Innovativeness, creativity and inventiveness are
some of the most essential skills required to be successful as an entrepreneur.
In order to dichotomize these concepts, a proper explanation of each of these
concepts can help in their clarification as stated below:
Innovation
Innovation is the process
of bringing the best ideas into reality, which triggers a creative idea, which
generates a series of innovative events. Innovation is the creation of new value.
Innovation is the process that transforms new ideas into new value- turning an idea
into value. You cannot innovate without creativity. Innovation is the process
that combines ideas and knowledge into new value. Without innovation an
enterprise and what it provides quickly become obsolete.
of bringing the best ideas into reality, which triggers a creative idea, which
generates a series of innovative events. Innovation is the creation of new value.
Innovation is the process that transforms new ideas into new value- turning an idea
into value. You cannot innovate without creativity. Innovation is the process
that combines ideas and knowledge into new value. Without innovation an
enterprise and what it provides quickly become obsolete.
The dictionary defines
innovation as the introduction of something new or different. Innovation is the
implementation of creative inspiration. The National Innovation Initiative
(NII) defines innovation as “the inter-section of invention and insight,
leading to the creative of social and economic value” Innovation is “value” –
the creation of value adding value to customer’s satisfaction- “delighting the
customers”.
innovation as the introduction of something new or different. Innovation is the
implementation of creative inspiration. The National Innovation Initiative
(NII) defines innovation as “the inter-section of invention and insight,
leading to the creative of social and economic value” Innovation is “value” –
the creation of value adding value to customer’s satisfaction- “delighting the
customers”.
Innovation is the basis of
all competition advantages, the means of anticipating and meeting customer’s
needs and the method of utilization of technology. Innovation is fostered by
information gathered from new connections; from insights gained by journeys
into other disciplines or places; from active, collegial networks and fluid
open boundaries. Innovation arises from organizing circles of exchange, where
information is not just accumulated or stored, but created. Knowledge is
generated a new from connections that were not there before. Innovation
requires a fresh way of looking at things, an understanding of people, and an
entrepreneurial willingness to take risks and to work hard. An idea doesn’t become
an innovation until it is widely adopted and incorporated into people’s daily lives.
all competition advantages, the means of anticipating and meeting customer’s
needs and the method of utilization of technology. Innovation is fostered by
information gathered from new connections; from insights gained by journeys
into other disciplines or places; from active, collegial networks and fluid
open boundaries. Innovation arises from organizing circles of exchange, where
information is not just accumulated or stored, but created. Knowledge is
generated a new from connections that were not there before. Innovation
requires a fresh way of looking at things, an understanding of people, and an
entrepreneurial willingness to take risks and to work hard. An idea doesn’t become
an innovation until it is widely adopted and incorporated into people’s daily lives.
Most people resist change,
so a key part of innovating is convincing other people that your idea is a good
one – by enlisting their help, and, in doing so, by helping them see the
usefulness of the idea- Art Fry. Enterprises throughout the world are
experiencing what can be legitimately described as a revolution: rising energy
and material costs, fierce international competition, new technologies,
increasing use of automation and computers. All these are major challenges,
which demand a positive response from the entrepreneur and management if the
enterprise is to survive and prosper. At a time when finance is expensive, the
firm’s liquidity is bordering on crisis, the need for creativity, and innovation
is more pressing than ever and as competitors fall by the way side, the rewards
for successful products and process are greater.
so a key part of innovating is convincing other people that your idea is a good
one – by enlisting their help, and, in doing so, by helping them see the
usefulness of the idea- Art Fry. Enterprises throughout the world are
experiencing what can be legitimately described as a revolution: rising energy
and material costs, fierce international competition, new technologies,
increasing use of automation and computers. All these are major challenges,
which demand a positive response from the entrepreneur and management if the
enterprise is to survive and prosper. At a time when finance is expensive, the
firm’s liquidity is bordering on crisis, the need for creativity, and innovation
is more pressing than ever and as competitors fall by the way side, the rewards
for successful products and process are greater.
