BSBSTR801 Assessment Task 3
BSBSTR801 Assessment Task 3
BSBSTR801 Assessment Task 3
GT07788
Assessment 3
Project
Part 1 – Develop own capacity to lead innovative thinking and practice in an
organizational context
Part 1
Due to the need for innovation, there is now a demand for leaders who can inspire and influence
creative endeavors.
Modern businesses find it challenging to thrive in the competitive economy without innovative
leadership. The following traits should be shown by everyone in a company to promote creative
thinking.
1. Openness
Innovation leaders are open to investigating new ideas that team members have and are
responsive to them. This willingness to consider unconventional or even extreme ideas
makes a substantial contribution to the organization's highly inventive environment.
2. Emotional stability
An innovative leader is composed and in control of their emotions. Extreme mood swings from
euphoria to melancholy and back again are not conducive to an innovative workplace. An
innovative leader will take the necessary steps to keep the working climate steady since they are
ideally wired to be cheerful and upbeat.
3. Risk tolerance
Innovation and creativity go hand in hand. Additionally, creative freedom comes with a lot
of danger. A high level of risk tolerance and the remarkable ability to think through every
scenario allow an innovation leader to make calculated bets that frequently pay off.
4. Confidence
It is part of the work to continually explore the uncharted in industries that change quickly. It is
only normal to be afraid while entering uncharted territory. But in order to find fresh prospects,
it is required to investigate the uncharted. An innovative leader believes that even in the face of
unknown risks, the results are likely to be favorable and is confident in their capacity to succeed.
Part 2
As my score according to quiz is 26
Ashar Jamal Paracha
GT07788
You lean toward a democratic or participative style of leadership. You tend to set the
parameters for the work and have the final say on decisions, but you actively involve
your team members in the process.
This style can build trust between me and my people, as they'll likely feel engaged and valued.
But it's not great in a high-pressure situation that requires a fast turnaround, as it will slow you
down. And, if I dislike disagreement or conflict, I might struggle with how people respond to
consultation. With this approach, I set goals, guide team discussions, and make the final
decision. But I also acknowledge that my people can have valuable insight into a problem or
process, so I actively consult them. As a result, you'll likely gain creative input and fresh ideas
that I wouldn't have come up with if I was working alone.
I might wonder how to manage differing opinions in the team, once I’ve invited participation in
this way. My goal is to build a culture in which people can have healthy debates with one
another. So:
Part 3
Because they enable you to design strategic and tactical strategies for professional and
personal advancement toward your goals, personal development skills are crucial. It might be
beneficial to build personal development skills so that you can use them and effortlessly
incorporate them into your regular activities.
Ashar Jamal Paracha
GT07788
I would work on following areas to develop make improvements in order to lead my team
effectively:
• Better yourself
• Find fulfillment and satisfaction
Following activities will be carried out in order practice improvement:
• Achieve personal and career goals
• Advance in career
• Improve strengths and talents
Part 4
In the workplace and in other community groups, leadership is crucial. Business advantages from
leadership activities include improved performance and productivity.
Activity:
I invited each of my staff members into my office and gave them a challenging scenario to
consider. I tasked them with coming up with a fix for the issue.
I posed the following scenario to them: "What if you neglected to follow process and the firm
suffered a significant financial loss as a result? How would you rationalise your behaviour and
address the issue?
This leadership exercise exhibits logical reasoning, critical analysis, responsibility, and problem
resolution. I had assumed that everyone on my team would be adept at problem-solving, but
many of them weren't. As a result, I discovered that, while as a leader, I lack this skill, as an
individual, I do, I can't teach this to my team/employee.
Lesson Learned:
I had assumed that every member of my team would be adept at problem-solving, but many of
them weren't. As a result, I discovered that, while as an individual, I have this skill, as a leader, I
lack it since I couldn’t impart it to my team or employees.
Part 5
In order to review challenge and refine my own style and practice in relation to modelling
and supporting innovation we should adopted following way:
Open communication:
An environment of trust is created by management and employees having open lines of
communication. However, you can't rely on workers to initiate change if you want to create a
new, more trustworthy culture.
By regularly informing staff members, company leadership starts the process of open
communication. This covers both positive and terrible news.
Part b
This is the first phase of the process, and arguably the most important. Here, you’ll need to
determine from whom you’re collecting knowledge and what information you need to capture.
Start by asking yourself a few questions:
• Who are the “go-to” people in the organization?
• What do only they know how to do?
• If they left today, would anyone know how to do what they do?
• When they’re away, what tasks pile up because only they know how to do it?
• What does the team rely on them for?
Following your completion of these questions, you need to have generated a list of individuals
as well as the duties and activities you need to learn more about. It's time to effectively gather,
communicate, and store this knowledge.
Encourage coworkers to create peer learning groups where they may exchange talents and
abilities
You must establish a transparent, trustworthy workplace culture that encourages group
learning if you want to foster knowledge sharing at work. Be patient; it will take some time
to do this.
Encourage your peers to create study groups so they may share and learn from one
another. You might, for instance, give rewards to those who teach their peers. This kind of
appreciation will highlight how crucial it is to share information.
4. Create wikis for knowledge sharing so that secret information may be recorded
If staff members can quickly access tacit knowledge, productivity may increase.
Although communicated among staff, this important information is not regarded as official
policies or procedures. If you provide a location or wiki where tacit information may be shared,
many teams will function more effectively.
By preserving this important knowledge, it will also be available for future workers to build upon.
Part c
Financial risk:
Market Risk
Market risk refers to the danger of shifting circumstances in the particular market where a
company competes for customers. One illustration of a market risk is customers' rising
propensity to purchase online. Traditional retail enterprises have faced substantial difficulties
because of this market risk factor. Companies who were able to make the required
adjustments to cater to an online purchasing public flourished and experienced significant
revenue growth, while those that were either sluggish to adapt or chose poorly in response
to the shifting market went out of business.
The risk of being outwitted by rivals is another aspect of market risk that is related to this
illustration. The most financially successful businesses are best at standing out from the
competition and developing a strong brand identity in a global market that is becoming more
competitive and frequently has shrinking profit margins.
Legal Risk:
• Regulatory risks
Ashar Jamal Paracha
GT07788
Regulatory risks are those that result from the dynamic behavior of laws and
regulations and have a substantial impact on a firm or market. For instance, the
income-tax authorities or other relevant authorities may levy fines for any adjustments
made to the company's tax compliance.
Operational/WHS Risk:
Risk management is a key element of WHS. It involves a simple iterative process of consulting
relevant stakeholders to:
Each region should interact with additional pertinent stakeholders and business divisions
where there are overlapping duties to make sure there are no gaps.
• References:
https://yscouts.com/10-innovation-leadership-characteristics/
https://www.mindtools.com/pages/article/leadership-style-quiz.htm#:~:text .
https://innovationmanagement.se/2005/06/09/7-strategies-for-sustained-
innovation/