Innovation and entrepreneurship
Many MBA programmes put a lot of emphasis on innovation and entrepreneurship. Innovation is about exploiting new ideas – coming up with business ideas, then developing them further so they become commercially viable. Entrepreneurship is a related concept, and it is defined as the pursuit of opportunities without regard to the resources you control – it typically applies to independent (startup) businesses, but it can also be applied in the corporate setting. In this section we talk about five of the most important models for helping innovators or entrepreneurs in their efforts.
Coming up with new business ideas is the first step in the process. A classic way of doing this is brainstorming, which is a ...