Business 4,5,6

Innovation

A new method, idea, product, etc.

Rearrange (Or reverse

How can you put something in a different order or reverse order to make a different product or experience? Magnetic Poetry- example. Idea Trigger: What can you rearrange or reorder in the way your product or service appears?

Mvp-Testing

How would you test this with minimal effort to see it work?

Permanence

The impression of long-term continuity a business gives others

Covenants

The limitations imposed on your property by your neighborhood group

Partnering

The process of two or more entities agreeing to work together for a common goal

opportunity recognition

searching and capturing new ideas that lead to business opportunities Involves create thinking that leads to discovery of new and useful ideas

Volatility

Frequency of business start and stops

Adapt

Adaptation from existing products or services- Radical innovations: rejecting existing ideas, and presenting a way to do things differently. Idea Trigger: What could you adapt from other industries or fields to your business

Zoning Laws

Government specifications for acceptable use of land and buildings in particular areas

Put to other uses

Challenge yourself to think of all the potential uses for a product or service. Idea Trigger: Suppose you learned that all the traditional uses for your product had disappeared; what other uses might there be?

Caveat Emptor

Latin: let the buyer beware

Combine

Possible combinations that result in something completely different. (books, coffee, and music: Borders and Barnes & Noble) Idea Trigger: What separate products, services, or whole business can you put together to create another distinct business?

Due diligence

Process of investigating a business to determine its value

Eliminate

Search for opportunities that arise when you get rid of something or stop doing something. Idea Trigger: What could I get rid of or reduce that would eliminate something my customer had to do?

Magnify (or Modify)

Taking an existing product and changing its appearance or adding more features can also cue to minimize something. Idea Trigger: What could I make more noticeable or dramatic, or different

Substitute

What might substitute for something else to form an idea Trigger: What opportunities can you think of that come as result of substituting or replacing something that already exist?

Factors that lead to ideas

Work experience, similar business, Education and expertise, Hobby/personal interest, serendipity

Disruptive innovation

is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leading firms, products and alliances.

Part-Time self-employment

working for yourself for 35 or fewer hours a week