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Wednesday, 19 September 2018

Innovation and Types of Firm

Firms could be classified according to the degree of technical technical progressiveness attained by every firm and could therefore be put into any one of the following classes :

1. Those which are in the forefront of discovery in applied science and technology, quick to master new ideas and to perceive the relevance of work in neighbouring fields.

2. full stop those which are quite uninterested in science and technology, i'm perfectly content to continue with traditional methods without even examining alternatives.

 3. a large middle group, neither outstanding leaders in technology nor wholly uninterested in it.

The firms in category 1 are said to be entrepreneurial and quick to perceive opportunities, whereas those in group 2 are compliance and alarming in their lack of entrepreneur energy. The last group seems to be the large middle age who are certainly not leaders but who may be reluctant followers.

 And off 1968 classified firms as vectors, planners or entrepreneurs in terms of their tendency towards innovation. Rectors are those firms which wait for problem to occur before attempting to solve them, planners anticipates problems while entrepreneurs anticipate both problems and opportunities.

Entrepreneurs do not wait for a specific trigger but conduct continuous research for strategic opportunities, so that they can quickly take profitable advantage of market development.

 those firms classified as planners and entrepreneurs by ansoff are often described as proactive. What I mean by proactive is that they anticipate change and plan to take advantage of it, unlike those firms adopting a reactive posture.