The instigation of new development is the
responsibility of the enterprises themselves, which, through experience, are
aware of the difficulties created when undertaking innovative investments in a
period of great uncertainty. Innovation calls for special entrepreneurial and
management skills, the cooperation of a committed workforce, finance and a
climate which will create the optimum overall conditions to encourage success. The
concept of innovation, can be described as the use of an invention to create a
new commercial product or service, is the key force in creating new demand and thus
new wealth. Innovation creates new demand and entrepreneurs bring the
innovations to the market. This destroys the existing markets and creates new
ones, which will in turn be destroyed by even newer products or services.
responsibility of the enterprises themselves, which, through experience, are
aware of the difficulties created when undertaking innovative investments in a
period of great uncertainty. Innovation calls for special entrepreneurial and
management skills, the cooperation of a committed workforce, finance and a
climate which will create the optimum overall conditions to encourage success. The
concept of innovation, can be described as the use of an invention to create a
new commercial product or service, is the key force in creating new demand and thus
new wealth. Innovation creates new demand and entrepreneurs bring the
innovations to the market. This destroys the existing markets and creates new
ones, which will in turn be destroyed by even newer products or services.
The Elements of Innovation
Innovation is the
successful development of competitive advantage and as such, it is the key to
entrepreneurship. The entrepreneurs are the “dreamers”, who take hands on responsibility
for creating innovation. It is the presence of innovation that distinguishes the
entrepreneur from others. Innovation, must therefore, increase competitiveness through
efforts aimed at the rejuvenation, renewal, and redefinition of organizations,
their markets or industries, if business are to be deemed entrepreneurial.
successful development of competitive advantage and as such, it is the key to
entrepreneurship. The entrepreneurs are the “dreamers”, who take hands on responsibility
for creating innovation. It is the presence of innovation that distinguishes the
entrepreneur from others. Innovation, must therefore, increase competitiveness through
efforts aimed at the rejuvenation, renewal, and redefinition of organizations,
their markets or industries, if business are to be deemed entrepreneurial.
The following are the elements
of innovation:
of innovation:
1. Challenge: What we are
trying to change or accomplish-the “pull”
trying to change or accomplish-the “pull”
2. Customer focus: Creating
value for your customers – the “Push”
value for your customers – the “Push”
3. Creativity: Generating and
sharing the idea(s)- the “brain”
sharing the idea(s)- the “brain”
4. Communication: The flow of
information and ideas –the “life blood”
information and ideas –the “life blood”
5. Collaboration: People
coming together to work together on the idea(s) – the “heart.”
coming together to work together on the idea(s) – the “heart.”
6. Completion: Implementing
the new idea-the “muscle”.
the new idea-the “muscle”.
7. Contemplation; Learning and
sharing lessons lead to higher competency-the “ladder”
sharing lessons lead to higher competency-the “ladder”
8. Culture: The playing field
of innovation includes:
of innovation includes:
·
Leadership (sees the possibilities and positions the
team for action-the role model)
Leadership (sees the possibilities and positions the
team for action-the role model)
·
People (diverse groups)
People (diverse groups)
·
Basic values (trust and respect define and
distinguish an innovative organization-the backbone).
Basic values (trust and respect define and
distinguish an innovative organization-the backbone).
·
Innovation values (certain values stoke the fires that
make the “impossible” possible-the Spark).
Innovation values (certain values stoke the fires that
make the “impossible” possible-the Spark).
9. Context: Innovation is
shaped by interactions with the world.
shaped by interactions with the world.
Forms of Innovation
In a start-up, the
entrepreneur is regarded as the key actor in developing a business idea, marshalling
resources, and creating an enterprise to bring a new product or service to the market.
In a competitive business environment, the entrepreneur and the enterprise should
continue to seek lout now opportunities and make the necessary arrangement to convert
them into new goods and services. Innovation should, therefore, impregnate the entire
enterprise for the creation and invention of competitive edge and relevancy in
the market place.
entrepreneur is regarded as the key actor in developing a business idea, marshalling
resources, and creating an enterprise to bring a new product or service to the market.
