Use innovative thinking to find ways to minimise the impact of opposition businesses on the venture.
It is often surprising how little most small business people know about their competition. The small business owner must identify competitors and study them carefully. Once you know your opposition you can use a series of techniques to stimulate creativity in your venture e.g. SCAMP Substitute
This means to use one object instead of another. For example, Sylvan Goldman, owner of two supermarket chains in 1937, noticed his customers struggling with heavy shopping baskets. INSTEAD of baskets, he came up with the idea of the shopping cart. Today there are millions of shopping carts in the world!
Combine
Combining two objects, materials
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Always remember the words of Michael Crisp:” Often simple ideas are the best……”
You can also use brainstorming which is a creative means of generating a large number of ideas from a group of people in a short time. It is used by big and small companies to find ways to solve problems.
Group Exercise
In your group, use creative thinking skills to develop business ideas.
Select your best idea and present it to the whole class.
Remember
In generating these ideas, hundreds of good ideas will be mentioned. Do not only focus on the winning idea, but also look at the others. One of them might become your “Success” idea – make use of the opportunity.
Always be creative
Be flexible and
Think beyond what the eye can see!
Note
Innovation is not just another way of developing new products and services or breathing life into existing ones. It involves much more. Innovation is the single best way in which to leapfrog competition by ensuring constant change in products and/or processes.
Unit of learning summary
This chapter of learning was all about understanding entrepreneurship and how to identify opportunity. You also had to identify your own entrepreneurial strengths and weakness and specifically you had to consider your goals and your own personal development.
Having completed this unit of learning you
Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a
Businesses are not only faced with competition within the industry they operate in. They also face competition from businesses in other industries.
In today’s business world, competition is a big concern for nearly every corporation. The competition on the market is getting stronger and more difficult to overcome, in many situations corporations terminate their products, production, or their services, just because it is impossible to continue; the cost is too high to focus on gathering development projects in marketing, production, market research, and product innovation, to fight against the competitors.
A good example is a children?s clothing store. They must be able to understand what has made their competitors like Carter?s and
The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.
Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.
Creative thinking The free flow of ideas and positive work environment is the perfect catalyst for creative thinking.
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
Of the quality strategies and tools considered by smaller entrepreneurial firms, the most used and most useful strategies and tools will include ones that promote flexibility in product, process, and volume in order to facilitate competition with strategies that focus on product and service scope.
A. Given the nature and demands of technology cycles and innovation streams, identify the two
Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.
In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving
1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.
Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services
By getting feedback and suggestion from the customer organization should work on their strengths and weakness. Its also important to get the target customers.