I have felt the value of change. This willingness for bringing changes in the routine tasks comes from intention to do a right thing for the upliftment of the organization. This adds to a clear sense of purpose as well as meaning to the work.
What advice could you offer this entrepreneur?
Innovation capabilities to me, has another facet that is related to the dissatisfaction to settle for good enough. Innovation capabilities increase when the innovative person outperform his or her own previous performance and relentlessly look for raising bar (Altinay et al. 2012). The innovative people like risks and challenges which allow them to find out the better methods and options. To me, setting stretch goals makes me to go far beyond working hard by employing smarter ways to achieve their desired positions. Thus, challenge of meeting one goal needs to mean to reach the next level for achieving another goal. In this regard the contingency theory of organization management is appropriate when the management makes decisions depending upon the internal and external situation of the company (Baum, Frese and Baron 2014). Innovation capabilities thus help the people to make decisions based on the situation. more practice to think in a different way and more innovatively make people ready to face any type of challenges. Innovation capabilities also helps to make the internal culture of the organization such wonderful and attractive that it results in building an independent as well as powerful force which propels the organizations forward.
|
Objective |
Resources needed |
Actions to be taken |
Desired output |
Time frame |
|
Taking up challenges |
Tough challenges in the workplace |
Keep on upgrading the risk bearing factor but taking up tough challenges. Entering into works and projects that needs out of domain knowledge. |
This will help in increasing the strength of risk bearing. This will be very helpful in future for taking up the tough challenges. This in turn will also increase the chances of promotion and appraisals on the professional career. |
2months |
|
Improving the discovery driven or the innovative approach |
Building up a deep insight by undertaking research into books, journal and many other such important search engines. |
Facing and meeting with all the challenges coming in the way and be updated in taking up all the challenges. Always having a very exploratory and innovative approach. Inculcate the feeling of eagerness to know each and everything that comes in our way. |
This will help in developing the discovery approach and will help in instilling a good exploratory approach and learn about many important things. This will help in developing a good knowledge base |
2month |
|
decision making approach |
Books and journals on working over the decision making qualities. Tying to work over and limit the number of options available |
Try to limit the number of options available so that the decision making process becomes much easier. |
This will help in the work much more smooth and organized. This will also help in the betterment of the future career planning. |
1 months |
|
Positive and creative attitude |
This will require resources like taking meditation classes and concentration classes. |
These resources will help me to develop a creative and a positive attitude towards each and every work that I am undertaking. |
This will help me in increasing the c relative quality that is present within me. I will be able to develop a very positive approach and it will help me facing any kind of tough situation in a positive manner. |
1month |
The goal of becoming a risk take is a specific objective and this will help in making the future much more secure and organized. The methods that will be used for working over his goal are specific in nature (Carmeli, Dutton and Hardin 2015). I will be taking a deep interest into the tough tasks that will come in my way and will also help in developing my courage. This will help me in developing a strong risk bearing ability. This is also a measurable goal because I will be taking about 2 months in achieving this particular objective. This goal is also aligned or achievable because if I work effectively then I will be able to develop the risk bearing factor within me. This is also a very realistic goal as it is one of the valuable qualities that are needed for my future career.
The methods that I will be using for developing the discovery approach or the innovative approach is also one of the SMART objectives. I will be using the methods of in creating my knowledge by developing a deep study in all the fields. This will help me to develop a strong and innovative approach. I will try to develop this skill within the span of another 2 months. So, this is surely a measurable approach as well. I will measurable this skill within me by making sure that my innovative approach is increasing day by day (Kirzner 2015). I will get to know this by taking day to day feedback from all my coworkers. I will also keep a record of my performance in the day to day affairs. I will also keep a thorough record of the way in which I am exploring each problem taking place in the organization and the outcomes of the approaches that I will be suggesting. This goal is also achievable or aligned because I can work effectively and can achieve it within the specified period of time. So, this goal is also time bound in nature as I will be able to achieve it within a period of 2 months (Bjerke and Renger 2017). The other kind of goal that I want to work upon for my future is developing a good decision-making process. I will make sure that this goal and the methods used or achieving the same is SMART in nature. I find this to be a specific goal as I will work on developing my decision-making skill by working over the options that are available to me for any particular problem. I This is also measurable as I will be able to measure the effectiveness within the outcomes of the decisions that I am taking. I feel that this goal is also aligned or achievable because I can achieve it if I follow the methods properly. This is also realistic as developing on the decision making power will help me in securing my position as a manager in future. I hope to work on this goal and achieve it within a span of 1month so it is also time bound in nature.