In a competitive business environment, the entrepreneur and the enterprise should
continue to seek lout now opportunities and make the necessary arrangement to convert
them into new goods and services. Innovation should, therefore, impregnate the entire
enterprise for the creation and invention of competitive edge and relevancy in
the market place.
Innovation can take several
forms:
forms:
i.
Innovation in processes, including changes and
improvement to methods. These contribute to increases in productivity. This
lowers cost and helps to increase demand.
Innovation in processes, including changes and
improvement to methods. These contribute to increases in productivity. This
lowers cost and helps to increase demand.
ii.
Innovation in products or services. While progressive
Innovation is predominant, radical innovation opens up new markets. These lead
to increases in effective demand which encourages increases in investment and
employment.
Innovation in products or services. While progressive
Innovation is predominant, radical innovation opens up new markets. These lead
to increases in effective demand which encourages increases in investment and
employment.
iii.
Innovation in management and work organization, and
the exploitation of human resources, together with the capacity to anticipate
techniques.
Innovation in management and work organization, and
the exploitation of human resources, together with the capacity to anticipate
techniques.
Innovation centres on
people, culture, structure, process and technology. Innovation is the process
through which the entrepreneur converts market opportunities into workable,
profitable, and marketable ideas. Innovation is an application of something
creative that has a significant impact on an organization, industry or society.
Entrepreneurship is the continuing generation of Innovation in response to
perceived opportunities in the business environment.
people, culture, structure, process and technology. Innovation is the process
through which the entrepreneur converts market opportunities into workable,
profitable, and marketable ideas. Innovation is an application of something
creative that has a significant impact on an organization, industry or society.
Entrepreneurship is the continuing generation of Innovation in response to
perceived opportunities in the business environment.
In this approach, entrepreneurship is therefore
concerned with newness: new ideas, products, services or combinations of
resources aimed at meeting the needs of consumers more efficiently.
Entrepreneurship has been described in terms of the ability to create something
from practically nothing. It is initiating… and building an enterprise rather
than … watching one. It is the knack for sensing opportunities where others see
chaos, contradiction and confusion. It is the ability to build a “founding
team” to complement your own skills and talents. It is know –how to find,
marshal and control resources. Finally, it is a willingness to take calculated
risk.
concerned with newness: new ideas, products, services or combinations of
resources aimed at meeting the needs of consumers more efficiently.
Entrepreneurship has been described in terms of the ability to create something
from practically nothing. It is initiating… and building an enterprise rather
than … watching one. It is the knack for sensing opportunities where others see
chaos, contradiction and confusion. It is the ability to build a “founding
team” to complement your own skills and talents. It is know –how to find,
marshal and control resources. Finally, it is a willingness to take calculated
risk.
Creativity
Creativity is marked by the
ability to create, bring into existence, to invent into a new form, to produce
through imaginative skill, to make to bring into existence something new.
Creativity is not ability to create out of nothing, but the ability to generate
new ideas by combining, changing, or reapplying existing ideas. Some creative
ideas are astonishing and brilliant, while others are just simple, good
practical ideas that no one seems to have thought, of yet.
ability to create, bring into existence, to invent into a new form, to produce
through imaginative skill, to make to bring into existence something new.
Creativity is not ability to create out of nothing, but the ability to generate
new ideas by combining, changing, or reapplying existing ideas. Some creative
ideas are astonishing and brilliant, while others are just simple, good
practical ideas that no one seems to have thought, of yet.
Everyone has substantial
creative ability including you the reader. So you should count yourself and
believe it that you are a creative genius. All you need is to be reawakened and
be highly committed to creativity. I want you to start thinking now, in the
process something new will flow. Explore that something new today and you will
be a different personality tomorrow.
creative ability including you the reader. So you should count yourself and
believe it that you are a creative genius. All you need is to be reawakened and
be highly committed to creativity. I want you to start thinking now, in the
process something new will flow. Explore that something new today and you will
be a different personality tomorrow.
