I need a response to the below Statement:

Business Model Innovation in Practice discusses an approach to developing new innovative ideas to new business models and sets guidelines that identify risks when experiencing new innovative processes (Euchner, & Ganguly 2014). Euchner and Ganuly noted the five-step approach that includes the four management functions of planning, organization, leading, and controlling. The first step is the business model, which requires the innovator to see how the innovation will bring value and how will consumers approach the product. (Euchner, & Ganguly 2014), define a business model as the ability to create margins and growth is dependent on what competitors are doing to create margins and growth for themselves. A business model must fit the needs of an organization and several things must be considered when developing a business model. Innovators must be aware of the risk factors that during and after the development process. Innovators must also, determine how the development of the new process will create value for the organization, this could be monetary, increase production, and overall increases profits. The planning process requires an initial plan which is the blueprint for the goal achievement, Daft ( 2013).

Managers develop the plan by using the organization’s goals, mission statement, and company level goals, Daft (2013). Lower management conducts operational goals, meanwhile, middle management is responsible for tactical goals, and senior management checks strategic goals, all work toward the same mission statement, Daft (2013). In the planning process, specific tasks and resources will be needed and noted.

Don't use plagiarized sources. Get Your Custom Essay on
I need a response to the below Statement:
Just from $13/Page
Order Essay

During the organization management function, the goal is to accomplish the plan by assigning tasks, delegating authority, and allocating resources (Daft (2014). The third step is to identify the risk and outweigh the risk vs. the results, (Euchner, & Ganguly 2014). The fourth step of prioritizing and reducing risks of the business model represents three management functions, organization, leading, and controlling. Prioritizing risks and ranking them is the organization’s management function (Euchner & Ganguly, 2014). Reducing risk can involve business experiments and creating prototypes along the way.

Success in creating and or developing a business model can be a team effort. However, once the business model is created and in practice, the team must sustain the model and adapt it to changes, it must also be resistant to change, (Euchner, & Ganguly 2014). In addition, having control measures will enhance a success rate.


Daft, R. L. (2013). Management (11th ed.). Mason, OH: South-Western Cengage Learning. ISBN-13: 9781285068657

Euchner, J., & Ganguly, A. (2014). Business Model Innovation in Practice. Research Technology Management, 57(6), 33–39. https://doi-org.lopes.idm.oclc.org/10.5437/08956308X5706013

Calculate your order
Pages (275 words)
Standard price: $0.00
Client Reviews
Our Guarantees
100% Confidentiality
Information about customers is confidential and never disclosed to third parties.
Original Writing
We complete all papers from scratch. You can get a plagiarism report.
Timely Delivery
No missed deadlines – 97% of assignments are completed in time.
Money Back
If you're confident that a writer didn't follow your order details, ask for a refund.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
Power up Your Academic Success with the
Team of Professionals. We’ve Got Your Back.
Power up Your Study Success with Experts We’ve Got Your Back.
error: Content is protected !!
Live Chat+1(978) 822-0999EmailWhatsApp

Order your essay today and save 20% with the discount code GOODESSAY