As well as provide a summary of the date and time of the interview, length of the interview, format of the interview (i.e. in person, phone or video). Please note email ‘interviews’ are not appropriate for this activity, you need to have a discussion with the person.
|
Name of model |
Description |
Result |
|
Blue Ocean strategy |
* In recent competitive, high tempo business market, the shorter product Lifecyle and hyper competition has mandated the abilities of the companies to develop quickly to remain competitive in the market. * Blue ocean theory is the constant pursuit of the differentiation process and low cost so that the company can open up a completely new market space as well as create new demands. * This is the process of creating and capturing the uncontested market space where the question of competition becomes irrelevant. * Blue ocean strategy is based on the idea that the market boundaries as well as industry structure are not present hence can be reconstructed by the beliefs and actions of the industry players. * This strategy is applicable in the value innovation which is the process of creating value for the buyers as well as the companies. * Through this particular process, the value innovation is achieved only when the system of utility, cost and price are aligned. |
This model measure and develop the innovation capabilities and combine blue ocean strategy to gain an unmatchable speed. |
|
Pentathlon Model |
* This model accommodates variety range of soft organizational issues and help the entrepreneurs to organize the innovation and other processes to overcome deficiencies. * This particular model is dictated by the innovation process which decides the goals and objectives of the companies, required technologies and communication in the workplace. * This structured process is captured in the model and guides the company with five key elements for optimum performance. * This particular model details the method of idea generation to understand different aspects of the problems and respond them. * The process of selection and prioritization of ideas with the incomplete information. * The middle of the model captures the flow or movement of the ideas through prioritizing process and implementing important changes to develop new products as well as interactions in the market places. * The innovation strategy according to this model, needs to identify the parts where the innovation is mostly needed. This will guide as well as influence the idea selection process and their proper implementation. * Underneath the middle section, this model depicts formalization of human element in the innovation process. * Thus, it helps the companies to recognize the importance of culture to play role in the innovation process. |
This model effectively recognizes how the people and organization climates can paly role and value the conductive couture. These motivate the people associated to take active part in the innovation process. |
|
Porter’s five forces model |
* This model encompasses around five factors namely, threat of the new entrants, threat of substitutes, bargaining power of customers, bargaining power of suppliers and industry rivalry. * This helps the companies to operate according to the situation of the market and use innovation according to need of the organizations. * As this model purely deals with the operation of the organizations, the companies can identify the places of improvemnst through innovation. * Despite the fact that most of the business operations are dependent upon the market competitions, strength of the suppliers and demand of the customers hence this model can effectivity be used to realize where the change is needed. * This model judges the buying capacity of the customers and the switching costs which mandate the companies to produce high quality products in lesser price. This is completely based on the innovation capabilities of the firms. * The competition rivalry is also associated with the quality of products and services which vary from firms to firms. The brand reputation increases with the customer satisfaction which is completely dependent upon the innovation of the products. |
Through this model, the companies understand when to increase the quality of products and process to attract customers in one hand and give the firm a competitive edge. |
|
Radical innovation |
* This particular model is based on the view to destroy or supplant an existing business model. * The radical innovation replaces the existing system with a completely new system for implement the complete effect of innovation. * This innovation model has a clear and delineated parameter as well as points to show the effect of headshop skills in the innovation process. * This model produces a completely new set of performance features. * It is an innovation which has significant impact on the market and the economic activity of firms in that market. * This helps the companies to produce a significant reduction of their costs. * This model focuses on the impact of innovations as opposed to the novelty. * Though this process the companies can change the structure of their market, create new markets and render existing products obsolete. * This helps the companies to stand out in the competition and enable a rapid growth to create higher return on the investments. * According to many critics, this model seems to be disruptive as the companies fail to collect data as the structure is completely changed (Pellicer et al. 2017). * Therefore, the companies with a long past experience in operating in the market cannot implement this particular model and cannot advance the process of change. |
Radical innovation model carets a dramatic change in the products, processes and services that they transform the existing market and industries and create new one. |
|
Stage Gate Model |