Creativity is also an
attitude, the ability to accept change and newness, a willingness to play with
ideas and possibilities, a flexibility of outlook, the habit of enjoying the
good, while looking for ways to improve it, we are socialized into accepting only
a small number of permissible or normal things, like chocolate-covered
strawberries, for example. The creative person realizes that there are other
possibilities like peanut butter and banana sandwiches, or chocolate-covered
prunes.
attitude, the ability to accept change and newness, a willingness to play with
ideas and possibilities, a flexibility of outlook, the habit of enjoying the
good, while looking for ways to improve it, we are socialized into accepting only
a small number of permissible or normal things, like chocolate-covered
strawberries, for example. The creative person realizes that there are other
possibilities like peanut butter and banana sandwiches, or chocolate-covered
prunes.
Creativity is also a
process. Creative person work hard and continually to improve ideas and
solutions, by making gradual alterations and refinements to their works.
Contrary to the mythology surrounding creativity, very few of creative
excellence are produced with a single stroke of brilliance or in a frenzy of
rapid activity. Much closer to the real truth are the stories of companies
which had to take the invention away from the inventor in order to market it
because the inventor would have kept on tweaking it and fiddling with it,,
always trying to make it a little better.
process. Creative person work hard and continually to improve ideas and
solutions, by making gradual alterations and refinements to their works.
Contrary to the mythology surrounding creativity, very few of creative
excellence are produced with a single stroke of brilliance or in a frenzy of
rapid activity. Much closer to the real truth are the stories of companies
which had to take the invention away from the inventor in order to market it
because the inventor would have kept on tweaking it and fiddling with it,,
always trying to make it a little better.
A product is creative when
it is “novel” and “appropriate”. A novel product is original, not predicable.
The bigger the concept and the more the product stimulate further work ideals,
the more the product is creative. Creativity requires passion and commitment.
Out of the creative is born symbols and myths. It brings to our awareness what
was previously hidden and points to new life. The experience is one of
heightened consciousness-ecstasy”.
it is “novel” and “appropriate”. A novel product is original, not predicable.
The bigger the concept and the more the product stimulate further work ideals,
the more the product is creative. Creativity requires passion and commitment.
Out of the creative is born symbols and myths. It brings to our awareness what
was previously hidden and points to new life. The experience is one of
heightened consciousness-ecstasy”.
Creative Thinking
Creative thinking has
various definitions. However, it is the art of generating solution to problems
by the force of imagination and reasoning. It is an activity of the mind
seeking to find answer to some of life’s questions. In a dynamic and changing
world, the challenges of man are also not static. They take on new forms and require
a deep creative thinking approach. It is necessary to know that we live in a
thinker’s world. It is therefore, not surprising to see that the men/women who
are ahead are those who see ahead with the eyes of their mind. Men and women
who have engaged their minds in resourceful thinking to generate idea and
products, which stand the test of time.
various definitions. However, it is the art of generating solution to problems
by the force of imagination and reasoning. It is an activity of the mind
seeking to find answer to some of life’s questions. In a dynamic and changing
world, the challenges of man are also not static. They take on new forms and require
a deep creative thinking approach. It is necessary to know that we live in a
thinker’s world. It is therefore, not surprising to see that the men/women who
are ahead are those who see ahead with the eyes of their mind. Men and women
who have engaged their minds in resourceful thinking to generate idea and
products, which stand the test of time.
Every idea is a product of
thinking and every product is the manifestation of idea naked in a thinker’s
mind. These are people who see problems as opportunities to improve and do
something new or something better, people who keep these two vital questions on
their mind. “What can I do to make things better, or what can I do to make better
things? This is the product of thinking.
thinking and every product is the manifestation of idea naked in a thinker’s
mind. These are people who see problems as opportunities to improve and do
something new or something better, people who keep these two vital questions on
their mind. “What can I do to make things better, or what can I do to make better
things? This is the product of thinking.
