Importance of New Ideas and Concepts in Corporate World - Essay Sample

2021-07-20 13:14:11
3 pages
614 words
University/College: 
Vanderbilt University
Type of paper: 
Essay
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In the present-day corporate world, business initiatives are seeking to stand out among masses of competitors in the industries in which they run. Nonetheless, they are determined towards such accomplishments amongst an array of challenges in the sense that they are attracting more global dynamics in consumer-sensitive surroundings (Hatten, 2015). Ideally, customers are requesting more choices coupled with enhanced worth and service. When a business is not able to respond to its clients needs in an exceedingly timely manner, then they are likely to turn to competitors that provide goods and services that suit their needs better.

In the wake of above challenges, businesses are prompted to differentiate themselves continuously to stay a notch higher ahead of competitors and remain market focused (Elkington & Hartigan, 2013). In this paper, I will framework my views on the importance of new ideas and concepts by explaining how I will incorporate entrepreneurship and intrapreneurship into my business plan implementation. As well, I will explain and justify how my thoughts and ideas fit within the context of the enterprise to create change.

It is safe to say that an effective differentiation strategy is a primary way through which business will survive and thrive in todays volatile marketplace. The best way through which a company can come up with a unique differentiation strategy entrepreneurship through which new ideas and concepts can be introduced (Hatten, 2015).

Just like any other business seeking to survive, Under Armor is not exceptional when it comes to trying new ideas and concepts. These are extremely vital for any business especially in an era when business environment has changed and become more complicated. Business enterprises, including Under Armor in this context, are under extreme stress to respond and be innovative to such conditions. Under such situations, it becomes dire that enterprise decision making becomes quick and strategic implying that making such decisions can be very complex. Besides, it is in such cases that new idea and concepts become dire.

New-fangled ideas and concepts form the basis for better high-value ideas at the front of the innovation funnel (Hatten, 2015). Subsequently, new ideas and concepts can be developed into higher-value products that move through the pipeline and out into the market where they satisfy consumer needs and wants.

The importance of entrepreneurship, which is concerned with generating business ideas, setting up businesses, and taking financial risks in the hope of making profits, cannot be underestimated. In my capacity, I would strive to become an innovative risk taker in exploring the best available ideas and concepts. To supplement my efforts, I would embrace intrapreneurship, which is the act of employees behaving like entrepreneurs when working within the business (Mariotti & Glackin, 2014).

I would strive to empower all stakeholders of activity, especially employees, to think and act entrepreneurially. Doing so would make employees come up with great ideas for implementation, and for the benefit of the business (Mariotti & Glackin, 2014).

To implement the business plan of Under Armor, entrepreneurship and intrapreneurship cannot be sidelined as they are useful in introducing new ideas and concepts for the enrichment of the business plan. My own ideas and concepts would fit within the context of entrepreneurship to create change in that they form a basis for creating new products and services (Elkington & Hartigan, 2013). They would be a precious ingredient for the business strategy of remaining constricted to consumer needs.

References

Mariotti, S., & Glackin, C. (2014). Entrepreneurship and small business management. Upper Saddle River, NJ: Pearson Higher Education.

Elkington, J., & Hartigan, P. (2013). The power of unreasonable people: How social entrepreneurs create markets that change the world. Bridgton, MA: Harvard Business Press.

Hatten, T. S. (2015). Small business management: Entrepreneurship and beyond. Scarborough, ON: Nelson Education.

 

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