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The Five Characteristics of Successful Innovators

There is not much agreement about what makes an idea innovative, and what makes an innovative idea valuable. For example, discussions on whether the internet is a better invention than the wheel are more likely to reveal personal preferences than logical argumentation. Likewise, experts disagree on the type and level of innovation that is most beneficial for organizations. Somestudiessuggest that radical innovation (which does sound sexy) confers sustainable competitive advantages, butothersshow that “mild” innovation – think iPhone 5 rather than the original iPhone – is generally more effective, not least because it reduces market uncertainty. There is also inconclusive evidence on whether we should pay attention to consumers’ views, with somestudiesshowing that a customer focus is detrimental for innovation because it equates to playing catch-up, butothersarguing for it. Even Henry Ford’s famous quote on the subject – “if I had asked people what they wanted, they would have said fast…

Impact of Global Competition on Business

Impact of Global Competition on Business
For hundreds of years, American businesses led the way in producing new goods and services for sale around the world. Consumers worldwide eagerly purchased exciting new products that were invented and made in the United States. Factories hummed with activity, workers from other countries arrived by the thousands to find jobs, and people spent their wages buying the goods that the firms produced. Many businesspeople and government leaders from foreign countries also arrived to find out how American businesses were managed.

During the past half-century, however, other countries have become more industrialized and have learned how to invent and produce new products for consumers. Often the products were cheaper than similar products produced in the United States and, over time, many of the products were judged to be of equal or better quality. Americans gradually began to purchase these foreign products.

Foreign companies learned to produce innovative designs for products ranging from cell phones to MP3 players and flat-screen televisions. American business leaders soon realized it was time for change. They had to find ways to use the abundant resources of the United States and the human talent of their managers and employees to meet the challenge of global competition. Global competition is the ability of businesses from one country to compete with similar businesses in other countries. One of the biggest challenges facing American businesses today is competing in the global economy.



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