Ventures Strategic Innovation And Thinking -Myassignmenthelp.Com

Question: Discuss About The Ventures Strategic Innovation And Thinking? Answer: Introduction This paper depicts the importance of using proper application of design thinking tool for developing the current status of entrepreneurship in business organization. In order to improve the current status of the business organizations it is necessary for the organizations to improve the business situation. In this paper, I will represent my personnel experiences about the role of design thinking tools and technologies in the entrepreneurship development. In order to identify the behaviors with required development proper key events and development activities are required to be undertaken by the system developers. I have realized that, in order to improve the exiting situation of the enterprises based on the type of the business proper design thinking is needed to be applied. The way through which the design thinking tools should be used for the organizational improvement and even how the design thinking tools help to develop the frame of the system, are also elaborated in this paper. I will also demonstrate the experiences I have gained from the content of blog 6. I have learned that, design thinking is referred to as a system that overlapped three different components including viability, desirability and reliability as well. After addressing three of these perspectives innovation in systems become possible accordingly. In addition to this, within the organizational teams the innovation is also possible with the support of Design Thinking (DT) tools. Control over the re- thinking and the prioritize activities are needed to develop business plan for providing project direction. Experience on the topic of Design Thinking tool Design Thinking (DT) Tool is referred to as a components overlapped system. In this system three different components viability, desirability and feasibility are being overlapped to each other. I have learned that different design thinking tools are there however based upon the type of the businesses the system developers are required to adopt proper design thinking tool for their system development (Sniukas, Lee Morasky, 2016). I have experienced that many design thinking tool are there such as virtualization, customer journey mapping, stakeholder mapping, value chain analysis, mind mapping, prototype development, assumption testing, development of rapid concept, learning launches, storytelling, consumer co-creation etc. Though, all of these tools are not equally viable but at the same time, some of these tools are very much reliable. I have learned that, for the entrepreneurial improvement the most effective design thinking tools are rapid prototyping and customer journey mapping (Arastoopour et al., 2016). With the help of two of these design thinking tools the enterprises will be able to gain effective success throughout. Different Design Thinking Tools In order to identify and execute the opportunities for entrepreneurial growth and innovation, different design thinking tools are there. Visualization is all about the imagination, however it is not about drawing rather it is similar to visual thinking approaches. With the help of this particular approach the rate of possibility of the mental unmatched models will get reduced (Geissdoerfer, Bocken Hultink, 2016). On the other hand another design thinking tools is consumers journey mapping. I have learned that with the help of consumers journey mapping approach the enterprises will be able to serve as per the requirement of the consumer. The directional flow of the consumers for a particular enterprise could be determined easily with the help of the journey mapping. Even though with the help of journey mapping design thinking tool the system designers will be able to get to know about the requirement of the consumers (Filatro, Cavalcanti Muckenberger, 2017). Considering the requirem ent of the consumers if the enterprise develops their business units and components then, it will help the company to gain competitive advantages and measurable effective structured revenue. I realized that the design thinking tools show direction of incubating ideas and creativities towards success. Through the application of creative level solutions on design thinking the five different phases those the enterprises are required to go through include empathize, define, ideation, prototype and testing (Seidel Fixson, 2013). If all these five phases are covered accordingly then, certain answers will be generated. In order to gain success in the competitive market, the initial thing that is needed to be considered is identification of the risks. Application of the Design Thinking Tools After identification of the risks, the approaches by which the challenges could be mitigated are also determined. I erudite that in the define phase the findings will be interpreted by the system designers and after that based on the risks and risk mitigation strategies new ideas must be created to resolve the preliminarily identified issues (Nobeoka Kimura, 2016). I have learned that in order to formulate the ideas prototype model should be developed. With the help of prototype design before the final implementation of the model the system developer will get to know about the model details. If any additional changes are needed then as per the requirement of the consumers those could be added to the designed prototype. After building the ideas in the prototype model, in the testing phase the ideas should be improved accordingly. I have learned that, in order to execute the thought successfully all the design thinking phases and the design thinking tools are needed to be used properl y (Leonard, Fitzgerald Riordan, 2016). In order to implement the creativity properly selection and application of design thinking tools are very much