The Art of Innovation
13 important questions on The Art of Innovation
What are the various Methods of Researching a Business Opportunity?
- Analogs
- Technology confluence/intersection
- Points of pain
- The Like
What are the various ways to generate business ideas?
- Develop ideas as an extension or redesign an existing service
- Resegment and create an improved service
- Redifferentiate and market the product at lower price
- Add value to an existing product or service
- Develop or redesign a new version of an existing product
What is the five-step model that help Entrepreneurs know a winning business area(Opportunity)?
- Seize the Opportunity
- Investigate the Need through Market Research
- Develop the Plan
- Determine the Resources needed
- Manage the business
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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What must be done in the Phase 1: Seize the opportunity?
- Know what the Factors create Opportunity
- Calculate the Opportunity Costs
- Access the Risks and Rewards
What are the Factors that Create Opportunity?
- Technology factors
- Economic factors
- Demographic factors
What must be done in the Phase 2: Investigate the Need through Market Research?
- Ask prelimanary questions
- Prepare data collection
- Execute a study to get answers
What are the Sources for finding answers for the Preliminary questions?
- Experts in the field
- Internet searches
- Library research
- Questionnaires/surveys
- Existing research
- Trade associations
- Market research firms
What will a good Business Plan do?
- Determine the viability of the business and application in selected markets.
- Provide guidance in planning and organizing the activities and goals.
- Serve as a vehicle to obtain financing and personnel for the business.
What are the three Critical Junctures that the Business Plan guides?
- It simplifies decision making during times of crisis.
- It is the roadmap at points of indecision.
- It is a motivational guide during setbacks or downturns.
What are the Aspects of assessing Resource capabilities in Phase 4: Determine the Resources needed ?
- Personal contacts and networking
- Financing requirements
- Sources of technical skills
What two Events involves in Phase 5: Manage the business?
- Deliver a total Solution
- Culivate advanced Resources
What are the Categories that the Framework evaluates?
- Market issues
- Financial and Harvest issues
- Competitive advantage issues
- Management team and Risk issues
Describe the Evaluation Screening process.
- Is the service, product, or idea unique to get a head start on the competition?
- Does the service or product represent a breakthrough ?
- Is the field changing so slowly that the innovation will be valuable for at least ten years?
- Have other, less expensive but adequate protective measures been explored?
- Has an attorney discussed the options an d recommended that a patent be pursued?
- I s it fee for a patent search and application affordable?
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
