As the founder and owner of an upstart electronics firm, you see the need to develop a framework for managing innovation and entrepreneurship. Address any three of the following bullet points:
How you will encourage your employees to think like entrepreneurs.
How you will identify, select, and evaluate potential breakthrough ideas.
Your system for ongoing monitoring and assessment of the external environment.
How you will determine if an idea represents a breakthrough or incremental innovation.
Your checklist of criteria for rating innovative idea.
Sample Solution
There are a number of ways to encourage employees to think like entrepreneurs. Firstly, employers can provide opportunities for employees to develop their creative thinking skills by encouraging them to take risks and suggest ideas or solutions to problems. They can also create an environment in which it is safe for employees to experiment with new approaches and reward those who come up with successful innovations.