Management & Innovation

Question 1

What are the basic functions of a manager?

Answer 1

• set objectives (key performance indicators KPIs)
• divides work manageably
• motivate
• communicate
• measure performance

Question 2

What are the main areas a manager has to think about?

Answer 2

• Marketing
• supply chain,
• strategy,
• employees,
• HR,
• Broader strategy (financial performance- am I spending too much- cost in recruitment, HR- reasons for people leaving),
• external market- the customer,
• economic/social/environmental factors.
• Constant computation- taking in data, then output directives.

Question 3

What is the main aim of a manager?

Answer 3

Successful business

Question 4

What challenges might a manager face when trying to encourage a culture of innovation?=

Answer 4

• Resistance to change
• Disagreement/refusal
• Competition
• BREXIT-uncertainty

Question 5

What is the 6 Hats System?

Answer 5

• theory process which enables a team to discuss something while being in agreement
• White: facts/information
• Green: new ideas
• Yellow: benefits
• Red: feelings/emotions
• Black: problems
• Blue: process/next step

Question 6

What are the key steps in innovation?

Answer 6

• Desire to make meaningful change - not money
• Paradigm shift - jumping from one curve to another
• Rolling the dice - risk taking
• Keep iterating and evolving the project

Question 7

What steps has Microsoft taken to improve its management and innovation practices?

Answer 7

• Removal of rigid hierarchies, allowing the company to become more agile, this is reflected by the lack of corporate wear
• Made it easier for ideas to be heard by managers

Question 8

What steps has Monzo taken to improve its management and innovation practices?

Answer 8

• Implemented radical transparency
• Implemented a product road map allowing for users to suggest new features and keep track of which features are underway

Question 9

What are the benefits of applying entrepreneurialism and innovation to the management and innovation side of a business?

Answer 9

• Increased productivity & greater creativity
• Can give an edge against competing companies if those companies utilize old-style management techniques and technologies

Question 10

What are the pitfalls of applying entrepreneurialism and innovation to the management and innovation side of a business?

Answer 10

• Can create greater polarisation within workforce

- Can take large sums of time and money to implement if the company wasn’t originally structured in that way