Entrep. CAPE Topics.

Payback of Resource Providers

(Don't really know tbh but here we go) Like, if you take loans and stuff, how much time it will take to pay it back? and if you CAN pay it back without ending up in even more debt?

Pros of Intrapreneurship

1) Decreases the financial risk on the innovator. - yk since the company absorbs the losses tusty can just relax and continue to get paid n shii. 2) Make use of company resource and talent. - huge advantage. don't have to spend any of their time or money to get what they need as it is all at their disposal right within the organization. 3)Better products, services and support - when an intrapreneurs innovation is a success it boosts up the profit for the company.

Harvesting Strategies

1)Absorption of New Concept into Mainstream Operations. 2)Family Succession. 3)Licensing of Rights. 4)Go Public (IPO). 5)Employee Share Ownership Plan (ESOP). 6)Liquidate (Shut Down) Venture. 7)Selling the Venture. 8)Management Buy-Out (MBO). 9)Mergers and Acquisition.

Myths of Entrepreneurship

1)All you need is luck. 2)All you need is money to start. 3)Entrepreneurship is easy. 4)Entrepreneurs are born and not made. 5)Successful entrepreneurs needs only a great idea. 6)Entrepreneurs always generate new ideas. 7)Small business and entrepreneurship ventures are the same. 8)Entrepreneurs are extreme risk takers. 9)All entrepreneurs are rich.

Methods of Generating Ideas

1)Brainstorming. 2)Checklist. 3)Focus Group. 4)Free Association. 5)Delphi Method. 6)Gordon Method. 7)Notebook Method. 8)Scenario Thinking. 9)Reverse Brainstorming. 10)Problem Inventory Analysis.

Methods of Protecting Innovation and Creativity

1)Branding. 2)Trademark. 3)Patent. 4)Copyright. 5)Registered Design Protection. 6)Trade Secrets. 7)

Importance of Creativity

1)Enhanced creativity can provide a company with a competitive edge. 2)As an entrepreneur is exposed to different challenges, creativity assists them in looking at the problem from a unique perspective and finding an outside the box solution. 3)Adapting to its environment and constantly changing is one of the major ways for businesses to survive and the development of the creative process helps in restructuring and redesigning systems that allow the firm to achieve these objectives.

Mistakes of Entrepreneurs

1)Human Resource HR/Management failures: lack of leadership, judgement and knowledge, lack of experience. 2)Operation failures: poor inventory management; poor planning 3)Marketing failures: weak marketing strategy; uncontrolled growth; poor location; incorrect pricing. 4)Financial Failures: poor financial control; inadequate record keeping. 5)Failure as a natural part of the entrepreneurial process.

Steps in Developing a Business Concept from an Idea.

1)Identify Opportunity. 2)Generate Idea. 3)Evaluate Idea. 4)Select Idea. 5)Development of Business Concept. 6)Engage in a feasibility study. 7)Develop the initial marketing research and planning.

Role of Entrepreneurship in National Development.

1)Impact on Job Creation. 2) Growth in GDP. 3) Social Development (Social Entrepreneurship)

Core Innovation Concepts

1)Incremental. 2)Radical. 3)Modular. 4)Architectural. 5)Discontinuous.

Characteristics of Entrepreneurs

1)Innovative. 2)Creative. 3)Hard-Working. 4)Self-Confident. 5)Achievement-oriented. 6)Emotionally Intelligent. 7)Aggressive. 8)Systematic Planner. 9)Dynamic. 10)Egotistical. 11)Calculated risk-taker. 12)Persistent. 13)Visionary.

Emerging Drivers of Contemporary Entrepreneurship.

1)Institutional Support. 2)Ease of Entry into the Informal Sector. 3)Information and Communication Technology. 4)Globalization and the Opening of International Markets. 5)Changing Demand Patterns. 6)Unemployment. 7)Changing Demographics.

Roles of Creativity

1)It creates unique and novel products. 2)It fosters thinking outside of the box which helps designing strategies and implementing them. 3)It fosters the generation of new ideas from existing circumstances/products. 4)It enhances an entrepreneurs' ability to capitalize on opportunities that would help develop the business. 5)It fosters the development of intrapreneurs within the firm.

Factors that Contribute to the Success of Entrepreneurs

1)Know your business in depth. 2)Develop a solid business plan. 3)Manage People Effectively. 4)Know your strengths and weaknesses.

Sources of Innovation

1)New Markets. 2)New Technologies. 3)New Political Rules. 4)Limited Options (Running Out of Roads). 5)Change in Sentiments or Behaviors. 6)Deregulations. 7)Changes in Business Models.

Sources of Business Concepts

1)New Products. 2)New Services. 3)New Processes. 4)New Markets. 5)New Organizational Structure/Form. 6)New Sales or Distribution Channel. 7)New Development Paradigms.

Types of Entrepreneurs

1)Novice. 2)Nascent. 3)Habitual. 4)Serial. 5)Portfolio. 6)Social

Process of Creativity

1)Opportunity or Problem Recognition. 2)Emersion. 3)Incubation. 4)Insight. 5)Verification and Application.

Types of Innovation

1)Product. 2)Process. 3)Position. 4)Paradigm.

Macro / National Level

1)Social. 2)Political. 3)Economic. 4)Environmental. 5)Cultural. & 6)Ethical

Types of Entrepreneurship

1)Survival. 2)Lifestyle. 4)Dynamic Growth. 5)Speculative

Cons of Intrapreneurship

1)You still have a boss - you still have to answer to someone and do not have as much free range as an entrepreneur. Your innovation and ideas can be disagreed with etc. 2)More risk of failure than a regular employee - a spotlight is shined directly on your activities so now all of your actions and how well you perform are under scrutiny. Lots of pressure to perform best. 3) The glory is shared - just because the intrapreneur comes up with the idea and gets the ball rolling does not mean that someone else can't be better suited to taking the opportunity and running with it.

Importance of Innovation

1. Innovation should focus not only on goods and services but also the various processes of the organization; marketing, I.T and H.R departments. Having innovative processes would have a more motivated staff and a staff more willing to work and be creative and thus leading to the growth of the organization. 2. Innovation is the key to ensuring that an organization's products are differentiated from similar products in the market. 3. Innovation provides entrepreneurs wit first mover in the market. Eg. Apple, first mobile company to come up with a GUI.

Incorrect Pricing

A big setback of putting the price of your product very low is that customers may question the quality of your product and choose the competitor's (more expensive) product because they would rather go for quality than price. Commonly, those who prefer quality are willing to invest in products they think are worth the price. Thus, low products would make them assume that your product or services have poorer quality or are not as good as other goods on the market.

