Chapter seven of the book is about the development of new products or services in the growth of a business. Techniques that a company or business can use to successfully develop new products or services have been discussed. The chapter indicates that in the journey of innovating new products, a company must face both success and losses from time to time. New products can develop into ventures if the proper method is followed (Hisrich, 2013). The chapter also gives insight to ways and methods of innovation outside the commonly known norms.
Chapter eight is about a global business plan. The chapter defines a global business plan as a document written by an entrepreneur or an inventor, detailing how innovation can be turned into a venture. The chapter then discusses the purposes of having a business plan, giving the main purpose to get financial assistance for the innovation at some of its stages. The chapter gives the three sections of the business plan as an introduction to the plan, the main body, and supplier support documents (Hisrich, 2013). Implementation of a business plan is also discussed to provide a guideline of the required plan to successfully turn an innovation into a venture.
The documentaries are about Dhirubhai Ambani and the rise of the Reliance Corp. and Ryanair Airline. Ambani, despite having not achieved the best education was able to build a 500-fortune company, one of the biggest in the world, contribution about three percent of India's GDP and about ten percent of the exports. Since his young age, he could identify and capitalize on opportunities. After moving back to India from Yemen, he opened a textile company, which he called Reliance Commercial Corp. he successfully inspired ordinary Indian to invest in the share market, which was an innovation not used before. On the other hand, Ryanair airline was founded in 1985 with a total of 25 employees. The first service provided by the company was a daily flight from Ireland to London. The airline developed an online e-commerce website that could help purchase tickets. At the time, airline tickets were very expensive, where middlemen profited more. Selling the tickets online helped cut off the middlemen and sell tickets directly to the customers at a low cost. The company revolutionized to what is common today. The initial website was developed by a young man, 17-year-old, who developed the company's website in his bedroom. At the time, companies did not use the internet as they do today.
Chapter seven of the book which is about the development of new products can relate to both documentaries. Ambani's Reliance company has benefited from innovation from time to time. Among the initial innovations included the selling of shares to the common people. All the innovation requires a plan to turn them into a venture (Hisrich, 2013). On the other hand, Ryanair company decided to venture into online transactions, at a time when companies did not even own email addresses. Both companies have used techniques in business plan and process of turning innovation into a venture as discussed in the two chapters.
I believe that a plan is necessary for any success in any setting. In a business setting, a business plan is the prospect path a business must follow to achieve its goals. I also believe that losses and profits are part of doing business. Innovation is natured positively, can defiantly lead to success.
Hisrich, R. D., & Kearney, C. (2013). Managing innovation and entrepreneurship. Sage Publications.
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