important. Impact of Design Thinking Tools Another important design thinking tool is the rapid prototyping and rapid concept development. I have learned that technology is evolving day by day and in order to meet the requirement it is very much necessary for the system developers to consider the evolving technologies accurately. With the help of the identification of the technologies properly, the design thinking tools could be applied accordingly. If the system developer fails to identify the technologies properly then the idea will not be evolved according to the requirement of the consumers (Liedtka, 2014). Mind mapping is another helpful design thinking tool that is used to represent the ideas with proper connection and links. In order to generate, visualize, structure and classify the ideas again this particular design thinking tool is very much helpful. Mind mapping also helps to display information accurately by allowing the themes to get merged with the patterns. Again another powerful communication tool is the mind m apping. With the help of mind mapping, all the components will be able to create strong relationship between each other and again those will help to maximize the clarity of the components by simplifying them (Moreira, Tschimmel Xavier, 2014). I think that rapid prototyping is the most important and beneficial design thinking tools that help the system developers to define the creativity in terms of its development in the real world. I learned that the rapid prototyping allows the system developers to make abstract advanced ideas tangibly to the potential partners and consumers. Knowledge gained from workshop I also learned that, the components associated to rapid prototyping are user scenario, storyboarding, journey based on the experience and illustration of the business concept. On the other hand, consumer co-creation is another important design thinking tools that is widely used by different organizations to meet the requirement of the consumers. Not only this but also, I have attended a workshop and the outline of the workshop include learning launch, real launch, launch readiness plan etc (Nobeoka Kimura, 2016). I learned that the learning objectives of the design it project is to develop planning, execution and review the learning lunch plan. Not only this but also in order to launch the innovation plan for any nominated topic it is necessary to understand the details of the design approach by breaking it down in different segments. The learning launch plan includes different segments such as experiment in the marketplace with quicker and inexpensive model base. Additionally, I also realized that, based on the type of the business proper design thinking tool is required to be used by the system developers to customize the behavior of the designer towards the model development. I learned that, the behavior of the consumers towards the service providers varies based upon their nature towards the consumers (Seidel Fixson, 2013). After comparing the behavior of the real word consumers and the consumers belongs to the hypothetical world I realized that launch plan developed by the developers must be based upon the demand and behavior of the consumers towards their services and products as well. I have learned that for implementing any project the most important phase that is required to be considered is the testing phase (Filatro, Cavalcanti, Muckenberger 2017). Through the help of the testing phase, the system developers will be able to make necessary changes in the system as per the requirement of the consumers. I came to know that, design thinking approach and role of entrepreneurship in the business development are closely interrelated to each other. Even, in order to understand the relationship between the service providers and consumers it is very much necessary for the system developers to make details analysis on the design thinking tools. I earned that design thinking tool and entrepreneurship are two completely different things. Over the past two to three decades, people have started understanding the importance of innovation in the corporate competitiveness for gaining global economic growth (Glen, Suciu Baughn, 2014). During the workshop session I also studied that, in order to support the enterprise based outlines it is necessary to follows all the design thinking tools components step by step. Almost each large enterprise are using the approach of design thinking tool currently including Apple Inc, Dyson, PG etc. On the other hand, the SMEs are also currently using the concept of design thinking tool for the development of their services and products as well. I came to know that the role of the entrepreneurs is to undertake the business ideas tangibly and make it much concrete (James, 2015). In order to develop the newly developed venture plan it is necessary for the entrepreneurs to afford the business incubation properly. Not only for the existing firms but also for the start up firms also the service providers are required to consider proper design thinking tool. After attending the arranged workshops I learned that, the connection between the design thinking tool, business incubation and innovation is very strong. Four different segments are there such as design thinking, innovation, business incubation and design driven innovation those are required to be considered for the implementation of business success (Johansson?Skldberg, Woodilla etinkaya, 2013). For the successful implementation of the business it is necessary to illustrate both the theoretical as well as practical application. If the project developers fail to adopt proper design thinking tool for the business development then the execution might face several challenges and major failure as well. Learning from Workshop I learned that before the adoption of the design thinking tool it is necessary for the system