Business Concept

A business concept explains what exactly the venture proposes to do. It is a clear and concise description of a business opportunity; it contains four elements: the product or service, the customer, the benefit, and the distribution. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.

Idea

A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the first milestone in the process of building a successful business.

Changes in Business Models

A business model is the means by which a firm aspires to get value from the business' activities. It incorporates the company's processes such as how products are made; for whom it is made. The business model provides a framework for how the firm will compete in the market / industry. It involves value creation in business. Changes in market / industry . eg. financial crisis, new technologies, acts of terrorism; shifts in perception for example, can impact the business models encouraging creativity and establishing new products and processes. Eg. Financial crisis - will look at products and make them more affordable to target low income consumers.

Checklist

A comprehensive list of crucial tasks to be completed in a specified order; this ensures no important step is forgotten. The use of a checklist can help improve efficiency by minimizing mistakes. The ideal checklist should be precise, efficient easy to use in any situation and straight to the point. Pros Has a structure. Easy to follow. Cons Can slow you down. Might feel pressured to do things in certain order hat u put on the list.

Copyright

A copyright is intended to protect the form in which ideas are recorded / documented. It is used to protect literacy and artistic work (books, articles, poems, songs, music and cartoons). Owners can give someone else the legal right to copy whatever unique creation they produced. Copyrights get applied right away regardless if they haven't published anything yet. Disadvantages Expensive for owners to enforce if infringement is found and owners must find and pay for their own legal representation. (Must identify infringements on their own) Registration and fees are a significant burden.

Delphi Method

A forecasting process framework based on the results of multiple rounds of questionnaires sent to a panel of experts. Several rounds of questionnaires are sent out to the group of experts and the anonymous responses are aggregated and shared with the group after each round. The experts are allowed to adjust their answers in subsequent rounds based on how they interpret the 'group response' that has been provided to them. Since multiple rounds of questions are asked and the panel is told what the group thinks as a whole, the Delphi method seeks to reach the correct response through consensus.

Develop a Solid Business Plan

A good business plan is an important tool because it gives entrepreneurs the ability to lay out their goals and track their progress as their business begins to grow. A good business plan will allow you to determine the answer to some of the most critical business decisions ahead of time. It will enable you to sit down and think about major components that your business needs before you get started, such as marketing strategies and what products are you going to sell or what services you may have to offer. It will also allow for you to have market research, where you can get deep insight into your customers, competitors and chosen industry. Also it will ensure that you are kept accountable to your long-term vision and strategy and gain insights into how your strategy is or isn't comin together over time.

Radical

A high risk innovation strategy that introduces a new idea, system or product that is very different from the existing paradigm. It is a type of innovation that is sudden and creates change completely. These organizations who engage in radical innovations, transforms the industry. Eg. Metromile, a US car insurance company, is another great example of a radical innovation. The firm harnesses a new technology - a plug-in telematics device for your car- to offer a new business model; the ability to buy insurance on a pay-per-mile basis.

Patent

A legal right granted that prevents other agents / businesses / individuals from producing, selling or using an invention (product, software, method, apparatus) that was created by someone. A patent protects an invention / creation that is new or original. Examples where patents are used include machines, computer software, business processes and electronics. Patents are usually costly and can take a long time to issue.

New Markets

A market where the product / service is new, in other words there isn't really existing demand but there could be. There aren't really any competitors so if the market is a success, market leadership is more attainable. While an innovative project is more likely to get funded, it also involves a higher degree of risk compared to a business entering an existing market. The point is, if you want to create a new market and find investors to support your creative idea, you should get really innovative.

Branding

A marketing function that identifies products and their source and differentiates them from all other products. This is when a company creates a name, symbol, design, that is desirable to the company. When you have that specific logo / symbol, name no one else can copy it because it is solely yours.

Free Association

A method of developing a new idea through a chain or a cycle of word association. The process involves a word relating to the problem being written down, then another and another. Participant says whatever comes into their mind relative to a word they just wrote or relative to a key word definition of a problem. Creating a semantic relationship between every word from the obtained list of associations and the problem might help to find useful analogy, which contains creative ideas and could lead to solutions.

Emerging Markets

A nation's economy that is progressing toward becoming more advanced, usually by means of rapid growth and industrialization. Once companies understand emerging markets, then they can determine which emerging market is right for their global growth goals. With the right offering combined with a strategically chosen market, a company can expect to grow their revenue at a steady rate in the right market. It also drives global innovation which allows companies to innovate at a lower cost. Eg. An entrepreneur may wish to offer online courses to a student for a fee. Online education accelerated by the Covid-19 pandemic.

Discontinuous Innovation

A new way of doing the same thing. Discontinuous innovations by their very nature are discontinuous to every customer segment, since they comprise new-to-the-world products only. These new products are so fundamentally different from products that already exist that they reshape markets and competition. A new product is launched, totally different from the previous, leading to a significant change in consumption habits. Eg. mobile phone technology and the Internet drastically changed the way people communicate.

Dynamic

A person who is able to adapt to any changes or scenarios that they may encounter. Good at working in unfamiliar territory.

Entrepreneur

A person who, rather than working as an employee, takes it upon themself to organize, manages, and take on the risks of their own business. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services and business/or procedures. Entrepreneurs play a key role in any economy using the skills and initiative necessary to anticipate needs and bringing good new ideas to market.

Scenario Thinking

A planning tool that envisions different circumstances and paths, considers the probability of their reality, and is used as a basis for developing strategies to ensure a desired outcome(s) for the firm. A tool for making long term plans. Pros Lots of possibilities. Cons Time consuming.

Trade Secrets

A practice or process of company that is generally not known outside of the company. A type of information, including formulas, patterns, compilation, program, device, method, technique, research date, business plan ingredients. It is very confidential and propriety exclusive / patented. It provides the owner / entrepreneur with a competitive advantage, adding value to the company.

Reverse Brainstorming

A problem-solving tool used to generate ideas and possible solutions; instead of identifying ways to solve a problem, identifying ways to make the problem worse. Finding fault in a particular suggestion/idea. A technique that builds on our natural ability to more easily see problems than solutions. Instead of asking a group to brainstorm ideas that would work, the group brainstorms all the ways that they could cause the plan to fail.