* The stage gate model is a value creating business process which when applied efficiently, drives development and launch a stream of success of new products. * This model considers the industry standard for which this model is widely referenced, bench marked and implemented innovation management model (Van, Steinz and Van 2014). * This model guarantees better in-market success regarding new product sales as well as profits, in-company project success associated with project speed, scoping and budget. * This model also helps the companies to enable better governance agility through better portfolio visibility. * Stage Gate Model creates scope for an improved in company, ross functional team collaboration and collaboration with the external development partners. |
The model helps the companies to nurture a high impact and balanced innovation culture that create real value. |
|
4Ps model of innovation |
* This model helps the companies to identify what the innovation method can improve and implement in the business (Laukkanen and Patala 2014). * The innovation mix of this model mainly relates to the paradigm, product, position and process. * In the paradigm section, the model refers to bring the radical change in the organization by maintaining the positivity. * Under this process, the essence of imagination is amalgamated with the changed business model. * In the product segment, the innovation process is applied in the product development as well as service offerings. * In the process section, the innovation is applied in the supply process, workflow, hiring and training of the workforce in order to increase the profit (Santos 2012). * The position segment deals with the brand image as perceived by the customers, employees and other stakeholders. |
This model effectively helps the companies to understand the weakness and direct to improve product, process, paradigm and position. |
In the gift retail market of Australia where RedBalloon is currently operating, does not have a highly competitive external situation (Redballoon.com.au 2017). in addition to this, the company is completely innovation dependent. This is the reason why the pentathlon model of innovation will be the best fitted model to progress the business gradually by following the creative approach. This model as mentioned before gives full support to the innovators of the firms and encourage them to explore new ideas. As the cost and business implication have become progressively greater, this model employs a structured process for reducing the risk of failure. The strong project management skills will help RedBalloon to move an idea by implementing to market in a high uncertainty market. This model clearly states the innovation strategy to that have three most important process. Firstly., Naomi Simson, the founder of the company needs to generate ideas which will give the company a greater customer base (Van, Steinz and Van 2014). These ideas will be associated to go out of the territory of domestic market of Australia and capture the foreign market. These ideas will be prioritized according to the achievability and relevancy. The company as the interview denotes, is more democratic where the employees take part in the decision-making process. Therefore, the senior management need to arrange or organize the new skills or new supply chain. The enterprise culture builds the organization string to endure the problems. The people of the organization will be able to manage the tension between the business imperative and taking risks to minimize failure as products and services near the market.
References:
Altinay, L., Madanoglu, M., Daniele, R. and Lashley, C., 2012. The influence of family tradition and psychological traits on entrepreneurial intention. International Journal of Hospitality Management, 31(2), pp.489-499.
Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship. Psychology Press.
Bjerke, M.B. and Renger, R., 2017. Being smart about writing SMART objectives. Evaluation and program planning, 61, pp.125-127.
Bridge, S. and O’Neill, K., 2012. Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.
Carmeli, A., Dutton, J.E. and Hardin, A.E., 2015. Respect as an engine for new ideas: Linking respectful engagement, relational information processing and creativity among employees and teams. Human Relations, 68(6), pp.1021-1047.
Espíritu-Olmos, R. and Sastre-Castillo, M.A., 2015. Personality traits versus work values: Comparing psychological theories on entrepreneurial intention. Journal of Business Research, 68(7), pp.1595-1598.
Galor, O. and Michalopoulos, S., 2012. Evolution and the growth process: Natural selection of entrepreneurial traits. Journal of Economic Theory, 147(2), pp.759-780.
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Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Laukkanen, M. and Patala, S., 2014. Analysing barriers to sustainable business model innovations: Innovation systems approach. International Journal of Innovation Management, 18(06), p.1440010.
Pellicer, E., Yepes, V., Correa, C.L. and Alarcón, L.F., 2014. Model for systematic innovation in construction companies. Journal of Construction Engineering and Management, 140(4), p.B4014001.
Redballoon.com.au 2017. About Us | RedBalloon. [online] Redballoon.com.au. Available at: https://www.redballoon.com.au/about-us [Accessed 18 sep. 2018].
Safiullin, L.N., Fatkhiev, A.M. and Grigorian, K.A., 2014. The triple helix model of innovation. Mediterranean Journal of Social Sciences, 5(18), p.203.
Santos, F.M., 2012. A positive theory of social entrepreneurship. Journal of business ethics, 111(3), pp.335-351.
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Van Weele, M.A., Steinz, H.J. and Van Rijnsoever, F.J., 2014. Start-ups down under: How start-up communities facilitate Australian entrepreneurship. In Paper to be presented at the DRUID Conference (pp. 16-18).
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