Essay on Week 11 EL Business For The Future

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ADMS

101
0

EXPLORING THE FUNCTIONS OF BUSINESS

TODAY
Eytan

Lasry,

Atkinson

232,

416.736.2100

eytan@yorku.ca

x.

22878,

Agenda
• Group Debates
• Entrepreneurship & innovation • Knowledge creation
• New economy

Group debates 1. Bangladeshi garment workers 2. Temporary foreign workers 3. Corporate tax cuts

Week 1. Getting engaged: Introduction to critical thinking and contemporary business issues

Week 2. So, you want to be a manager
(MANAGEMENT)
Week 3. Getting organized (ORGANIZATION
THEORY)

Week 4. Current issues, future challenges (ETHICS;
CSR; SUSTAINABILITY; EMERGENCY MGMT)
Week 5. Questions of value (ECONOMICS;
STRATEGY)

Week 6. MIDTERM EXAM

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Week 12. Course review and exam preparation COURSE MAP

Entrepreneurs hip &

Innovatio

The

Discipline of • Entrepreneurial personality vs. systematic practice of
Innovation
innovation
• Entrepreneurship:
– Creating new wealth-producing resources, or, endowing existing resources with enhanced potential for creating wealth
– Not age or size, but a certain type of activity -> Innovation is at the heart of

Innovation opp’s • Within company or industry:
1. Unexpected outcomes


Unexpected successes or failures (i.e. accidents) 2. Incongruities



Incongruous = mismatch
Incongruities in process; economic realities; expectations/results 3. Process needs


Solves a problem in process or system

4. Industry and market changes


Structural changes or rapid shifts

(Continued)
Innovation
opp’s
• Outside a company (in the

social/intellectual environment)
5. Demographic changes


Demographics = quantifiable statistics of a given population (age distribution, education, occupations, geographic location, etc.)

6. Changes in perception



Glass half-full vs. glass half-empty
Does not alter facts, but changes their meaning

7. New knowledge


Advances in scientific, technical, or social knowledge Principles of
1. Analysis of the sources of innovation new opportunities
2. Go out, ask, listen:



Right & left brain
Figures & people

•. Simple and focused
•. Start small

“…when all is said and done, what

innovation requires is hard, focused, purposeful work. If diligence, persistence, and commitment are lacking, talent,

Knowledg e “…the one sure source of lasting competitive is knowledge.”

“…the ‘knowledge-creating’ company, whose sole business is continuous innovation.” Knowledge types
• Formal knowledge:

– Hard (quantifiable) data, codified procedures, universal principles – Written down, documented, explicit
– Mechanistic & systematic
– “Western” orientation

• Tacit knowledge:
– Tacit = understood or implied without being stated
– Highly personal, difficult to formalize & communicate
– Composed of:
• Technical dimension: Master-craftsperson’s informal experience and “know-how”
• Cognitive dimension: Mental models, beliefs, perspectives

– “Eastern” orientation

Spiral of Knowledge-creation knowledge: patterns
• Tacit to tacit:

– Apprenticeships; Craft-socialization
– Limited knowledge transfer (Master to apprentice) – Combine discrete pieces of explicit knowledge into new whole
– Does not extend existing knowledge base

• Tacit to explicit:

–…