Module 3 Flashcards
Process of creativity?
recognition/preparation;
(b) incubation;
(c) insight; and,
(d) validation/refinement.
What is ‘Innovation’
Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service.
Why is ‘Innovation’ important?
Innovation allows entrepreneurs to identify new opportunities, solve problems, and bring new products and services to market.
Creativity vs Innovation
While Creativity is related to ‘imagination’, but innovation is related to ‘implementation’.
Creativity is the process of generating original and novel ideas, emphasising imagination and ideation
innovation focuses on applying these creative ideas to develop new or improved products, services, or processes.
What are the FOUR P’s of INNOVATION
(a)product :Creating new or changing products or services that an organization offers.
(b) process: Process innovation emphasises renovation in operational processes and is often internal to a company.
(c) position: Positioning Innovation is about repositioning, captivating a product or service and offering it in a novel market, or with a novel slant. (changing perception)
(d) paradigm: Paradigm Innovation is the shifting of a fundamental conceptual model via a change, a common example this Henry Ford and the motorcar
What are some sources for Innovation
Global trends
New Knowledge
Running out of options
New Markets
What are some CORE innovation concepts
Core innovation concepts
(i) incremental : a strategic approach to business development that involves making small-scale improvements to existing products
(ii) modular: involves redesigning a product or service, or its core elements
(iii) architectural : a type of product or service improvement that focuses on how components are configured in a design.
(iv) discontinuous/radical/disruptive : a significant and transformative breakthrough that involves creating something entirely new that replaces existing systems and processes.
(v) open: Open innovation is defined as a strategic approach that not only embraces collaborative efforts but also actively seeks external input, encompassing ideas, technologies, and expertise
Benefits of using a website to conduct business
Tracking Sales
Wider reach
Competitive Advantage
Customer Behaviour research
Brand Credibility
Flexibility
Convenience (Customers can access it at anytime)
How can E-Commerce help track sales as a result from the business
Allows the use of analysis tools (Google Analytics)
Data mining (Allows pattern recognition)
Reasons for conducting the ‘valuation’ of a business
Determining the real value of the business venture
Conducting business analysis.
Preparing wills, gifts of deed and settling estates.
Reporting for internal bookkeeping or accounting
purposes or external auditing purposes.
The Business LIFE CYCLE GOES AS:
(a) new venture development;
(b) start-up activities;
(c) venture growth;
(d) business stabilization; and,
(e) innovation or decline.
What are some Business venture models??
(a) promising start-ups; Grows extremely fast in terms of size and profits. Products and services aint unique and dont have vast source of funding, management team aint too experienced
(b) venture-backed start-ups; These acquire capital from Venture Capitalists.
(c) corporate-supported start-ups. These basically get assistance from Bigger companies in the form of mentorship, capital, office space, and tech.
Some approaches to E-Commerce?
Online Shopping Malls: Allows other stores to create stores on the website example: Shein, Amazon, Aliexpress
Online Banking
Virtual Communities
Website
Partnerships with existing online payment facilities
E-Commerce strategies for success
Promotions (Coupons)
Excellent customer service
Be truthful to your advertising
Make sure the website is professionally done
Data mining
ensuring safety of customer data.
Elements to consider before doing E-Commerce
Networking Potential
Importance of lasting relationship with customers
