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Are You Poised for Growth as a Home-Based Business Owner?
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Getting Your Video Successfully Produced: Why quality is Key and how to get it!
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Stakeholder Theory, Symbiosis and Appraisal
Stakeholder Theory, Symbiosis and Appraisal By : Jane A Link The One-Eyed Doe There was once a doe, blind in one eye and accustomed to graze as near to the edge of the cliff as she possibly could, in the hope of securing her greater safety. She...
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Finding Your Next Big Idea
The business enterprise has two, and only two, basic
functions: marketing and innovation. It is not necessary for a
business to grow bigger; but it is necessary that it constantly
grow better.
- Peter F. Drucker
The organization that fails to continually innovate new products
and services will not survive long.
But not all innovations produce commercial success. A new
business idea must offer customers exceptional utility at an
attractive price, while delivering a tidy profit.
Most business opportunities emanate from methodical analysis of
seven areas of opportunity, according to Peter Drucker (Harvard
Business Review, 2002).
1. Unexpected Occurrences and Failures
Unexpected occurrences can be illustrated by what happened in
the early years of computer technology. Univac, which had the
most sophisticated machine, spurned business applications. IBM
quickly realized their potential and redesigned a computer for
payroll applications, making them an industry leader within five
years.
Unexpected failures may also prompt innovation opportunities.
While Ford's Edsel was a colossal flop, company leaders
consequently realized the value of segmentation: categorizing
consumers by "lifestyles." This led Ford to create the Mustang,
which appealed to consumers' tastes and reestablished the
company as an industry leader.
2. Incongruities
Incongruities become apparent during many stages of a product's
life cycle. They can then be used to create better services or
designs.
3. Process Needs
Many innovations develop from process needs - notably, the
invention of Linotype in 1890, which allowed newspapers to
substantially boost their press runs.
4. Industry and Market Changes
When an industry grows quickly - the critical figure seems to be
about 40 percent growth within 10 years - its structure changes.
Established companies, which defend approaches that have
consistently worked for them in the past, tend to ignore
challenges from newcomers. When market or industry structures
change, traditional leaders may shortsightedly neglect
faster-growing market segments.
5. Demographic Changes
Demographics are reliable, with predictable lead times. For
example, baby boomers will begin to reach retirement age in a
few years. Business leaders who pay attention to such population
changes can reap great rewards.
6. Changes in Perception
Along with
greatly improved health care in the last 20 years,
there has been a growing awareness of personal-care needs.
Exercise equipment, health clubs and natural foods are industry
sectors that have experienced immense growth in the last two
decades.
Consumers' perceptions are based on moods that can be studied,
analyzed and exploited for innovative opportunities.
7. New Knowledge
When newfound knowledge is used to create sought-after products,
leaders generate "buzz," publicity and funding. These
innovations have the longest lead time, with a protracted span
between the acquisition of knowledge and its distillation into
usable technology. During a long period of incubation, there is
much talk and little action. Then, all of a sudden, there is a
flurry of activity that produces myriad new products, followed
by a shakeout and survival of only the most viable.
Knowledge-based innovation can be difficult, but competently
managed. Innovators must go out into the field, observe
consumers' behavior and listen to them.
When Innovation Leads to Complexity
The pursuit of innovation, however, can be taken too far. As a
company increases the pace of innovation, its profitability
often begins to stagnate or even erode. The reason can be summed
up in one word: complexity.
The continual launch of new products and line extensions adds
complexity throughout a company's operations, and as the costs
of managing this complexity multiply, margins shrink.
To meet the complexity challenge, you must begin at the source:
the way your company views customers and their needs. In most
cases, managers overestimate the value buyers place on having
many choices. But some companies have begun to challenge this
belief. They have launched efforts to determine how many product
or service choices customers really want; then, they gear their
operations to efficiently provide that degree of complexity -
and no more.
When organizations prune their offerings to better fit
customers' needs, they do more than cut costs. They often boost
sales, as well.
