Innovation and Entrepreneurship by Peter Drucker
1) The general theme/argument within this book is that innovation can be fostered and encouraged within an organization. Peter Drucker proposed three ideas. They are as follows:
- Corporations are human communities
- Customers are crucial
- Employees are an asset
Although these three ideas may appear to be common sense, Mr. Drucker proposed than an organization should focus on these three aspects. By focusing on these three factors, corporations can create an environment where innovation is encouraged. Every entrepreneur must grasp these three concepts. In his book, Peter elaborates on his third point. He proceeds to suggest that employees are not just organizational assets but that employees are an organization’s most important asset. Peter Drucker was undeniably a forerunner of today’s modern management.
2) As we all know, this class is geared towards entrepreneurship. This book is geared towards entrepreneurship and the entrepreneurial concept of understanding and promoting innovation. Encouraging innovation within an organization is a major part of entrepreneurship, especially when attempting to expand or grow a company. Innovation and Entrepreneurship by Peter Drucker expands upon how one can apply the principles of entrepreneurship to increase organizational efficiency and effectiveness.
3) If I had to design an exercise for ENT3003 based on this book, the exercise would involve having students notionally create an organization that fosters innovation. Their work would be graded off how well their notional company promotes innovation through its culture and other characteristics. They would have to describe their organization in depth and describe common practices/customs/procedures that show their organization’s high level of innovation.
4) My biggest ‘aha’ moment from this book was when I started thinking to myself about the importance of employees to an organization. I absolutely agree with Peter Drucker that employees are the most important asset of a corporation. The human capital and work ethic of those employees leads to organizational success. Innovation comes from all levels of employees, not just top managers. In my future entrepreneurial endeavors, I will be sure to recognize the value of my employees, whom I hire.
Reece,
ReplyDeleteInnovation is extremely important to entrepreneurship because, without innovation, it wouldn't exist. In the professional world, you will need to innovate your business and yourself so you can stay competitive with others in your industry. I agree with your 'aha' moment because without that human capital within a corporation, the success of the organization is in jeopardy and will most likely fail without them.