In making things better,
the goals are usually to improve productivity And efficiency, achieve speed,
enhanced comfort and convenience, influence returns positively, and so much
more. While in making better things, thinking can produce various alternative
leading making better things, thinking can produce various alterative leading
to the evolution of a completely new idea, new production processes, or a total
departure from the conventional. Whatever the goal, thinking is an
indispensable tool in the life of all successful entrepreneurs. The celebrated discoveries
of man are not accidents. The minds of men/women were engaged in creative
thinking to deliver the visible products we enjoy today.
the goals are usually to improve productivity And efficiency, achieve speed,
enhanced comfort and convenience, influence returns positively, and so much
more. While in making better things, thinking can produce various alternative
leading making better things, thinking can produce various alterative leading
to the evolution of a completely new idea, new production processes, or a total
departure from the conventional. Whatever the goal, thinking is an
indispensable tool in the life of all successful entrepreneurs. The celebrated discoveries
of man are not accidents. The minds of men/women were engaged in creative
thinking to deliver the visible products we enjoy today.
Thinking begins with
engaging yourself in a conversation with yourself by yourself, in yourself.
That is to reach a conviction and conclusion as to what steps to take and what
strategies to employ. It is advisable to always have a pen and paper at hand to
document your thoughts. It unveils every illusion around you. The place of
asking the right and relevant questions in thinking process cannot be overemphasized.
Questions remain the string tool to provoke the mind to respond to issues and
discover new things. Creative thinking must, therefore, lead to the articulation
of a strategy. A strategy is a way of organizing available resources to achieve
results, what to do, what steps to take, the approach, the timing, positioning,
all come to play when developing strategy. It is a common knowledge that
successful entrepreneurs emerge not by strength or force but by superior
strategy through creative thinking.
engaging yourself in a conversation with yourself by yourself, in yourself.
That is to reach a conviction and conclusion as to what steps to take and what
strategies to employ. It is advisable to always have a pen and paper at hand to
document your thoughts. It unveils every illusion around you. The place of
asking the right and relevant questions in thinking process cannot be overemphasized.
Questions remain the string tool to provoke the mind to respond to issues and
discover new things. Creative thinking must, therefore, lead to the articulation
of a strategy. A strategy is a way of organizing available resources to achieve
results, what to do, what steps to take, the approach, the timing, positioning,
all come to play when developing strategy. It is a common knowledge that
successful entrepreneurs emerge not by strength or force but by superior
strategy through creative thinking.
There are great business
opportunities in applying creative thinking to solving mankind’s crying need
for basic products and basic support services –better homes, better jobs, and a
better way of life. There are going to be tremendous opportunities in education
because we need fundamental and radical changes in Nigeria if we are going to
be competitive with other countries. However, being able to adapt ideas is what
makes an entrepreneur successful. There is nothing wrong with learning from
others ideas. Creativity comes in when you expand upon it, when you take an
idea and make it move. The only way forward is to make our education to be
adaptive and qualitative at all levels.
opportunities in applying creative thinking to solving mankind’s crying need
for basic products and basic support services –better homes, better jobs, and a
better way of life. There are going to be tremendous opportunities in education
because we need fundamental and radical changes in Nigeria if we are going to
be competitive with other countries. However, being able to adapt ideas is what
makes an entrepreneur successful. There is nothing wrong with learning from
others ideas. Creativity comes in when you expand upon it, when you take an
idea and make it move. The only way forward is to make our education to be
adaptive and qualitative at all levels.
Creativity and Innovation in an Entrepreneurial
Organization
Organization
Growth and development
cannot be sustained without additional innovations (usually in the product or
services or in its marketing) with additional innovations, firms become “glamorous”
Introducing new products is usually seen as part of the process of innovation,
which is itself seen as the engine driving continued growth and development.
cannot be sustained without additional innovations (usually in the product or
services or in its marketing) with additional innovations, firms become “glamorous”
Introducing new products is usually seen as part of the process of innovation,
which is itself seen as the engine driving continued growth and development.
The “winning performance”
of the entrepreneur and the organization focuses on.
of the entrepreneur and the organization focuses on.
·
Competing on quality not prices:
Competing on quality not prices:
·
Domination of a market niche;
Domination of a market niche;
·
Competing in an area of strength
Competing in an area of strength
·
Having tight financial, and operating controls:
Having tight financial, and operating controls:
·
Frequent product or service innovation (particularly
important in manufacturing).
