Entrepreneure

Entrepreneurs use many tools to propel their endeavors. One of the tools that many entrepreneurs use is the innovation concept. The innovation concept is the development of new disciplines and practices within the frame work of the concept. Entrepreneurs bring about innovation through opportunities that are caused by change. Technology innovation, processes innovation, service innovation and product innovation are some of the ways that the opportunities within the innovation concept can be found. Each of these ways of finding opportunities happen in different ways.

Idea conceptualization embraces the seven fundamental characteristics of creative thinking. This fundamental characteristics are receptivity, curiosity, broad interests, attentiveness, connection seeking, and complexity. Receptivity means taking in the world and questioning the standers while choosing the alternative solutions to an existing problem. In other words, Larry King says, “I never learn anything new when I 'm the one talking!” (Receptivity 124) Curiosity is researching topics you 're not familiar with. This involves learning about systems that currently is foreign to you. Learn how it works and dissect it as you wish. The world is merely an endless wealth of knowledge for you to indulge in. Broad interests means you are not narrowing your options. You can decide to be a specialist however without opening yourself to more kinds of knowledge, you are limiting yourself to a small range of possibility. Many of the masters such as Leonardo da Vinci was not only a master of art but also biology, and engineering. (Open Mind 118) Attentiveness is the observation of the details. No matter how big or small

The sources of new business ideas come from a variety of places. It could be from a problem that needs to be solved from a consumer, existing knowledge in a business and a vision to improve, or recognizing an alternative use for a new technology. While ideas are plentiful, the ability to bring that idea to fruition, and create a profitable business from it, is much more difficult.

When it comes to investing in a business venture, having a great idea is the

One cannot develop ideas alone. They must gather inspiration from their surroundings as well as continue to learn and grow. Taking bold chances is the foundation of a successful business.

Burt Bees had become very successful in it operations and established a prominent position in the market of natural cosmetics and other natural products. These products all having their origin in bees wax and honey. The problem that Roxanne and Burt face is expansion of their business. They took the business forward and moved to North Carolina for a more central positioning. This geographical centralization would be advantages for Burt’s Bees because of the theoretical cost saving that the company might have with regards to transportation and distribution cost.

In order for good ideas to form, they need to go through an incubation process that Steven Johnson had touched on this though his book, Where Good Ideas Come From: The Natural History of Innovation. The basics of this process is that first the idea needs to be provoked, go through liquid networks so that new connections or thoughts can be added, and then, they form into slow hunches. Here is where the ideas get to marinate and absorb knowledge until the “light-bulb” clicks on, and just like that a fantastic idea is born. There is no time limit on this process; it can take up to years!

This paper will cover the following: describe how the proposed business action is an innovative idea, explain the return on investment, create a vision of the idea, assess the resources needed, and assess potential interdepartmental and/or interorganizational relationship necessary to complete the proposal.

IDEO’s innovation process is unique when compared to traditional companies and is constantly evolving. Brainstorming and prototyping are tools that are central for the development of innovation. Effective brainstorming, allows the group to stay focused on the topic, generates many ideas early, defers judgment to avoid interrupting the flow of ideas, builds on the ideas of others, and can be visual.

Time efficient & Cost effective - eliminate the extra ideas and create the “right idea the first time”

The second important thing is idea. According to business dictionary, an idea is an opinion or belief. That means that any idea of future business comes to mind is something one believes in. An entrepreneur knows exactly what is wrong

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

Innovation starts with an idea in mind that creates new technology, processes, and products. In order to bring that idea to fruition, a company needs to understand what it takes to innovate and how take that idea and make it into a reality. “A well-defined innovation process will encompass an entire "end to end" innovation capability, including these phases:

As mentioned in many literature, crowdsourcing can be used in many approaches, such as idea generation. Creation, development and idea exchanges are very abstracted; idea generation includes the construction of ideas, innovative ideas, development process and implementation the idea into reality. There are two ways of Idea generation through crowdsourcing, idea competition and ideation with collective intelligence (Moketer Hossain). Idea competition is company asks many people to contribute new ideas for the company through crowdsourcing, company will choose the best one and reward to the person. Ideation with collective intelligence refers to ideation with continuous interactions between firms and crowds. Like Poetz and Schreier (2012) said, idea come from crowds sometimes far beyond the company can think. Also as Surowiecki (2005) mentioned, the collective efforts from a number of innovative individuals often better than rely on some experts.

Creativity is also essential to develop because creating mind could put forth new ideas and breaks new ground (Gardner 2007, p.7). Unlike scientific and technological areas, major creative breakthroughs are relatively rare in business area. However, small changes in professional practices in the area could be made as well. For me, the creating mind includes searching for a better approach or analyse business cases from different angles. Even though it seems inappreciable to do these things separately, the accumulation of these trials might bring about significant improvement of study and working efficiencies in the future. From my perspective, this could be defined as major breakthrough in the business world. Thus, business professionals should often be aware of looking for new