developers to understand the details of their service details and products quality as well. Even they should also assume the launching details at the testing phase. In addition to this, for measuring the success of the products or service it is necessary for the management authority to adopt proper measurement metric and total capital to be invested for the implementation of the innovation. I learned that for the successful implementation of any project the project triple constraints are needed to be considered including time, cost and project goal. In order to meet the project objectives the project developers should allot proper time limit for the project designing and its implementation and according to the allotted time phase accurate budget should also be considered to avoid the higher level of financial crisis. During the workshop besides the positive impact if design it I also came to know about the negative impact of the design thinking tool. If the service provider fails to meet the expectation of the consumers then according to the changing requirement of the consumers they will have to change the content of the design (Filatro, Cavalcanti Muckenberger, 2017). There are two different models of design thinking approaches are there those are helpful for the acquisition of technology and exploration of the key elements of technology and innovation as well. The two models of innovation are the closed innovation model and open innovation model. Both of these models are very helpful for the implementation of the business models using the design thinking tools. Again n order to gain measurable success from the competitive market it is necessary to identify the risks or problems those might raise or interrupt the general flow of business process (Huq et al., 2017). The problems must be identif ied initially and based upon the identification proper risks mitigation plans are also required to be developed. I have learned with the help of proper risk mitigation plan the issues associated to exploration of prototype could be resolved accordingly. The honest and creative feedback must be considered for the improvement of the business processes. In order to implement the business approaches properly information are required to be collected and those must be analyzed accordingly. Based upon the collected information and their details another important thing that is needed to be considered includes immediate observation and analysis as well. I think that my personnel knowledge on design thinking tools and its application has been grown up. I can now apply the design thinking tool for developing the existing operation and functional situation of an organization (Johansson?Skldberg, Woodilla etinkaya, 2013). Now I can apply the design thinking tool to reduce the operation complexities of the enterprises and took proper decision for measurable revenue of the business organization. Not only this but also my strengths have been developed after the adoption of the design thinking tools. The set of strength gained from the lessons are as follows: It helps me to develop creative approach regarding different issues those could have been solved It helps to generate set of possible ideas to resolve the operational issues It helps to design more tangible ideas about the problem statements I have taken part in prototype designing on entrepreneurship. Before the implementation of the prototype model we have studied also attend the last weeks prototyping activities. However, my learning group and project group are different (Filatro, Cavalcanti Muckenberger, 2017). I also realized that among each phases of business process development the most effective phase is the project launch phase. N this phase the project developer launches the ideas which help to determine the progress of innovation and if the developers fail to launch the ideas on time then the ideas will be lost or killed due to delay (Glen, Suciu Baughn, 2014). I think that, in order to plan a real launch progress of the solution or innovations are very much important. I learned that different launch activities are there however, based on the business topic, proper launch plan should be adopted by the management authority and the system developers. I think that the ideas and knowledge I have gained from the workshop will help me throughout in my career development phase. bI can utilize those ideas and design thinking approaches while developing ay real world project for any business enterprise (James, 2015). Though, there are different design thinking tools but I think that among them the most appreciable tool is the rapid prototyping and rapid project concept development. I think that, innovation plan and marketing plan are the two most important things those I should consider before the implementation of the business as an innovation. For any new project the common business aspects are business plan, business case, marketing plan and career plan as well (Johansson?Skldberg, Woodilla etinkaya, 2013). All these plans are needed to be considered for the improvement of the business structure. However, proper monitoring and control over the project progress will help the enterprise to gain competitive advantages from the competit ive marketplace. Development of an Action Plan After getting feedback from the users the design thinking processes are re4flected and shared out. The action Plan for the coming 6 months is as follows: WBS Task Name Duration Start Finish Predecessors 0 Action Plan development 180 days Mon 10/12/09 Fri 6/18/10 1 Focus on the trends of enterprises and business processes 33 days Mon 10/12/09 Wed 11/25/09 1.1 Political needs 12 days Mon 10/12/09 Tue 10/27/09 1.2 Social needs 6 days Wed 10/28/09 Wed 11/4/09 2 1.3 Technical needs 7 days Thu 11/5/09 Fri 11/13/09 3 1.4 Economical needs 8 days Mon 11/16/09 Wed 11/25/09 4 2 Strategic planning development 43 days Thu 