I. I think that it is more beneficial to have both talent and a work efficient environment in a workplace but it is not a requirement for a business to succeed. I believe that having a harmonious relationship amongst the people in the company would be sufficient to leading a company in the direction they want to go to. However, I don’t think it is true if only talent is present. Talent, for me, is not consistent enough to sustain a successful track record. You can acquire/ outsource many talented people, but the employee relationships will be more valuable in the long run. This is beneficial for steadfast growth and succession planning.
II. A strategic planning process must be done in order to fully discuss the internal and external considerations of planning and launching innovation initiatives. Proper goal setting must be done to align the objectives of the project with the company’s vision and mission. To see if the innovation initiative is fit in the organization’s direction, both an internal and external analysis must be done.
For external analysis, the firm needs to identify the opportunities and threats the innovation will face in the environment where they will place the innovation. An industry analysis like Porter’s Five Forces is helpful to recognize the strength of the innovation over that of rivals, suppliers, and even buyers. This framework is also helpful to see barriers that will hinder the innovation from entering its chosen market. Another external analysis framework that can be use is the Macro-environmental analysis that scans the external macro-environment in terms of Political, Social, Economic, and Technological factors.
The internal analysis, on the other hand, focuses on reviewing the resources, capabilities and competencies of the firm. The goal here is to identify the strengths and weaknesses of the innovation. When a firm is able to utilize its resources and capabilities to its fullest, it would be able to determine and...