Focus Group

A small group of individuals who are led in discussion by a professional moderator in order to gather opinions on and responses to candidates and issues. The moderator arrives with a list of 10-12 questions that will be shared with the group during their time together. The moderator's goal is to hear from everyone and to encourage many different opinions and ideas to be shared. Pros It provides an increased reach - Focus groups can attract people today from all over the world. They can even be conducted online under certain circumstances. It provides a diverse set of responses based on interviewee profiles. - Yk cause is a set of different people who have diff opinions n stuff. Focus groups can provide time-saving opportunities - Instead of having to interview a bunch of random people individually ..yea Cons There are always security concerns - Can go from a peaceful discussion to a fight real quick. It can be challenging to prevent bias from the moderator. - when they put in their two cents, people may be swayed to agree and even if they disagree, might not want to say.

Trademark

A symbol, word, or words legally registered or established by use as representing a company or product. It protects the name of the company. Differentiates and identifies a product or service. Eg. Coca Cola.

How Ideas are Linked to Opportunity

According to Coulter (2003), an opportunity is an optimistic possibility or positive trend. It can also be a change that provides a distinct possibility for value creation. An idea is a 'plan or thought formed in the mind. Consequently, at the core of every opportunity there is a potential idea. Eg. Opportunity Identification - Social changes where there is an increase number of women entering the workforce. Idea Generation Process - Need for makers of women clothes; need for retailers of women working suits and accessories; niche market for plus size or petite women; day care facilities. Decision to start a new business venture.

New Technologies

Allows for the entrepreneur to have a new way in which they can do business. Lots of opportunities for entrepreneurs. Eg. Global pandemic - Zoom and other platforms to be used to replace real life schools. Phone companies upgrades their phones, installing new features, higher price for each upgraded phone. New crop cultivation techniques as technology has allowed for machines to be enhanced so that sowing, reaping and distributing crops can be done in a quicker more efficient manner. Eg. A bank may allow customers to use online banking via their smart devices to check their account balances and pay bills.

Novice

Already Launched. This is a person who knows absolutely nothing when it comes to business. A new entrepreneur. They have already started their business for the first time. Still learning new things to make it work successfully.

Social

An entrepreneur motivated by a desire to impact/improve or change an environmental, a socio-economic or an educational situation. The motive of the social entrepreneur is social responsibility rather than profit. For example, Scott Harris set up a non-profit organization charity that delivers clean water to lots of people in 17 different countries around the world.

Information and Communication Technology.

An extensive category of new developments in interpersonal communication that allow fast, even immediate, access to information. It allows businesses to be able to operate their business online.

Intrapreneur

An intrapreneur is a person within a large organization who takes direct responsibility for turning an idea into a profitable product through assertive risk taking and innovation. Intrapreneurs are self-motivated, proactive and action-oriented people. They are aware that failure does not have a personal cost to them as it would for an entrepreneur since the organization absorbs losses tusty arise from failure. Employees can become intrapreneurs within the firm. The firm creates the environment to foster and encourage employee creativity and ideas development.

Opportunity Evaluation

Analyzing an opportunity to determine whether it is viable and strong enough to be developed into a full-fledged new venture. The entrepreneur may possess what appears to be an excellent idea, but whether it can be turned into a profitable opportunity has to be explored. The entrepreneur has to assess a number of factors. He should ascertain if his product/service is likely to provide a solution to a problem, who the customer is, whether the product/service can bring financial rewards, if there are any barriers to its entry into the market, competition and quality of competition, and many other important factors.

New Markets

As a result of the Industrial revolutions amazing productive capacity, the core nations look for new places for their goods, like China. Sourcing new geographical areas via online technology; introducing product to new countries.

Judgement and Knowledge

Bad decisions. Debt.

Understand Financial Statements.

Balance Sheet - Need to know about your assets, if you are owing any debts. Profit and Loss Account - Need to know whether you are making profits or losses. Cash Account - Need to know how much money you have.

Aggressive

Being forward. Grabbing at opportunities. See their business growth as a personal; challenge nd have that aggressive passion no matter what obstacles they encounter. They wouldn't rest until they have achieved whatever goal they have set their mind on. See something, go get it one time. They don't stick.

New Technologies

Business activities can transcend day and night given the internet. New research in the field of biotechnology; development of new materials can breed innovation. As the world evolves, so does technology. which always breeds opportunities to innovate upon something to make life seemingly easier. Eg. In the field of medicine, doctors are getting new technology to replace instruments and procedures in which they would have done by hand, now they can do by machine.

Expansion of the business

Business expansion has two aspects: One is planned and carefully managed expansion at the business owner's initiative. The other, which can be more problematical is sudden involuntary expansion that simply happens for various reasons, which can lead to diseconomies of scales and cripple the business. On the other hand, for the planned expansion, sometimes the very logic of the business indicates that a larger size is desirable to achieve the full potential of the enterprise. Generally, expansion can include, selling more of the same products, expanding the range of products or services sold, selling something very different and/or changing the underlying concept. If the business is successful and continue to generate profits, it will benefit from economies of scale and can even be turned into a franchise.,

Ethical

Businesses have to strategically account for ethical behaviors and should develop codes to govern the environment. Innovations should therefore be developed with the understanding of cultural and ethical differences and with the knowledge of what the business stands for. Therefore, it is imperative that there is adherence to sound principles by regulators. Eg. If businesses know their products are hurting the environment, or animals, they will be changing their products to be more friendly. Eg. Socia Bank - They hold programs to support women who are fighting breast cancer because they feel as if giving back to the community is the right thing to do.

Cultural

Businesses will try to incorporate products that are suitable for certain cultures. Eg. Christians fasting from lent - businesses trying to incorporate fish. Lots of vegetarians - businesses try to produce more veggie products that can substitute meat.

Inadequate Record Keeping.

Can lead to debt if you don't have correct records to know what money you have in the business. Not keeping good records can result in a business exhausting the budget, leading to spending more than what is coming in. This can result in problems with suppliers, payroll, utilities, and other vital components to a running successful business.

Architectural Innovation

Change in the configuration of the entire system and how components interact. Exists where the components and associated design concepts remain unchanged but the configuration of the system changes as now linkages are instituted. Eg. Long time bicycles, people used to ride on one big wheel for themselves, with the pedal attached to the wheel, now, in recent times, as architectural innovation happened, the bike now has two wheels linked together and the pedal is in between those wheels.

Brainstorming

Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas. Pros Discovering new perspectives. Equal participation - people just give ideas, no judgement on them yet. Promotes creativity. Cons Time consuming. It promotes fights and arguments. It's not always the right choice for everybody - people may not like to speak up in groups even if they have great ideas. May feel that their ideas are inferior or they are just downright shy.

Concept Development

Concept development is one of the steps in the new product development. After idea generation and screening, concept development is the detail version of idea, explained keeping in mind consumers' needs. Which section of customers can be targeted, who will buy this, etc. are some basis for concept development. It is a process to ensure how you want the customers to perceive your product or service in the market. There can be many concepts for the product. One need to find out the best one which can strike customers' mind. The concept should be simple, well-articulated and impressive enough to convince consumers to buy it.

