The new technological developments today affect both large and small companies. The new developments in technology has led many businesses to depend on innovation to survive. Innovation can occur in both large and small businesses. As a small business owner, from experience, innovation is required to remain in business. There is no secret formula to innovation. Mitra details that innovation organizations require adaptability, agility, and ambidexterity.
As a local business owner, it is my job to incorporate innovation into the organization. For over ten years the business has operated without being a innovated business. As the innovations occurring within the beauty market began to reflect as a benefit to the industry as a business owner i was forced to adapt to the changes For example, when the salon opened we were listed in the yellow pages, business section, of the telephone book. The salon now has social media accounts and a website. As the manager, I saw the need to adapt in 2018. The agility of the business needed improvement. The business was not prepared to adjust to the market changes. The internal business affairs were affected by the delayed business decisions and changes. All companies of all sizes and management structures should include innovation. As a business owner and operator of a sole proprietorship all business management decisions and changes were done by the owner. The salon was failing at being innovative due to management. Almost twenty years ago generating revenue was more important than being innovative. Today innovation generates revenue. For the first fifteen years of business managements focus was making a profit. There was no organizational ambidexterity. The salon was doing well, however as time changed and the developments in technology caused advancement in the beauty industry, management did not adapt fast enough to be a financially successful business today. The salon took a loss as we transitioned into MIS systems and adapted to other innovative developments. Had we transitioned sooner or kept up with the innovation in the market, we would be financially farther as a business than we are today; possibly a second location.
Discussion 1
In my local city there is an abandoned drive in movie theater. The theater was named Sunset Drive In. Sunset was a successful business until the new developments in technology led to improvements and changes to theater entertainment. The movie industry started converting their movies from film to digital. For Sunset the new digital equipment became expensive, too expensive to obtain and maintain. Not being able or willing to keep up with the new developments in the film industry is how the management failed. The decisions of the management and the new options for consumers is why the business failed. Many people began to purchase home theater systems and televisions which later advanced to cable and color. This created a new innovation for home entertainment. There was the trend for VHS, DVDs, and now live streaming. Sunset was a privately owned theater. The managements decision to not invest in the new technology required for production and profit was a failure to keep up with innovation.
Reference
1. Mitra, J. (2017). The Business of Innovation. ISBN: 978-1-4462-1082-2
2. A History of Drive-In Theaters. DriveInMovie.com 1998-2021
https://www.driveinmovie.com