Frequent product or service innovation (particularly
important in manufacturing).
Successful businesses will
each employ their own strategy, they achieve completive advantage through acts
of innovation. Learning and problem-solving are common activities in many
working environments today, but some people believe that true entrepreneurship
occurs when individuals ignore the established ways of thinking and acting and
seek novel ideas and solutions that can meet customers’ needs
each employ their own strategy, they achieve completive advantage through acts
of innovation. Learning and problem-solving are common activities in many
working environments today, but some people believe that true entrepreneurship
occurs when individuals ignore the established ways of thinking and acting and
seek novel ideas and solutions that can meet customers’ needs
Entrepreneurship is,
therefore, the innovatory process involved in the creation of an economic
enterprise based on a new product or service which differs significantly from
products or services offered by other suppliers in content or in the way its production
is organized nor in its marketing. It has been argued that small businesses
have a greater proclivity to innovate than their large counterparts and are,
therefore, crucial in helping a country respond to myriad changes in the
economic, technological and social environment.
therefore, the innovatory process involved in the creation of an economic
enterprise based on a new product or service which differs significantly from
products or services offered by other suppliers in content or in the way its production
is organized nor in its marketing. It has been argued that small businesses
have a greater proclivity to innovate than their large counterparts and are,
therefore, crucial in helping a country respond to myriad changes in the
economic, technological and social environment.
To grow and prosper, most
enterprises need to constantly improve their existing products and services
through continuously innovating needed changes: and for survival of the
enterprise, must also need to create new products and services to meet yet unfulfilled
needs. Enterprises that rely exclusively on innovation will prosper until their
products and services “ran out of gases and become obsolete and
non-competitive. On the other hand, enterprise that are totally creative will
have their new products and services ready to launch, but often too few current
products sufficiently up-to-date and competitive to generate the cash needed to
fund their creativity.
enterprises need to constantly improve their existing products and services
through continuously innovating needed changes: and for survival of the
enterprise, must also need to create new products and services to meet yet unfulfilled
needs. Enterprises that rely exclusively on innovation will prosper until their
products and services “ran out of gases and become obsolete and
non-competitive. On the other hand, enterprise that are totally creative will
have their new products and services ready to launch, but often too few current
products sufficiently up-to-date and competitive to generate the cash needed to
fund their creativity.
Changes are that the very
successful leaders of the future will be more likely to make creativity and
innovation a strategic priority in their organization. In today’s environment
where competition requires business enterprises to be distinct and meet customer
needs with better or never products and organization becomes in critical necessity
successful leaders of the future will be more likely to make creativity and
innovation a strategic priority in their organization. In today’s environment
where competition requires business enterprises to be distinct and meet customer
needs with better or never products and organization becomes in critical necessity
Invention
Innovative new products are
the fuel for the most powerful growth engine you can connect to. You can grow
without new products sold essentially the same telephones for decades while
becoming the world’s largest telecommunications concern–but most small
companies will find it difficult to grow at all, much less rapidly, without a
constant stream of new products that meet customer needs.
the fuel for the most powerful growth engine you can connect to. You can grow
without new products sold essentially the same telephones for decades while
becoming the world’s largest telecommunications concern–but most small
companies will find it difficult to grow at all, much less rapidly, without a
constant stream of new products that meet customer needs.
New product development can
be described as a five-stage process, beginning with generating ideas and
progressing to marketing completed products.
be described as a five-stage process, beginning with generating ideas and
progressing to marketing completed products.
Following are details on
each stage:
each stage:
1. Generating ideas. This stage consists of two parts: creating an idea
and developing it for commercial sale. There are many good techniques for idea
creation, including brainstorming, random association and even daydreaming. You
may want to generate a long list of ideas and then whittle them down to a very
few that appear to have commercial appeal.
and developing it for commercial sale. There are many good techniques for idea
creation, including brainstorming, random association and even daydreaming. You
may want to generate a long list of ideas and then whittle them down to a very
few that appear to have commercial appeal.