Advantages of Open Innovation

Consideration is given to other working types of cultures to get things done. Greater input from professionals and experts in terms of ideas.

Problem Inventory Analysis

Consumers are provided with a list of problems and are asked to identify products that have those problems. Pros Useful in testing a new idea. Cons

Unemployment

Creates a drive in individuals to find other means of employment where they are able to utilize skills; engage in innovation or even capitalize on an opportunity. In order to improve employment rates, government can provide funding to start ventures in specific areas.

Social Development

Creating social impact value by organizing productive resources in innovative ways to meet a social need.

Weak Marketing Strategies

Depletion of funds. A marketing program will be futile if it fails in targeting the desired audience. Marketing strategies designed in such manner will have little impact on customers purchasing decision and may lead to poor sales.

Plan

Develop the vision and mission. Set your goals. Identify any organizational culture issues -Inconsistency, some departments/employees getting better treatment, poor communication) Develop and write the business plan - Snapshot of business, describe it, research industry, market competitors, what products/services you're offering)

Hard-Working

Diligent. Puts great amount of effort into completing/ working towards their goal. Dedicated. Strong attention to detail. Very organized. Lots of energy.

The Concept of Open Innovation

Efforts are usually headed by one company engaged in innovation by venturing outside the boundaries. The opportunity to exploit or the problem to tackle . address is 'owned' by the company facilitating or running the open innovation project. The company is at the core of the collaboration. This is innovation brought from outside of the firm and applied into an enterprise. There is open flow of knowledge. Firms may license out their technologies to other firms. Collaborations amongst firms may lead to improved organizational performance. Eg. Samsung has collaborated with a firm named SmartThings to save time and money on Research and Development costs.

Lack of Leadership

Employee demotivation, results in a lack of morale that leads to unproductivity and inefficiency. Waste of resources and time.

New Processes

Enhanced production techniques. New Method of producing a good or service via specialized machinery or activities. New way of producing goods/services.

Impact on Job Creation

Entrepreneurship creates employment for thousands of citizens. As such persons earn an income which enable them to enjoy a better standard of living through being able to purchase many essential goods and services such as food and a home. Sectors in T&T economy in which entrepreneurship creates employment: Tourism - hotels, guesthouses, taxi services, eco tourism Agriculture - vegetable production, livestock production, agricultural supply stores. ICT - sale repair of computers, tablets and smartphones. Health and Wellness - beauty spas, barbering, hairdressing.

Implement

Establishing the organizational goals. Developing strategies (how to achieve the goals). Designing the production and the operations management function(Assess how the structure will engage in the transformation process to achieve desired goods and services to meet the desired market). Design the marketing function (Must be conscious of the target customers and their needs through the product offering. Design the info systems (Have to decide whether to collect/process/store and give out info by manual / book / mouth or technical email). Establish the accounting system (Concentrates on evaluating financial performance, forecasting, planning & budgeting, cash flow etc)

Mergers & Aquisitions (M&A)

External growth in a business describes mergers or takeover. A merger can be horizontal (at the same stage of the production process - both company selling tables) or vertical (different stages in the production process - one company sells tables while the other sells the wood to make the tables). It is the voluntary joining of companies. Whereas, an acquisition, is where one company acquires the shares of another company. M&A refer broadly to the process of one company combing with another. In an acquisition, one company purchases the other outright. The acquired firm does not change its legal name or structure but it is now owned by the parent company. A merger is the combination of two firms, which subsequently, form a new legal entity under the banner of one corporate name. Pros Improve profitability. Cost effective method to final expansion since they can just absorb the tech and resources of the company they M&A with. Cons May increase debt and amount owed. Decisions making process may take longer which can create added costs to the process.

Institutional Support

Gets money and advice from it. Agricultural Development Bank - Helps with development of farmers. Provides loading services. National Entrepreneur Development Company Limited (NEDCO) - Assists in helping entrepreneurs to start off their business.

Dynamic Growth

Growth entrepreneurs are driven by the competitive nature of business. They get into business themselves to create something of long-term value and they continually seek to make the business bigger and more competitive. They usually need to make a larger investment than the lifestyle entrepreneurs, both in terms of upfront capital investment and the time they invest in managing the business as it grows. For example, the estate agent who is franchising his/her operation to facilitate growth. Characterized by: Expanding operations. Human resources that posses the skills, abilities and competencies to perpetuate a growth culture.

Egotistic

Having an exaggerated sense of self-importance.

Effect of Disruptive and Incremental Innovations on the Entrepreneurial Process

Helps business be more efficient. Due to disruptive innovation, it makes the process of

Process Innovation

How They Create And Deliver That Offering. A change in the way a product or service is conceived, manufactured, or disseminated.

Paradigm Innovation

How They Frame What They Do. A type of innovation that involves a significant change in thinking. Changes the way you think of a product. The change in the underlying mental models which frame what the organization does or alternatively how the company frames what it does. Eg. Consumers know rolls Royce to be comfortable and luxurious.

New Sales or Distribution Channel

How you get your business to your customer. Sources by which you are able to be unique. Using online, as well as, physical settings to sell and distribute products.

Screening Ideas and Selecting Among Competing Ideas

Idea screening is a process used to evaluate innovative product ideas, strategies and marketing trends. Idea screening criteria are used to determine compatibility with overall business objectives and whether the idea would offer a viable return on investment. Screening ideas is necessary to consider the following: Will the idea meet the goals that the entrepreneur wants to achieve? Screening the idea helps reduce the level of risk and uncertainty associated with the idea. Entrepreneur should consider the return to be gained from the idea.

The Note Book Method

Ideas generated by a group who regularly record the findings. Team members build on each other's ideas. Can be adapted for use on a computer. Time consuming.

Nascent

In The Process Of. This is a person who is in the process of starting a new venture. They expect to use their skills to the venture development. They are seriously considering undertaking entrepreneurial activity and begin to commit time and other resources to found a new firm.

Changing Demographics

Includes age factors, gender issues, birth rates, death rates, migration factors, education and family structure. These factors will impact the demand supply of goods and services. Eg. as the population ages, the demand for geriatric products will increase.

Environmental

Initiatives geared towards environmental sustainability such as green policies and the development of green products. Government can provide incentives for such developments such a tax incentives, funding. Have laws and policies in place to protect the environment. Having businesses be more ethical. Set up recycling bin and such. Charge persons if caught littering.

Monitoring of Performance.

