Month: November 2012

Categories
Culture & Teams motivation

Is fear the biggest impediment to Innovation? [blog post]

In the blog post “Overcoming Fear: The 3 Step Process” by David K. William he explains how feat is the “culprit” of innovation is fear. The main issues include dear of making mistakes, fear of getting fired as well as fear of conflict with a managers are some of many factors that in which he claims that inhibit innovation. He says to deal with this issue, the following should be done: firstly “leaders must truly trust employees”, secondly firms should rely more on principles rather than policy and lastly firms should allow employees to experiment before they create.

In my opinion what Davin K. William written makes a lot of sense especially how “An employee that feels supported and appreciated is more willing to devote their full energy, creativity and passion to the company and its goals, and will naturally innovate in every area within their influence.”, however what I want to know is what companies and firms that have little to no room for innovation? For example the role of an accountant is pretty straight forward and would have little room for innovation as its operating under a set guideline.

 

Sources: http://www.forbes.com/sites/davidkwilliams/2012/11/16/the-single-biggest-enemy-of-innovation-and-the-3-key-principles-for-bringing-it-back

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Categories
ethics New Markets

BC Hydro

 

 

Companies and firms are becoming more and more socially aware when it comes to issues such as the environment. With rapid social changes businesses would have to review their business objectives more often than before. For example in recent years there has been a positive attitude towards hiring female employees as well as becoming more environmentally friendly, as such many businesses now encourage and promote eco-friendly behaviors within the firm and hire more female employees over time.

The point of having good CSR may have many advantages which include it being a motivational factor as well as improving on corporate image.

With the changes in social norms, many new business opportunities arise, for example to make producing electricity more efficient and ‘smart’ BC hydro has implemented a mandatory program of installing smart meters within all households by the end of 2012. Firms such as Energy Aware has worked with BC hydro and has produced a complimentary good that would allow one to observe “how much electricity you are using and how much it is costing you”. However although the incentives of BC Hydro seems to be good, there are many concerns relating to the smart meter such as health concerns, privacy concerns and whether or not it would actually drive down the costs of electricity bills.

With the many concerns with the smart meter the issue arises for Energy Aware is that since people are so opposed to the project to begin with why would they buy The Power Tab? To top it off The Power Tab is going to be on the more on the expensive end, why would people pay a premium? As such BC Hydro and Energy Aware should work together and figure out a way to minimize the resistance to change.

In my opinion BC Hydro should not make this smart meter program a mandatory one and allow people to opt-out of the program as well as becoming more transparent. As such misunderstandings may dissipate and the resistance to change will lower.

 

sources: Com292 class + assignment

picture: http://www.trilliantinc.com/library-files/partners/EnergyAware-01.png

Categories
business Business news Growth Strategy

Websites as a business

Remember what Digg is? The once social media giant with an estimated value of more than 160 million was sold for only for $500,000 in the July

The website was first launched in the year 2004 as a way for anyone to put up their own news and other internet content instead of relying on the conventional newspaper. However around the year 2010 when Facebook and Twitter took off as well as a “series of redesigns…which some weren’t well received by users” and by the end of 2010 according to ComScore “Digg’s audience had fallen by more than half”of 2012.

Normally when a product going into decline a firm can implement product extension strategies to extent the products life. These strategies may include repackaging, redesigning, additional promotion as well as exploring new markets. However what I want to know is what kind of product extension strategies can be applied when the product is something like a website. When redesigning the website doesn’t work what can firms turn to, websites are non-tangible goods its’ not something you can simply repackage like or make an add-on for like the X-box 360 or the PS3. Would the same fate fall on the current social media giants?

 

Sources:

http://online.wsj.com/article/SB10001424052702304373804577523181002565776.html?mod=wsj_share_tweet

Categories
culture

Corporate Social Responsibility

In recent lectures of economics and business fundamentals the issue regarding firms being socially responsible was brought up. In commerce class, we discussed why it is important for businesses to act ethically, advantages of acting ethical may include attracting consumers as well as the possibility of motivating employees. However in economics class the professor stressed how it is now “cool to be green”.  Which begs the question of whether or not businesses can act socially responsible as a business strategy or whether they really care.

In companies in the Fortune 500 firms in America, all firms would publish either sustainability, CSR or environment reports. This illustrates how in order to survive in today’s competitive market a firm has to in one way or another be socially responsible.

In my opinion whether or not the firm really cares about being socially responsible or using it as a business strategy to remain in the market would come down to the culture of the business. The culture of the business would have its own boundaries which creates distinction from one organization from another. In the end it comes down to a lot of factors and it would ultimately be up to you the consumer to decide whether or not the business or firm is socially responsible.

Sources: http://www.sustainable-supplychain.com/fortune.html

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