11/26/09 Mon 1/25/10 2.1 Understanding clients requirements 9 days Thu 11/26/09 Tue 12/8/09 5 2.2 Analyzing competitive market 20 days Wed 12/9/09 Tue 1/5/10 7 2.3 Developing partnership 9 days Wed 1/6/10 Mon 1/18/10 8 2.4 Scanning external environment 5 days Tue 1/19/10 Mon 1/25/10 9 3 Initial agreement development 27 days Tue 1/26/10 Wed 3/3/10 3.1 Identifying mandatory plans 7 days Tue 1/26/10 Wed 2/3/10 10 3.2 Mission vision development 5 days Thu 2/4/10 Wed 2/10/10 12 3.3 Understanding internal market 7 days Thu 2/11/10 Fri 2/19/10 13 3.4 Strategic issues analysis 8 days Mon 2/22/10 Wed 3/3/10 14 4 Development of business strategies 34 days Thu 3/4/10 Tue 4/20/10 4.1 Major proposal implementation 8 days Thu 3/4/10 Mon 3/15/10 15 4.2 Work program development 7 days Tue 3/16/10 Wed 3/24/10 17 4.3 Understanding the Practical alternatives 7 days Thu 3/25/10 Fri 4/2/10 18 4.4 Resource planning 5 days Mon 4/5/10 Fri 4/9/10 19 4.5 Review on current business situation 7 days Mon 4/12/10 Tue 4/20/10 20 5 Defining project problems 23 days Wed 4/21/10 Fri 5/21/10 5.1 Collecting and analyzing information 6 days Wed 4/21/10 Wed 4/28/10 21 5.2 Clarification and prioritization of problems 7 days Thu 4/29/10 Fri 5/7/10 23 5.3 Development of goal statement for each solution 7 days Mon 5/10/10 Tue 5/18/10 24 5.4 Solution implementation: The action plan 3 days Wed 5/19/10 Fri 5/21/10 25 6 Monitoring and evaluation of the actions 20 days Mon 5/24/10 Fri 6/18/10 6.1 Start with analysis of new problems 2 days Mon 5/24/10 Tue 5/25/10 26 6.2 Defining project problems 2 days Wed 5/26/10 Thu 5/27/10 28 6.3 Defining design thinking tools 4 days Fri 5/28/10 Wed 6/2/10 29 6.4 Selecting the most appropriate design thinking tool 4 days Thu 6/3/10 Tue 6/8/10 30 6.5 Collecting and analyzing information 3 days Wed 6/9/10 Fri 6/11/10 31 6.6 Clarification and prioritization of problems 3 days Mon 6/14/10 Wed 6/16/10 32 6.7 Development of goal statement for each solution 2 days Thu 6/17/10 Fri 6/18/10 33 (Source: Created by Author) Conclusion From the overall discussion I can conclude that in order to gain measurable success from the competitive market proper design thinking tools are required to be considered. Based on the research field, proper design thinking tool should be considered. In order to resolve those some of the issues associated to Design Thinking approaches include certain steps, I think that after the adoption of these steps the issues could be minimized completely. I learned that at first I have to identify the risk, then based upon the risk empathy and perspective thinking are required. I realized that after those ideas will be generated through which the primary design could be stretched. After gathering information from the consumers or users the prototype test refine could be developed. References Arastoopour, G., Shaffer, D. W., Swiecki, Z., Ruis, A. R., Chesler, N. C. (2016). Teaching and assessing engineering design thinking with virtual internships and epistemic network analysis.International Journal of Engineering Education,32(2). Filatro, A., Cavalcanti, C. C., Muckenberger, E. (2017). Design Thinking and Online Education. Geissdoerfer, M., Bocken, N. M., Hultink, E. J. (2016). Design thinking to enhance the sustainable business modelling processA workshop based on a value mapping process.Journal of Cleaner Production,135, 1218-1232. Glen, R., Suciu, C., Baughn, C. (2014). The need for design thinking in business schools.Academy of Management Learning Education,13(4), 653-667. Huq, A., Huq, A., Gilbert, D., Gilbert, D. (2017). All the worldsa stage: transforming entrepreneurship education through design thinking.Education+ Training,59(2), 155-170. James, M. (2015). Design Thinking and the Internal: A Case Study. Johansson?Skldberg, U., Woodilla, J., etinkaya, M. (2013). Design thinking: past, present and possible futures.Creativity and Innovation Management,22(2), 121-146. Koh, J. H. L., Chai, C. S., Benjamin, W., Hong, H. Y. (2015). Technological Pedagogical Content Knowledge (TPACK) and design thinking: A framework to support ICT lesson design for 21st century learning.The Asia-Pacific Education Researcher,24(3), 535-543. Leonard, S. N., Fitzgerald, R. N., Riordan, G. (2016). Using developmental evaluation as a design thinking tool for curriculum innovation in professional higher education.Higher Education Research Development,35(2), 309-321. Liedtka, J. (2014). Innovative ways companies are using design thinking.Strategy Leadership,42(2), 40-45. Melles, G., Anderson, N., Barrett, T., Thompson-Whiteside, S. (2015). Problem Finding through Design Thinking in Education. InInquiry-Based Learning for Multidisciplinary Programs: A Conceptual and Practical Resource for Educators(pp. 191-209). Emerald Group Publishing Limited. Moreira, R., Tschimmel, K., Xavier, A. (2014, January). Design Thinking applied in Product Innovation Strategies. InISPIM Conference Proceedings(p. 1). The International Society for Professional Innovation Management (ISPIM). Newman, P., Ferrario, M. A., Simm, W., Forshaw, S., Friday, A., Whittle, J. (2015, May). The role of design thinking and physical prototyping in social software engineering. InProceedings of the 37th International Conference on Software Engineering-Volume 2(pp. 487-496). IEEE Press. Nobeoka, K., Kimura, M. (2016, September). Art thinking beyond design thinking Mazda design: Car as art. InManagement of Engineering and Technology (PICMET), 2016 Portland International Conference on(pp. 2499-2514). IEEE. Seidel, V. P., Fixson, S. K. (2013). Adopting design thinking in novice multidisciplinary teams: The application and limits of design methods and reflexive practices.Journal of Product Innovation Management,30(S1), 19-33. Sniukas, M., Lee, P., Morasky, M. (2016).The Art of Opportunity: How to Build Growth and Ventures Through Strategic Innovation and Visual Thinking. John Wiley Sons.