Involves measuring, tracking, or otherwise verifying progress and ultimate performance. Entrepreneur needs to be aware of the results of performance in terms of efficiency, effectiveness and economy. Develop Key Performance Indicators (KPI), those help you monitor performance against the goals you've identified. Capture customer feedback by using sales date, complaint forms, questionnaires and social media. Collecting feedback from customers helps to identify where improvements can be made to your products or services. Another way to monitor the performance of your business, is by the way of benchmarking. Benchmarking compares the measures such as cost, cycle time, productivity or quality of a specific process or method to what is widely considered to be an industry standard or best practice. It provides a snapshot of the performance of your business and help you understand where you are in relation to a particular standard. The results should inform actions for improvements.

Changing Demand Patterns

It gets influenced by income levels, demographic factors, taste and socioeconomic factors. Depending on how a demand is changed it can either increase pe decrease demand and supply for a business.

Employee Share Ownership Plan

It is an employee benefit strategy where employees invest in the shares of the company. An ESOP is usually formed to facilitate succession planning in a closely held company by allowing employees the opportunity to buy stock. It helps align the interest of the employees with the success of the company. Encourages employees to do what's best for shareholders sine the employees themselves are shareholders and provide companies with tax benefits, thus incentivizing owners to offer them to employees. They are set up as trust funds and can be funded by companies putting newly issued shared into them, putting cash into buying existing company shares or borrowing money through the entity to buy company shares. Pros Built-in Buyer - For the large number of baby boomers looking to sell their businesses, an ESOP can solve the contentious issue of finding a buyer in a market on its way to saturation with businesses for sale. Both Owner and Employee Benefit - The ESOP then has the potential to reward key managers and employees for their performance and loyalty while maintaining the legacy and stability of the business. The company remains in the hands of people the owner knows and trusts. This can reflect very well on the owner who chooses to put his or her employees at the helm and sale to an employee stock ownership plan can be gradual or all at once, giving the owner flexibility in how to exit the business. Cons Current shareholders may not maximize proceeds from a sale to an ESOP - An ESOP is a financial buyer, not a strategic buyer, and so it can only pay fair market value to the current owner. A competitor, in contrast, may pay a premium to acquire the company and the current ownership can receive top dollar. Draining Resources - These fees and payments, plus the repurchase obligations of an ESOP, mean less cash is available to invest in growing the business, hiring talent, exploring new markets, etc. The constant strain on cash flow and liquidity can stifle the business' ability to invest in growth and innovation, which now take a back seat to funding the plan.

Manage People Effectively

It is important to learn how manage people so that you would better be able to train, motivate and direct your employees in order to optimize workplace productivity and promote professional growth. You would better be able to mediate any sort of conflict that may arise within the workplace between employees, in a way that promotes collaboration and respect. Furthermore it will also enable you to provide constructive feedback and mentor your employees so that they can succeed in their positions. Continually, it helps you teach them how to evaluate their team's resources which in turn would be more cost effective for the firm.

Innovation

It is the ability to apply creative solutions to those problems and opportunities, to enhance or enrich people's lives. A simpler way of defining this concept would be easy that it is the process of taking something that already and reinventing it into a new version of itself.

Creative

Know how to come up with a whole new unique product that no one has ever seen before.

Experience.

Lack of skills.

Poor Location

Lead to little to no customers.

Organize

Legal forms of business organizations - Memorandums Business name/ slogan/ motto/ trademark/. Contracts. Employment Laws - Governs what employers can expect from employees, what employers ask employees to do, employees' rights at work. Organization design issues - chain of command. Mechanistic vs Organic Structures - M: Shape like a pyramid, power and authority resting on top. O: Flat surface, power and authority distributed among members.

Disadvantages of Open Innovation

Loss of centralized control may hinder a firm's ability to get things done according to a specific organizational culture.

Incremental

Low Risk. A series of small improvements to an existing product or product line that usually helps maintain or improve its competitive position over time. It is a feature of high technology type of businesses that must continually improve their offering to include new features to meet customer expectations. Eg. WhatsApp added voice notes, video call, statuses, then stickers, and recently in 2021, they added a way you can speed up a voice note that was sent from someone.

Poor Planning

Low productivity. No vision or mission. Wasted time resources. Low morale. High labor turnover.

Market Issues

Market issues are your target market's stated or silent problems. This could refer to existing inefficiencies, awkward workflows or non-optimal solutions. The key to finding a market problem is to listen for frustrations, or "if only" statements, that arise during interviews. This will reflect changes in the industry and market structure; level of competition; level of technology; legislation to regulate the market. It would incorporate trends in the market that would provide opportunities/threats; new market opportunities as well as new product development or new uses for existing products.

Gordon Method

Method for developing new ideas when the individuals are unaware of the problem. The general concept is presented and the group responds with a number of ideas.

Innovative

Must be able to always come up with new ideas on how they can further improve their products.

Persistent.

Never gives up. Driven. If they fail at something, they will not stop and accept defeat, instead, they get back up and keep trying in different ways in order to succeed.

Micro / Organizational Level

Nurturing and managing from within the firm - open door policy, encouraging persons to give their ideas. 1)Incentives for innovating. 2)Internal policy. 3)Organizational culture.

Globalization and the Opening of International Markets.

Other countries can trade with goods and services. Entrepreneurs have to think globally to survive locally. National, regional and local economies get independence to trade freely, removing tariffs and embargoes which would lead to an increase of imports and exports. Increased information sharing among businesses and consumers.

Serial

Owns one business after another but only one at a time. This is an experienced entrepreneur. This person continually comes up with new ideas and starts new ventures based on those ideas. They would just generate an idea, put that idea into play and work on the venture until it becomes profitable and then sell it which would allow them to move on to a new idea, a new venture. They enjoy the excitement and challenge of start-up so much so that once successful, they become bored which results in them selling the venture.

Portfolio

Owns several businesses at the same time. An individual who retains an original business and builds a portfolio of additional businesses through inheriting, establishing or purchasing them. They start and run a number of businesses . It may be a strategy of spreading risk or it may be that the entrepreneur is simultaneously excited by a variety of opportunities. Also, the entrepreneur may see same synergies between the ventures.

Systematic Planner

Planning in a certain logical order for the future. Putting steps into place. A process you will follow step by step.

Visionary

Plans ahead for the future. If he/she is able to close his/her eyes and see success and potential of business. See what their business could be and what they want it to be.

Internal Policy

Policy implications must be understood by all stakeholders such as cost versus benefits; human resource requirements and procedures for mistakes. There should be an open door policy for any employee that wants to discuss an idea that they came up with which could potentially improve their business.

Poor Financial Control.

