Organizational Knowledge - Creativity and Innovation

Question: Dioscuss about the Organizational Knowledge, Creativity and Innovation. Answer: Introduction The report uses Floridas 3-T model of Technology, Tolerance, and Trend to critically analyse the emergence of different forms of nomadic entrepreneurship. The report analyses how the 3-T model is useful in establishing nomadic entrepreneurship and what are the limitations of the same. Further, a detailed analysis has been presented with varying tone of argument regarding the factors that limits the extent of nomadic entrepreneurship and what kind of strategies are effective in helping nomadic entrepreneurs be the next big trendsetter. Knowledge and understanding of key concepts Doing business and being able to do business from any part of the world are two different concepts. Entrepreneurs are referred to as game-changers. As through their very nature, entrepreneurs are inventors and originators of fresh ideas (Technology Entreprenuership and Policy: In Memory of Bruce A. Kirchhoff, 2011). Technology has advanced to a great deal and entrepreneurs take maximum advantage of technology to come up with brilliant ideas and innovations. Young minds are so talented and they put their skills to use for establishing a perfect business entrepreneur. People are using their skills to provide quality work and not just quantity work. So it means that any business can become a success if it uses the technological stuff correctly and conceives a brilliant business plan (Swan and Morgan, 2016). At present, startup businesses are increasing more than ever. Nomad entrepreneurs exist because they want to bring a change in the routine, because they think out of the box, and int end to change something. Nomadic entrepreneurs are different because they intend to do something in a better and different way. They do follow trends, but they do so with a hint of difference. Some entrepreneurs instead of following already existing trend use their talent, skills, technology to set new trends. Following business models set by successful business procedures are of utmost importance while doing business but without change or any kind of adaptation, increasing the number of organisations will continue following the same set of rules of business. This can eventually lead to the business model becoming stale and stagnant (Stearns, 2014). Not following the usual trends and becoming a trendsetter is a risky challenge but nomadic entrepreneurs who use the correct combination of skills, technology, and innovative ideas can pull it off with great ease and this shall pay back tenfold times. Researchers have dug deeper into this subject to find out the reason behind increasing number of nomadic entrepreneurship in recent times. People from especially the middle-class homes have always been stuck doing fancy jobs or working hard all day long to make money. They devote their time and innovation to the gigantic MNCs and continue to do the same without enjoying it. Some of them owing to the unproductiveness try to come out of the corporate rat race and do something simple yet innovative all by themselves. So, instead of breaking their heads for gigantic organisations, some people use the best of technology together with their innovative skills and tolerance and come up with brilliant entrepreneurship that sets a whole different trend (Miller and Le Breton-Miller, 2016). Analysis and level of argument The history of nomadic entrepreneurship dates back to as early as the 17th Century and followed in the 18th and 19th Century and continuing to grow in the 20th Century. An analysis into the stages of nomadic entrepreneurship shows that it is built through a gradual process including several steps. An opportunity analysis is conducted following which a plan is developed and a company or small organisation is set up (Slideshare.net, 2016). This is followed by the acquirement of financial partners and funding sources. Once partners and sponsors have been acquired, the kind of resources required is determined and the innovative plan is implemented. The final step is the scaling and harvesting of the nomadic venture. Nomadic entrepreneurship is an excellent way of capital formation, employment generation, improving per capita income, reducing the concentration of wealth, proper mobilisation of resources, improvement of living standards, harnessing natural resources, and the establishment of new trends that replace old stagnant business models. Nomadic entrepreneurship provides a source for new ideas for consumers, existing companies, distribution channels, the regional government, and for research and development. This kind of entrepreneurship is a great way of generating ideas for analysing rising issues too as it provides creative problem-solving ideas. Studies show that nomadic entrepreneurship is directly proportional to innovation (Kim and Min, 2015). This kind of out of the box entrepreneurship skills provides the society with innovative products, new technologies, new ways of production procedures for different things, newer markets to explore, new sources and supplies, and innovative research and development ideas. The nomadic need to have concrete business plans to set new trends. They must conduct thorough research of existing markets and business models before implementing their ideas. The tendency to avoid planning is a major reason why much nomadic entr epreneurship dwindles away (Dijkhuizen, Veldhoven and Schalk, 2016). Planning is the most important part of such ventures as this kind of entrepreneurship involves taking a lot of risks. Thus, without effective strategies and planning, nomadic entrepreneurship are likely to face a great fall and end up paying an enormous price. Nomadic entrepreneurs need to be very patient and observant so that they can identify the correct situation to launch their innovative idea and set off a new trend. Human skills, expertise, and innovative ideas have raised the bar for innovation and entrepreneurship. Three main aspects of nomadic entrepreneurship include identification of the perfect opportunity in a market and implementation of a business idea that will serve or sell products addressing the opportunity. The commitment of resources and marshalling even if it needs to face risk; this will help in pursuing the opportunity. Thirdly, creating and operating a business organisation for implementing the business idea motivated from the opportunity (Anon, 2016). Conclusion The report provides an analysis of the 3-Ts model and how this approach is beneficial for implementing nomadic entrepreneurship. In todays world of advanced technologies and rising competitions, nomadic entrepreneurs take an enormous leap of faith and risk when they decide to establish a business process that does not match any of the existing business models instead sets a new trend. Such entrepreneurship needs thorough planning to make them a success. References Anon, (2016). [online] Available at: https://createquity.com/2009/05/reconstructing-florida/ [Accessed 7 Dec. 2016]. Dijkhuizen, J., Veldhoven, M. and Schalk, R. (2016). Four Types of Well-being among Entrepreneurs and Their Relationships with Business Performance. Journal of Entrepreneurship, 25(2), pp.184-210. Kim, S. and Min, S. (2015). Business Model Innovation Performance: When does Adding a New Business Model Benefit an Incumbent?. Strategic Entrepreneurship Journal, 9(1), pp.34-57. Miller, D. and Le Breton-Miller, I. (2016). Underdog Entrepreneurs: A Model of Challenge-Based Entrepreneurship. Entrepreneurship Theory and Practice. 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