2.
Evaluating and screening product ideas.
Everybody likes their own ideas, but that doesn’t mean others will. When you’re
evaluating ideas for their potential, it’s important to get objective opinions.
For help with technical issues, many companies take their ideas to testing
laboratories, engineering consultants, product development firms, and
university and college technical testing services. When it comes to evaluating
an idea’s commercial potential, many entrepreneurs use the Preliminary
Innovation Evaluation System (PIES) technique. This is a formal methodology for
assessing the commercial potential of inventions and innovations.
Evaluating and screening product ideas.
Everybody likes their own ideas, but that doesn’t mean others will. When you’re
evaluating ideas for their potential, it’s important to get objective opinions.
For help with technical issues, many companies take their ideas to testing
laboratories, engineering consultants, product development firms, and
university and college technical testing services. When it comes to evaluating
an idea’s commercial potential, many entrepreneurs use the Preliminary
Innovation Evaluation System (PIES) technique. This is a formal methodology for
assessing the commercial potential of inventions and innovations.
3.
Protecting your ideas. If you think you’ve come
up with a valuable idea for a new product, you should take steps to protect it.
Most people who want to protect ideas think first of patents. There are good
reasons for this. For one thing, you will find it difficult to license your
idea to other companies, should you wish to do so, without patent protection.
However, getting a patent is a lengthy, complicated process, and one you
shouldn’t embark on without professional help; this makes the process
expensive. If you wish to pursue a patent for your ideas, contact a registered
patent attorney or patent agent.
Protecting your ideas. If you think you’ve come
up with a valuable idea for a new product, you should take steps to protect it.
Most people who want to protect ideas think first of patents. There are good
reasons for this. For one thing, you will find it difficult to license your
idea to other companies, should you wish to do so, without patent protection.
However, getting a patent is a lengthy, complicated process, and one you
shouldn’t embark on without professional help; this makes the process
expensive. If you wish to pursue a patent for your ideas, contact a registered
patent attorney or patent agent.
4.
Research and development (R&D). Both
tasks are necessary for refining most designs for new products and services. If
you’re already the owner of a growing company, you’re in a good position when
it comes to this stage–most independent inventors don’t have the resources to
pay for this costly and often protracted stage of product introduction. But
that’s not to say if you don’t have a business, you can’t find the resources to
undertake this task. There are plenty of ways to get the job done cheaply.
Research and development (R&D). Both
tasks are necessary for refining most designs for new products and services. If
you’re already the owner of a growing company, you’re in a good position when
it comes to this stage–most independent inventors don’t have the resources to
pay for this costly and often protracted stage of product introduction. But
that’s not to say if you don’t have a business, you can’t find the resources to
undertake this task. There are plenty of ways to get the job done cheaply.
5.
Promoting and marketing your product. Now that
you have a ready-for-sale product, it’s time to promote, market and distribute
it. Many of the rules that apply to existing products also apply to promoting,
marketing and distributing new products. However, new products have some
additional wrinkles. For instance, your promotion will probably consist of a
larger amount of customer education, since you will be offering them something
they have never seen before. Your marketing may have to be broader than the
niche efforts you’ve used in the past because, odds are, you’ll be a little
unsure about the actual market out there. Finally, you may need to test some
completely new distribution channels until you find the right place to sell
your product.
Promoting and marketing your product. Now that
you have a ready-for-sale product, it’s time to promote, market and distribute
it. Many of the rules that apply to existing products also apply to promoting,
marketing and distributing new products. However, new products have some
additional wrinkles. For instance, your promotion will probably consist of a
larger amount of customer education, since you will be offering them something
they have never seen before. Your marketing may have to be broader than the
niche efforts you’ve used in the past because, odds are, you’ll be a little
unsure about the actual market out there. Finally, you may need to test some
completely new distribution channels until you find the right place to sell
your product.
References
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Cromie, S. (2003) Understanding Enterprises: Entrepreneurship and Small
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(2002) Management Challenges for the 21st Century. London: Butter Worth Heinemann.
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