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Innovation in Business

The initial idea pointed out by Ruelas-Gossi and Sull (2004) revolved around the fact that there would always be factors allowing managers to find excuses for reduced performance, such as the lack of resources or picky customers. Nevertheless, many business environments demonstrate that the notion of ‘innovating on a shoestring’ could be achieved with the help of systematic advancements and global sourcing for ideas. According to Ruelas-Gossi (2007), innovation cannot be considered an advantage or a monopoly unless the country continually invests in technological advancements. Technology-intensive products are important, but it is central for any manufacturer to make the best use of open innovations (also called the Big T) to succeed. Ultimately, the willingness to achieve a global expansion could be seen as the central objective for businesses operating in high-value markets, as organizational resilience could only be built with the aid of strategic inertia and competitiveness.

The United States of America is the best possible example of a country where concepts from all three articles discussed above meet in a single point. The high level of exceptionalism entrenched in the American culture makes it possible for the local entrepreneurs to engage in risky behaviors and focus on innovation without coming up with excuses related to potential failures. The intensity of technological advancements achieved in the territory of the US is another factor that connects the knowledge from the above articles to real-world examples. There are numerous American companies, such as Tesla, for example, that establish the pace for the remaining businesses within certain industries. One of the central reasons why American businesses are so good with expansions is that most policies are welcoming entrepreneurs and small businesses that would later become major contributors to the US economy. Capital gain taxes are relatively low, and the existing regulations do not impose any significant limitations on businesses, allowing them to innovate peacefully.

References

Ruelas-Gossi, Alejandro. 2017. “4 Things Your Innovation Efforts Shouldn’t Focus on”. Harvard Business Review. Web.

Ruelas-Gossi, Alejandro. 2007. Innovating in Emerging Markets: The Big T Paradigm. PDF. Harvard Business Review. Web.

Ruelas-Gossi, Alejandro, and Donald Sull. 2004. The Art of Innovating on a Shoestring. PDF. Mastering Innovation. Web.

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Essay4Business. "Innovation in Business." January 1, 2023. https://essay4business.com/innovation-in-business/.

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Essay4Business. 2023. "Innovation in Business." January 1, 2023. https://essay4business.com/innovation-in-business/.

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Essay4Business. (2023) 'Innovation in Business'. 1 January.

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