The Entrepreneurial Economy Book Review Paper Example

Skimming through the book, McDonald's stuck in my mind staging the characteristics of an innovation. McDonald's initially started vending out hotdogs, only hotdogs in the late 1930s and later came to emerge as one of the largest fast food joints in the world. One from the early 1940s would be astounded to see how far McDonald's had come to its roots known best by their generation.

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Demographics- According to the text from the book. (Innovation and Entrepreneurship - Drucker, Peter F)- , American teenagers buy a good many pairs of low-priced shoes mainly because of fashion, low income and not for durability purposes. A decade later the same group of people would purchase a sixth of the number of shoes they used to purchase this time for different reasons, comfort and durability being their first priorities followed by fashion perhaps.

The success of Club Mediterranee in the travel and resort business is squarely the result of exploiting demographic changes: the emergence of large numbers of young adults in Europe and the United States who are affluent and educated but only one generation away from working-class origins. Still quite unsure of themselves, still not self-confident as tourists, they are eager to have somebody with the know-how to organize their vacations, their travel, their fun-and yet they are not really comfortable either with their working-class parents or with older, middle-class people. Thus, they are ready-made customers for a new and "exotic" version of the old teenager. Until 1860 the Rothschild had financial power, JP Morgan took over his secret being he knew the significance of the transatlantic migration and exploited it. He started a bank in Newyork rather than Europe where he granted loans to American industries that employed the vast number of migrants that came into America.

Changes in perception- Traditionally how people would feed themselves would depend on the level of earnings or social class. As time went by perception changed and the same people both dine and eat in the same places. The low-income earners incline that they feed six days a week but dine on a remaining day while the high-income earners dine six days a week and feed at least once a week, both having done both.

New knowledge- New knowledge led the founding brothers of McDonald's to redesign their kitchen layout and automate their operations to increase efficiency and reduce the amount of time it took for a burgers order to be ready. Also, the Ford motor company in 1951 introduced automation to the industry where manufacturing and assembling were done by robots. Later Toyota, Nissan, and Volkswagen reduce risks to the security of the user.

If I were to develop my innovation- It would be a chip implanted into the human body that monitors everything a person does from morning to evening through the night. Collecting the data on how the body's processes take place every second and if any alteration from the body's normal processes would occur the human's doctor would be notified of the problem.

The doctors would then be able to know the health conditions of the patients every time and would be able, to followed the trend and introduced robotics to their companies.

Principles of Innovation- Development of design with the users to suit the user needs, plan for sustainability from the beginning, understand the present environment of the ecosystem. Evaluate and prescribe medications without necessarily seeing the patients.

References

Drucker, P., & Maciariello, J. Innovation and entrepreneurship.

Hancock, J., Siegel, R., Keaton, M., Offerman, N., & Lynch, J. (2018). The Founder (2016). Retrieved from https://www.imdb.com/title/tt4276820/

https://www.accaglobal.com, A. (2018). Changing public perception of business | ACCA Global. Retrieved from https://www.accaglobal.com/sg/en/member/member/accounting-business/2016/06/insights/public-perception.html

Principles of Innovation. (2018). Retrieved from http://www.undp.org/content/undp/en/home/ourwork/development-impact/innovation/principles-of-innovation.html