ELEMENTS NEEDED FOR A BUSINESS COMPANY TO DEVELOP

The basic elements required for a business company to develop are (1) people, (2) ideas, and (3) cultural elements. These three basic ingredients have to be coordinated with skill by the management of research and development in a business company in order to achieve high productivity and excellence. In this lesson we will cover some of the introductory topics concerning these basic elements. In the next lesson we will focus more specifically on the task of coordinating and managing.

It is obvious that the most important element is creative people. Such people have the bright ideas and skills to do develop ideas and then translate ideas results into useful products. However, these people must be organized into structures that permit effective cooperation. In doing so it is important to keep in mind that certain mixes of people work better than others. To ensure a smoothly functioning organization, one need unstated assumptions, beliefs, norms, and values—in other words, an organizational culture that will favor creativity and innovation. Last, but not least, one needs funds.

PEOPLE

People in Business Company normally would have graduate training and relatively high aptitude. They are socialized during their graduate training to work autonomously and show considerable initiative. An anecdote will help convey more clearly what is special about personnel. There are identified four different personality traits relevant to business in order to develop:

  • Creative Type. Creative types are idea generators, comfortable with abstract problem solving and have a preference for working alone.
  • Entrepreneurial Type. Entrepreneurial individuals are more likely to take and manage risk while giving the profitability of a product or project high priority.
  • Analytical Type. Analytical people do well with complexity and prefer to have order and organization while also avoiding risk.
  • Development Type. Development-oriented personalities tend to gravitate toward team projects and maintain high energy levels while cooperating with others.

IDEAS

Ideas in a business company are generated through research and development process, research and development brings knowledge and innovation. The personnel in a business company need to be technically competent in one or more fields and have the ability to conceptualize. They must be comfortable with abstract thinking and have a real interest in Business Company.

An invention is an idea, a concept, a sketch, or a model for a new or improved product, device, process, or system. Inventing is the creation of new knowledge or new ideas. The innovation process is the integration of existing technology and inventions to create a new or improved product, process, or system. Innovation in the economic sense is accomplished through the first utilization and commercialization of a new or improved product, process, or system. Various business companies look at the overall innovation process differently.

In a general sense, the innovation process includes (1) identifying the market need or technology opportunity, (2) adopting or adapting existing technology that satisfies this need or opportunity, (3) inventing (when needed), and (4) transferring this technology/opportunity by commercialization or other institutional means. The innovation process integrates project need, invention and development, and technology transfer. Ideas and concepts are generated in each of these three major stages; the innovation process is accomplished when these three stages culminate in the utilization and commercialization of a new or improved product, process, or system.

A CULTURE FOR A BUSINESS COMPANY

The culture of an organization relates to both objective and subjective elements. For a business company , objective elements such as research department facilities and equipment and office buildings are different from those of other business company. Subjective elements such as rules, laws, standard operating procedures and unstated assumptions, values, and norms for an R&D organization are also different. For example, scientific discoveries, whatever their source, are subjected to impersonal judgments, and scientists often participate in organized skepticism and critically evaluate scientific ideas and discoveries.

This permeates all aspects of a business function. Management decisions affecting individuals are thus critically evaluated and questioned by the researchers. After attending a senior management conference, a newly assigned deputy administrator of a federal research organization stated that he had never worked in a business company where people were so vocal and where management decisions were reviewed and discussed as openly and fully.

Amran I.Bhuzohera -MDE

Email:amranbhuzohera@gmail.com

Phone: +255 713 283 709 /+225 768 699 002

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