Dr Bharati Singh, Course Leader, Business Innovation and Entrepreneurship
The Business Innovation and Entrepreneurship course is not only about being an entrepreneur or setting up your own business but it is actually understanding how innovation and entrepreneurship should really be at the heart of any business decision. Successful businesses today are the ones who have been really innovative, they have fresh thinking with an entrepreneurial mindset. In today’s dynamic business setting, both small and large companies harness entrepreneurial streaks.
Entrepreneurship and innovation play a very important role within businesses of all shapes and sizes. Employees are expected to think outside the box which can only happen if employees can think innovatively. Today’s world is rather dynamic with the speed of innovation becoming faster, a shorter product life cycle, ever-changing consumer taste, technological advancement, competitor threat, changing government and legal landscape and other external factors not in the control of businesses.
In the face of the current pandemic, it becomes ever so important to be aware of the surrounding economic conditions and the political climate. To explore the ethical and unethical anomalies in the contemporary global political and global economic systems. Such systems can provide both challenges and opportunities.
Sustainability has become a buzz word today. It is not only about shareholders and profitability anymore. Consumers, suppliers, governments and many other stakeholders now question the practices of businesses. Companies are expected to run their businesses with a social responsibility. The triple bottom line (Elkington 2018); which translates to people, profit and planet, need to be considered.
Creative Destruction (Schumpeter, 1942) has taken a different meaning altogether in todays business environment. We are in the midst of the fourth industrial revolution and ‘disruption’ is at the heart of it. Companies go through continuous organisational change and hence, have to assess how to leverage innovative business models to remain competitive.
Of course, to innovate or have an entrepreneurial streak and to sustain a competitive edge, it is imperative for individuals and companies to have a strategy. Strategy is key in business planning and entrepreneurial success.
Thus, to gauge global challenges and opportunities, understand about the social enterprise, develop an entrepreneurial mindset, to be creative and innovative, develop sustainable business practices, leverage change management and have a strategy to maintain competitive advantage, reading for a degree in Business Innovation and Entrepreneurship will enable students to hit the ground running.
Elkington, J. (2018). 25 Years Ago I Coined the Phrase “Triple Bottom Line.” Here’s Why It’s Time to Rethink It. Harvard Business Review, June 25, 2018
Schumpeter, J. 1942. Capitalism, Socialism, and Democracy. New York: Harper & Bros.