Poor financial reporting can give business owners a false sense of security that leads to emergencies a company doesn't have time to fix. Needs to know how much money you have. If you are making profits or losses. Can lead to debt.

Concept of Disruptive Innovation

Products / services that bring to a market a very different value proposition than had been available previously. Something that came into the market and disrupted everyone else. Can cause businesses to shut down due to that competition being way too high or it can force businesses to be innovative and adapt in order to stay relevant and not get left behind. Eg. Netflix allows you to stream movies online thus disrupting the DVD businesses as more and more persons may stop renting/buying hard copy movies due to them preferring to watch it online.

Registered Design Protection

Protects the external appearances. Protect the shape configuration, pattern or ornamentation of a product - that is, what gives a product a unique appearance. Advantages 1)Can prevent individual / companies from infringing upon the design or element of the design. 2)Relatively low cost registration and review are simple and fast which means design rights work well to protect a wide variety of products that one ever evolving.

New Products

Providing a new tangible product to a niche market; a complementary good to an existing product. Can take a new good that is unique to you and can attract a niche market. Eg. Product - Coffee. Complementary Good - Coffee Cup.

New Services

Providing a unique activity / set of activities / experience. Eg. Due to Covid-19, more businesses has added delivery services.

Uncontrolled Growth

Rapid growth often means taking on more debt.

Achievement-Oriented

Set challenging goals, emphasize excellence, and seek continuous improvement.

Distinctions Between Small Business Management and Entrepreneurial Ventures

Small business managers runs their business, provides for their business and makes profit. They don't look for opportunity. They aren't as driven and not growth oriented. Don't focus on creating new products. Prefers stability. 1.Entrepreneurs recognize opportunity; takes risk and organizes the factors of production while small business owners just manages the business. 2.Entrepreneurs are willing to engage in strategic, risky, innovative practices while small business owners do not engage in innovative practices. They like to play it safe. 3.Entrepreneurs want growth and profit for whole organization while small business owners ensures business continues for steady income. Only seeks for their personal interest.

Social Changes

Social changes refer to an alteration in the social order of a society. Social change may include changes in nature, social institutions, social behaviors, or social relations. The base of social change is change in the thought process in humans. When social behaviors in society change that creates opportunities for entrepreneurs as it allows them to come up with brand new ideas or innovate upon old ideas in order to conform to the new trends that the majority of society is engaged in. Eg. Gender based violence - A social entrepreneur may seek to establish a venture which offers counseling services for victims of gender based violence.

Survival

Survivalists are in business merely as a means of economic survival. They operate micro enterprises to feed themselves and their families. They create very little long term wealth in their operation; they are merely keeping the business afloat while living off of profits from one day to the next. The basic goal of this venture activity is to survive and meet the venture's financial obligations. Characterized by: Cutting costs. Laying off employees, employment freeze. A fear of committing to future plans.

Harvesting the Venture.

Th entrepreneur has to be realistic about the survival and profitability of the venture. He/she must decide whether to end the venture nd pursue other goals; whether to capitalize on the venture's investment or just to get out of the business. It is therefore a wise move to create an exit strategy or harvest strategy for the venture. The aim of such a strategy is to capitalize on the economic value of the venture. The harvest strategy is important as it focuses the entrepreneur on the transition of the venture. The harvest strategy in essence attracts investors and protects the wealth created int he venture.

Ease of Entry into the Informal Sector

The barriers that hinder people from starting their own business. Start up cost expensive. Have to lik for land space, places to rent. Gov't laws preventing to many people from coming into the market. If you start a business, you are required to pay taxes. In order to ease those barriers: Reduce polices - Tax Reduction = More people wanting to start their own business. Making it easier to enter a form of business.

Modular Innovation

The basic configuration stays the same, but one or more key components are changed. Modular products are products composed of interchangeable components. This may allow customers to customize, repair and reuse products. Module products also have numerous benefits for the seller as they are fertile ground for upselling. It can also enhance the online experience of the user through products such as Facebook, Chrome, Google Maps, allowing the user more control of their interaction with the online environment. Simply put, it's something you can interact / change without changing the reconfiguration of the product. Eg. You can change bike seats; lenses for a camera. So changing a component without changing how a system is configured.

Incentives for Innovating

The context must facilitate innovation by providing incentives and rewards and giving individuals the opportunities to convert ideas into working solutions. Meaning that managers should encourage their employees to share any ideas they may have and actually take interest and take the time to listen to what they may have to say.

Differentiate Between 'Creativity' and 'Innovation'

The difference between creativity and innovation is quite simple. In the case of creativity, that is when you come up with an idea that would be unique to the market whereas innovation involves taking something that already exists and creating an improves version of it. Creativity involves creative behaviors that aim at newness, novelty and differentiation whereby innovation is the ability to apply creative solutions to problems, issues and opportunities in order to create value.

Licensing of Rights

The entrepreneur gives another company the right or permission to produce its product in return for payment. This method allows the entrepreneur to capitalize on the manufacturing and distributing systems on another, usually larger company. Under a license, one company is given the right to use the patents, copyrights or trademarks of another company. The owner of intellectual property still belongs to the business granting the license. Pros Reduced Risk - Relatively less money when you franchise. No liability for what goes inside the unit. Increased Profitability - Royalties, franchisor don't have to worry about training employees. Cons Less Control Over Managers - Cannot tell the franchisee how to run their business. Risk of Bad Reputation - Franchisees may not operate and function smoothly, giving brand a bad reputation. (Bad customer service, disorganized place etc.)

Selling the Venture

The entrepreneur should consider whether selling is the appropriate strategy. If it is the right decision, then consideration should be given to accessing professional help; valuing the venture in terms of valuing assets, future profits and goodwill; use of varying methods to advertise sale, eg agent or brokers, advertising in the newspaper, network, trade magazines, negotiation of sale price, arrangement for human resource, legal affairs. Pros Cut your losses Have time and money for other ventures that may be more profitable. Cons If your next venture isn't immediately profitable, then you won't have a source of steady income. You won't have control anymore. Need to pick right people to sell it to, in order to preserve your ethics and culture.

Management Issues

The extent to which the management of the venture posses the expertise to combine the factors of production to exploit opportunities in the environment is an important element in the success of a venture. Management has to understand that in some cases, the competitive advantages are temporary while changes in the environment are continual. It is therefore imperative that management engage in actions to develop new competitive advantages. Identifying various skills and expertise you will need in order to manage successfully. Managers need to be able to come up with new ideas that can give the business an opportunity/edge over the other competitors.

