Module 4 Flashcards
Innovation in Business
Innovation is the specific function of entrepreneurship … It is the means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth
Peter Drucker
Sources of Innovative Ideas
- The Unexpected
- Incogruities
- The Process Needs
- Industry and Market Structures (Changes)
- Demographics
- Change in Perception
- New Knowledge
Principles of Innovation
- Be action Oriented
- Make product, process or service simple and understandable
- Make the product, process or service customer-based.
- Start small
- Aim high
- Try/test/revise
- Learn from failures
- Follow a milestone schedule
- Reward heroic activity
- Work, work, work
Development of products and processes that contribute to sustainable development, applying the commercial application of knowledge to elicit direct or indirect ecological improvements.
Eco-Innovation
“If you are so smart, why aren’t you rich?” Certainly, professors and researchers can testify that there are a great many smarter people than rich people.
Intelligence Paradox
“You wouldn’t want to belong to any club that would have you as a member.” The parallel application of this adage to new venture creation is that “you wouldn’t want to enter any industry that would have you” (low-entry barriers) because if you could get in, then anyone could.
Entry Barrier Paradox
Characteristics of Winner Mindset
- Self-aware
- Challenger
- Decision-makers
Most are ready or prepared to take on different challenges
Challenger
They have a strong sense of self-awareness (know their limits)
Self-aware
They know when they need to make hard decisions
Decision-makers
Impacts of Innovation
- Effecting a new policy
- Finding new opportunities
- Designing a new structure
- Devising a fresh method
