Responses on global entrepreneurship and innovation
Student’s Name
Institutional Affiliations
Post one
Hello Rasheen. After reading your post, I have learned that global entrepreneurship and innovation are related concepts. First, global entrepreneurs and innovators should be creative, determined, and passionate on what they are doing. They also focus on developing products and services that will create a competitive advantage. Although in some cases, they face financial constraints, entrepreneurs and innovators are committed to achieving their goals (Benešová, 2015). That said IBM is one of the companies that depict the relationship between global entrepreneurship and innovation. For instance, the IBM vice president, Chris Caine said that as the world continues to be connected, then it provides entrepreneurs with opportunities to become global innovators. This is the major reason why IBM is at the forefront to challenge entrepreneurs to dream big and be innovative to change the world (Armonk, 2008). However, despite the relationship between the two concepts, entrepreneurs should look an alternative. For instance, if the local population is the target for the new product, then entrepreneurs should not focus too much of global markets. Rather, they should be innovative to make products or offer services that will satisfy the demands of the targeted markets.
Post two
Hello Tonya. Your post is very interesting. I have learned that innovation plays a significant role to helping entrepreneurship to embrace competitiveness. This means that to gain a global position, entrepreneurs must look for any opportunity that will enhance their innovation. However, they should not only look for the right infrastructure, but also make connections and collaborate to make products and offer services that meet the demands of the global markets (Isik, Isik, & Kilinc, 2016). On this note, Netflix is one of the companies that have depicted this relationship. Initially, it had projects on video streaming but it realized that they were not feasible as they were not fully meeting the needs of global consumers. Therefore, from late 2010, Netflix offered an innovative idea of streaming at half the price of subscribing the DVD’s (Mui, 2011). This was an innovative idea that increased its global presence. Nonetheless, in Netflix’s case, an alternative is to think big on how it can protect its existing business especially with the increasing number of devices such as smart phones and tablets.
References
Armonk. NY.(2008). IBM Unveils Resources To Help Entrepreneurs Innovate And Go Global To Ignite Economic Growth. Accessed from: https://www-03.ibm.com/press/us/en/pressrelease/25998.wss
Benešová Tereza. (2015). Towards entrepreneurship: Reflections between theory and practice. International journal of entrepreneurial knowledge, 2, 5. doi: 10.1515/ijek-2015-0012.
Isik, H. B., Isik, N. &Kilinc, E. C. (2016). The Relationship between entrepreneurship and innovation: A dynamic panel data analysis. Eskisehir OsmangaziUniversitesi IIBF Dergisi, Aralik, 11(3), 7- 20. Retrieved from https://dergipark.org.tr/tr/download/article-file/253197
Mui, C. (2011).How Netflix Innovates and Wins. Accessed from: https://www.forbes.com/sites/chunkamui/2011/03/17/how-netflix-innovates-and-wins/#368a371b61f3