New Political Rules

The ideals of the government of the day in terms of an orientation toward innovation and creating small business; encouraging innovation; self-help; cottage industries; financing entrepreneurial development through interest loans. Eg. Due to covid-19, there is a new law that require the wearing of masks in public mandatory, which can breathe innovations of different types of masks.

Entrepreneurship

The process by which an individual or group of individuals use organized efforts in order to pursue an opportunity through means of innovation and uniqueness to create value and growth by fulfilling mans needs and wants no matter the amount of resources the entrepreneur currently has.

Intrapreneurship

The process by which employees use their entrepreneurial skills while working within an organization for both the benefit of the company and themselves. Intrapreneurship gives employees the freedom to experiment as well as potential for growth within an organization. It fosters autonomy and independence while attempting to find the best resolution.

Idea Evaluation

The process of creative behavior involving the evaluation of potential solutions to problems to identify the best one.

Deregulations

The removal of governmental control / legislation, can lead to increased competition. According to the Global Economic Symposium 2014, deregulation may have a positive effect on employment creation. Due to the there being less restrictions, there will be better flexibility which allows for innovation in a wider variety of areas that were once restricted. Eg. Marihuana is now decriminalized so entrepreneurs are now able to sell small batches of products with it.

Self-Confident

These are entrepreneurs who believe that they are able to and will be able to make something happen. They have faith and highly sure of the success of their business. Trusting in your own ability and confident in what you do.

Changing Demographics

These are the changes in the characteristics of the population such as, life stages, age, income levels etc. All of those changes influence the industries and markets. These changes provide insights into where opportunities exist within the market and how to develop appropriate business and marketing strategies to target customers. Eg. Aging Population - If old, opportunities available in building assisted living centers. Increasing Ethnic Diversity - Opportunities in foreign language radios and media. A Society Challenged by Obesity - Opportunities in weight control and fitness apps, gear.

Lifestyle

These entrepreneurs get into business as a means to a particular lifestyle. Being in business for themselves means that they can live in a certain place, have the freedom to pursue another passion (such as music, sailing, writing) and the autonomy to dictate when they do and don't work. They tend to engage in higher value activities and use more infrastructure compared to survivalists. They therefore usually need to make a larger upfront investment in the business than survivalists but they get better returns. For eg. Natalie Sisson, author of 'The Suitcase Entrepreneur' created a business that supports her love to travel. She conducts business with her phone/laptop, conducting her business freely while traveling the world. Characterized by: Lack of focus on marketing and product development. Failure to capitalize on ICT opportunities in the market.

Calculated Risk Takers

They have a certain level of planning. Weighing good and bad. Does intense thinking and weighs pros and cons relating to th business. No wild investments.

Habitual

This a person who has already owned businesses in the past. They possess prior business ownership experience. They continually start new ventures. A repeat entrepreneur. They usually get motivated by new concept discoveries or market. They enjoy the excitement and challenge of start-up so much so that once successful, they become bored.

Economic

This entails policies and incentives geared towards the development of small and micro enterprises such as training and development programmes, funding trade fairs, innovator of the year competitions; collaborative partnership with other countries to provide training programmes; provision of avenues; protection of intellectual property, ideas development. Also allowing them to be able to protect their ideas.

Liquidate (Shut Down) Venture

This entails selling or closing the business. In liquidation proceeds from the sale of assets must go to pay the creditors and help the venture capitalist recoup the investment in the venture. Liquidate means to convert assets into cash or cash equivalents by selling on the open market. Investors may choose to liquidate an investment for a variety reasons, including needing the cash, wanting to get out of a weak investment or even simplifying portfolio holdings. In addition to voluntary liquidation, individuals and businesses can be forced to liquidate assets through the bankruptcy process. Pros Ensures all debts are paid. Any remaining stock/assets, can be liquidated to get rid of excess inventory. Cons Liquidator will investigate and look into whole history of company. Make sure you have no skeletons. Will not be able to retain business assets . When assets get liquidated, the cash goes to creditors and whatnot, so may not be able to use them for future businesses.

Political

This includes the role of governments in impacting innovation and the prevailing political ideology such as encouraging entrepreneurship through funding technology. Internal Governance. Directly at the role of the government. The government can introduce entrepreneurship programs. Eg NEDCO & ADB

Speculative

This involves the launch of a number of business ventures. They are all well managed and placed on a successful path. Thee owner then sells them. The entrepreneur then uses the opportunity to move unto another venture. The objective is to show the potential of the business and then sell it. These entrepreneurs are perfectly fine not having control over the market. They typically operate on a much, much shorter timeframe- they think in moths versus years. They usually do not want to build a self-sustaining business; instead they are seeking to dive head first into an opportunity, reap the reward and get out and unto the 'next big thing quickly'.

Creativity

This is a mental process that leads to solutions, ideas, conceptualizations, artistic forms, theories or products that are unique and novel. Creativity is the the ability to develop new ideas and discover new ways of looking at problems and opportunities. It can therefore be viewed that in order to remain relevant, to be in a leadership position in the market, to change when necessary, the entrepreneur needs to be creative.

Insight

This is also known as the eureka moment and it's when the problem solving solution flashes in the mind at an unexpected time such as in the shower or bed.

Implementation of Concept

This is an important building block for successful implementation. An implementation concept must define the necessary framework conditions for making it possible for instruction. Implementation is the process of putting a decision or plan into effect. Before you implement you need to: Plan, Organize, and then Implement.

Emersion

This is concentration on the problems. It often involves, collecting information relevant to the problem and coming up with alternatives without evaluating them.

Opportunity Identification

This is how entrepreneurs identify potential ways towards identifying new business based on the opportunities that they identify. Through OR, entrepreneurs should be able to identify new and better ways of providing products and services that meet customer expectations and also identify new business opportunities. This will allow them to further innovate upon products and services which may then enable them to expand upon their business and retain more profits if their innovation is accepted by customers in the market.

Achievement of Performance Goals

This is simply when your business has met its required targets and is running successfully. When you have diligently monitored your business' performance for a lengthy amount of time, made changes here and there, improved in any ways you could for the business to be more efficient and then look at your documents with those records and realize your business is running smoothly and not lagging behind on any objectives/goals.

Go Public (IPO - Initial Public Offering)

This is the initial or first sale of shares by a private company to the public. The shares issued on the stock exchange. It is a strategy used by ventures seeking to gain capital. A successful IPO is rooted in a viable business model that will interest investors. There's prestige in going public. A listed company may be perceived to be more reliable to counterparties, lenders and investors. Pros Improves financial condition by obtaining money that does not have to be repaid. It will attract top talent investors through benefits like stock inventions. Cons The transition to an IPO is not cheap, need lawyers, accountants, investment bankers are required. Might take a year or more for IPO. More scrutiny into the company / shareholders. Must be more disciplined. No skeletons in the closet.