About the author:
Patsi Krakoff, Psy. D. writes articles for business and
executive coaches and consultants. She provides articles on
leadership and executive development for sale, and formatted
into customized newsletters. Get Patsi's Secrets of Successful
Ezines 7-Step Mini-Course to learn what you need to know to
publish a successful ezine. http://snipurl.com/Ezi
ne_MiniCourse
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| DTI - Welcome to the DTI's Innovation Home Page |
| The DTI is working to stimulate a significant increase in innovation throughout ... It covers Living Innovation, web streaming of a series of high profile ... |
| www.dti.gov.uk |
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| Innovation - Wikipedia, the free encyclopedia |
| An innovation in this light occurs whether or not the act of innovating ... A convenient definition of innovation from an organizational perspective is ... |
| en.wikipedia.org |
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| National Innovation Website |
| The Department of Industry, Tourism and Resources has developed this website to raise awareness of the importance and benefits of innovation and ... |
| www.innovation.gov.au |
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| Innovation, creativity and brainstorming resources from ... |
| A comprehensive site designed to provide busy entrepreneurs with a focused collection of the best resources on innovation, creativity, and brainstorming. |
| www.innovationtools.com |
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| Innovation Weblog - Trends, resources, viewpoints from Chuck Frey ... |
| The Innovation Weblog - Valuable trends, resources and viewpoints in innovation, creativity and brainstorming from Chuck Frey at InnovationTools. |
| www.innovationtools.com |
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| CORDIS: Innovation Portal: Home |
| This Innovation Portal is supported by DG ENTR of the European Commission, ... European Commission adopts new Communication on Innovation: on 13 September ... |
| cordis.europa.eu |
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| CORDIS: Promotion of Innovation: Home |
| This programme stands at the cross-roads of the Community's policies on Research, Innovation and SMEs. |
| cordis.europa.eu |
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| Innovation Network... leveraging innovation, creativity and ... |
| The Innovation Network is an association of companies and employees committed to innovation. The site features some interesting articles as well as some fun ... |
| www.thinksmart.com |
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| Business Innovation : Car Reviews, Online Gaming, and Product Branding |
| If your in need of great Online Gaming material, we carry up to the minute news and reviews for all of your favorite games and gaming systems. |
| www.businessweek.com |
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| Innovation - Life, Inspired | PBS |
| Learn about fascinating innovations, explore interactive features, submit questions to our experts, investigate resources and lesson plans, and more. |
| www.pbs.org |
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| Innovation.org - Welcome |
| Impact of Innovation Saving & Improving Lives Controlling Healthcare Costs Strengthening ... Future of Innovation New Medicines in Development Next Wave of ... |
| www.innovation.org |
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| Innovation: See what people are saying right now on Technorati |
| See all blog posts tagged with innovation on Technorati. |
| www.technorati.com |
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| Innovation Relay Centres - The World Largest Network for ... |
| Innovation Relay Centres giving advice on Innovation, Technology Transfer and Exploitation. Major European source for innovative technologies or new ... |
| irc.cordis.lu |
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| The Tech Museum of Innovation | Welcome |
| The Tech Museum of Innovation - Welcome! The Tech Museum inspires and educates the innovators of the future. |
| www.thetech.org |
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| Pages tagged with "innovation" on del.icio.us |
| CoDev 2007 - Co-Development for Business Growth: Open Innovation and Alternatives ... PDMA & IIR's 5th Annual Front End of Innovation ... |
| del.icio.us |
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| innovation |
| Publication highlighting the research activities of NUS. The site provides snippets of selected articles online, and provides a subscription form online. |
| www.innovationmagazine.com |
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| Canadian Innovation Centre |
| Services includes invention evaluation, technology due diligence, market research, and education programs. |
| www.innovationcentre.ca |
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| London INNOVATION :: Home |
| Maximise your business potential through innovation. Learn the secrets of successful business innovation in London. |
| www.london-innovation.org.uk |
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| Eric Von Hippel's Homepage |
| Downloadable Books. Democratizing Innovation (2005) ... The Sources of Innovation (1988). Free download of the complete book. Permission granted by Oxford ... |
| web.mit.edu |
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| Intel Innovation in Education |
| www.intel.com/education/ - 3k - Cached - Similar pages |
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