Question

Business Innovation

Answer the following questions

1. There are a number of ways to look at what future trends may be (looking out 5 to 10 years). All of these methods have their advantages and disadvantages.What are the five methods discussed? Give a brief description of each.

2, What about short-term predictions? List the six specific methods that can improve the odds of the guess (forecast). What does learning involve?

3. What does Knowledge involve? Explain what both explicit and tacit knowledge mean.

Answer 1

The methods to look at what future trends may be are :

• Finding out the cross pollinators : Innovation in one field may lead to innovations in the other related field as well. It requires extensive study and sometimes gives false information. The information is easily available and accessible.
• Surf the exponentials : Improvements taking place in the current scenario would even further go on exponentially. Difficult to calculate as quantitative details are involved. It would give logical information.
• Favor the liberators : The firms which have liberal approach should be studied as they are the one leading to new trends in the market. Difficult to identify the liberators but gives probable information about the future trend.
• Give points for audacity : Firms setting high goals should be considered. Sometimes the target is beyond the logical range and gives an overassumed figure and trend, but very logical as it gives quantitative information.
• Bank on openness : It gives relevant information as we rely on open ideas. It is very much time consuming as open ideas are being collected from every possible format.
• Demand deep designs : Demanding the deep designs which deal with underlying information needs to be collected. It is very much time consuming as indepth information is required. Minute details would definitely give fruitful information.
• Spend time with time wasters : Sometimes the entire exercise goes in vain if no productive information is retrieved. Sometimes the intelligent ideas come from foolish minds which would definitely a revolutionary one.