Managing People and Organizations Question 1 Week 7 Describe the characteristics common to companies that are able to successfully innovate in highly competitive markets. List five examples of...

MANAGING PEOPLE AND ORGANIZATION
Table of Contents
Question 1 Week 7    3
Question 2 Week 8    3
Question 3 Week 9: Tutorial 8    4
Question 4 Week 10: Tutorial 9    5
Question 5 Week 11: Tutorial 10    6
References:    8
    
Question 1 Week 7
Describe the characteristics common to companies that are able to successfully innovate in highly competitive markets 
The question of what makes an idea innovative, or how an idea can be innovative in its true sense is not much agreed upon by many. Sometimes the companies are driven by illusory creativity, which may play upon the consumers for a short period, but it fades away as the facade decays over time. 
Execution of an idea is the main defining factor between creativity and innovation. A company must have the capability to transform an idea into a successful initiative, product or service. Human agency is highly needed in entrepreneurship and due to that the innovation depends on the behavioural characteristics and decisions of persons holding a managerial post. (Geissdoerfer, Vladimirova & Evans, 2018)
The five key factors to innovation are:
1. To identify gaps in the market and plug they as and when needed to capture the market. An opportunistic mindset is needed to fruitfully secure a place in the field of entrepreneurship and innovation (Dupont, 2019).
2. Formal training and education of the entrepreneurs plays a big role in innovation. Without certain knowledge of the field in which the entrepreneurs are venturing, it is hard to innovate.
3. Persistent and proactive entrepreneurs are seen to be more effective in the field of innovation.
4. More organized, cautious and less risk-taking companies and entrepreneurs are more successful in innovation.
5. Entrepreneurs who have built upon strong alliances, and have used their connections to channelize resources, have been proven popular, are the most successful serial innovators in the circuit (Yang et al., 2017).
Question 2 Week 8
Differentiate between ‘challenge stress’ and ‘threats stress’. Define first the challenge stress and threats stress then use examples to illustrate your answer 
Human beings are known to have responded to stress factors in two ways, either as a challenge or as a threat. 
Challenge stress may be defined as the kind of stress experienced by a human being when the respective individual takes on to stress as a challenge. One is able to take stressors or stress triggers as a new challenge only when the individual is confident enough to take on the stress. It can be taken as a positive outlook towards stress as it is seen by the stressed person as a challenge to overcome. In this case, the mind works forward to get out of the stress condition successfully and tries to think of new ways to overcome the stress. (Travis et al., 2020)
In case of entrepreneurs, the stress factors are taken as challenges when the business is powerful or stable enough in the market, and there are enough and appropriate resources at hand to get out of the situation. (Pugaliya et al., 2019)
Threat stress is just the opposite to challenge stress being negative in nature. In case of threat stress, fear, panic and tension creeping in the mind of the individual, crippling the person of reasoning and...