21A - Reading Reflection No. 2

1.) The book that I read was Innovation and Entrepreneurship by Peter F. Drucker and it discussed three main stages: The practice of innovation, the practice of entrepreneurship and the entrepreneurial strategies associated. In this first part, Peter F. Drucker describes innovation as to how entrepreneurs utilize new patterns and trends to create new business opportunities and services for customers. He explains that innovation takes many forms and that it is important to understand demographics, opinions and perceptions and industry structures when determining the best ways of creating this innovation for consumers. The second section discusses entrepreneurship on a more complete level, looking at entrepreneurial competence as a necessity for maintaining a successful business. This includes keeping current with economic and social trends and adjusting your businesses and products to meet these demands. The final section of the book focuses on certain strategies that are vital to businesses being successful in this current day and age. Strategies that he included are finding good leaders and motivating individuals to perform well, finding a new or existing market and establishing a stronghold on it, narrowing your company/product by finding the right niche and altering economic characteristics of the market and industry you are in.

2.) I found this book to be very useful considering the current information we are learning. Drucker did a good job of explaining the true meaning of entrepreneurship and the important aspects of it. It furthered my knowledge of strategies utilized by entrepreneurs to successfully market products and explained how changing trends can negatively impact a business. Having a book like this as a resource is very useful when learning about entrepreneurial ideas, strategies, and goals.

3.) The exercise I would design would involve conducting background information on economic and social trends in the market and how that could impact your business idea. It is necessary to fully understand the market you are in to be able to come up with the best possible product for consumers.

4.) The thing that surprised me the most was how important understanding changes in the market were. I figured that most markets were relatively stable and didn't change that much, however, that is not the case. Social and economic trends can completely alter a market and change the important tools needed to succeed within it.