Regulatory Changes

This is the introduction of, or any change in any applicable law, treaty, rule, regulation or guideline made by the government. Eg. The Covid-19 Regulations which are in effect - masks are mandatory, hand sanitize before entering a business, no more than 10 people to gather in a place. - An entrepreneur may establish a venture to selling masks and hand sanitizers. Health and Safety in Workplace - An entrepreneur may establish a venture to supply health and safety equipment to businesses.

Change In Sentiments or Behaviours

This is the way that consumers behave towards products. What is the trend. What they are more leaning towards. For eg. If people start to develop a more healthy way of thinking and want to change their lifestyle to get better healthier foods, then this would lead to the innovations of more vegetable based organic products on the shelves, like Beyond Burger.

Competitive Advantage Issues

This is what sets the organization apart from its competitors. According to Coulter (2003), CA can arise from an entrepreneur's ability to assess the external environment to identify opportunities. Having an edge over others. Having something unique. Identifying trends. It may be quite a challenge as there is a vast variety of products out there in the world and things that you may come up with, that you may think are unique, may already exist. You need to have skills and knowledge of the firm's human resources; the type of technology used by the firm, is it advanced or outdated?; the location of the firm, is it easy to get to? Around a populated area? What are the income levels of the population nearby?

Management Buyout

This is where the management of a company, purchases the assets of the company the team manages. The current management team will purchase the enterprise. They will have an understanding of the operations and culture but will have to make the transition to being owners. Managers are more intimately familiar with the business and may better know how to take the company to the next level of success. Pros Helps ensure confidential info stay within the business. Higher chance of business ethics and culture being preserved. Cons Managers may be skilled in their particular area but may lack in knowing how to run an entire business. Managers may not have required finance to put forward from their own pockets so their investors can ensure of how serious they are.

Incubation

This is where the person stops actively thinking of the problem or opportunity and allows their subconscious to work on it and allow new patterns to develop in their head.

Verification and Application

This refers to setting out to prove your creative solution by gathering supportive evidence, logical persuasion and experiments with other ideas.

Growth in GDP

This refers to the total output of final goods and services within the borders of a country over a given period (usually one year). Entrepreneurship contributes significantly to growth in GDP since many goods and services are produced by entrepreneurial ventures, which contribute to increased output in the economy. Many of these products are sold locally, regionally and internationally. Eg. agricultural produce.

Opportunity or Problem Recognition

This simply means identifying that a problem exists or seeing an opportunity in a problem that may exist.

Absorption of New Concept into Mainstream Operations

This where the venture/ growth opportunities are developed outside of the core operations of a company. Those with potential to add value to exercising operations are absorbed into the operations. Absorbed as a business term generally refers to taking in, acquiring or bearing. Absorption is the process under which an existing large company purchases the business of another small company or companies doing similar business. The company whose business is acquired is liquidated. But, no new company is formed.

Economic Issues

This will incorporate economic factors such as exchange rate issues; economic cycles (boom and recession); growth rates of markets; income levels; level of unemployment; demand and supply conditions in the market; quotas (restrictions) on the importation of certain products to save foreign exchange.

Social

This would include an analysis of population in terms of age and its impact on goods and services; changes in population demographics and its impact recruitment and selection; awareness of different customs and practices. Eg. Age - Elderly People = More old age homes. Birth / Death Rate - More schools, increased day care, car seats / more coffins. Social policy is how a society responds to social problems. Any government enactment that affects the well-being of people, including laws, regulations, executive orders, and court decisions, is a social policy. Social policies affect society and human behavior, and their importance for social-work practice has long been understood by the social-work profession. Modern social welfare policies, which respond to basic human needs such as health care, housing food, and employment.

Family Succession

Transferring the venture to family members. This would entail the partners and heirs who will succeed the entrepreneur. The succession plan would outline the distribution of shares and assets; the issuing of responsibilities among heirs / successors; how much control the original owner wants to maintain; clarification of goals and operating issues. Pros- You them better. Outsiders may give an unreal version of themselves. More trustworthy, might not steal your money. Cons- Feelings are bound to get involved. May not want to fire them etc. Employees/partners may feel like you're playing favorites.

Product Innovation

What They Have To Offer. A change in the appearance or the performance of a product or a service or the creation of a new one.

Limited Options (Running Out of Roads)

When firms/individuals are faced with limited options / end of the road for some products, they are encouraged to think outside of the box and in order to remain viable, they look to turn ideas into something useful or marketable.

Reinvestment in the Business

When you own certain stocks and mutual funds, you can reinvest the dividends or distributions to buy more shares instead of receiving a cash payout. You can make the new investments without incurring the usual sales charge, so it can be a lower way to build your investment portfolio. It is a great way to significantly increase the value of a stock, mutual fund or exchange-traded fund (ETF) investment over time. It is facilitated when an investor uses proceeds distributed from the ownership of an investment to buy more shares or units of the same investment. Proceeds can include any distribution paid out from the investment including dividends, interest or any other form of distribution associated with the investments ownership.

Position Innovation

Where They Target That Offering, Who They Target And The Story They Tell About It. Repositioning products. Changes in how customers perceive your products. Targets specific markets. Who can afford it. Who needs to use it.

Know Your Business in Depth.

You need to be able to identify what is unique about your business. What would make customers want to buy from you instead of other businesses. What gives you that competitive advantage. Which part of your business is the biggest revenue drivers? - If you want to cut back on costs and boost revenue this will help you understand where you should be focusing your resources and where you should potentially cut back. What is your client retention rate? Do you always keep the same clients and get no new ones? Get new ones but not get back the old ones? Or keep old ones and get new ones. If your business lets old customers leave as you bring in new ones then you are not building a stable company. Your goal should be to increase new and repeated customers. Knowing your strengths and weaknesses. Understanding your financial statements.

Know Your Strengths and Weaknesses

You need to know what resources you have access to. If the goods or services you are providing will do well in the market. Need to find someone who can help you deal with any areas you may falter in. Strengths. What does your business do well? Do you have access to the required resources? What are you known for in the market? What is it about your business that your competitors cannot match. Weaknesses. What doesn't your company do well? (marketing expertise, customer service, environmentally friendly packaging) What don't customers like about your products or services. What do competitors do better than you? Do you have a good business location?

Emotional Intelligence

the ability to manage oneself and one's relationships in mature and constructive ways. Being able to emphasize with others. Better understanding of the needs, feelings and overall situation of others. Being able to set work apart from your emotions. hg fg