Inovation 2 Essay Example | Topics and Well Written Essays - 1000 words

Inovation 2 - Essay Example In addition to that, the model looks very stylish and conforms to the modernistic standards and trends of furniture. This product was introduced to the market through an entrepreneurship approach, though the product itself was intrapreneurial. The workstation was developed by a student in his research that made part of his Masters program. When he developed the model in the research, it was introduced to the market through his university because the research had become the property of his university when his degree was conferred. This approach had many advantages for both the intrapreneur and the entrepreneur. The approach saved intrapreneur all the cost of launch and advertisement. On the other hand, the gained credit for the model developed by the intrapreneur. However, such organizations as universities do not as such launch a product. Instead, the research makes part of their library and is only consulted when required by the future researchers. When entrepreneurship is used to l aunch an intrapreneurial product: Launching an intrapreneurial product using an entrepreneurship approach is quite advantageous for both the intrapreneur and the entrepreneur in many ways. ... Poor planning becomes the root cause of most product launches that fail to bring the desired results to the entrepreneurs. In order to make a launch successful, the business entrepreneurs need to have certain skills. They have to gain education on methods that have historically proven to be successful. The best source of knowledge is people with past experience. Entrepreneurs need to consult them for launching strategies. Experienced entrepreneurs can offer good advice to reduce the cost of launching. In order to make the launch effective, it is imperative that it is given sufficient time. Rushing the process can make it meaningless. Since the product is intrapreneurial, the intrapreneurs must have conducted sufficient research to develop innovative product because they have to secure their job. If they develop faulty product, their own career is endangered. Therefore, in this approach, there is little to no risk of faulty design, though entrepreneurs are themselves responsible for t he marketing and advertisement of the product which is just as critical and important as the product’s design. The entrepreneurs assume risk of marketing, and also have to invest in it, thus assuming financial risk as well. Organizational assets like logistics are involved and the payment is made by the entrepreneur. When intrapreneurship is used to launch an entrepreneurial product: In many ways, it goes in the favor of entrepreneurs to adopt an intrapreneurial approach to launch their products. Company’s staff is the most concerned about the successful launch of the product because it is not only the matter of the company’s success, but it also plays a decisive role in