Entrepreneurial Climate Analysis
Entrepreneurial Climate Analysis
OMM614 Innovation & Entrepreneurship
Professor Barrow
June 25, 2013
Innovation and creativity is the result of an individual ideal being transformed into a trial and error experiment. New ideals should always be encouraged among members keeping in mind that ideals come frequently and it is not typical that every ideal produced will be a success so it is more important to focus on the execution of an ideal. How well the product or service is predicted to perform, the steps that have to be taken, the target market demand and the impact it will have. When considering whether an idea is going to be beneficial five competencies should be explored: Packaging which is the act of transforming the ideal into something that can be sold and there appears to be a target market for it. Positioning means doing your research to be sure that there is a market for the product or service being produce. Influence of the buyers interest in the product and access to their resources such as s and their resources such as money, energy and time. The acceleration to push the product and take charge of opportunities that may come. Lastly, reinvention of your product means you are always looking for bigger and better opportunities (Spence, 2004). An organization’s overall attitude toward innovation and change should be one that is met with open arms, it should be communicated to each team member that all submitted ideals and opinions are valued and appreciated even if the ideal does not end up being used. One of the key concepts of innovations is that most ideals aren’t successful and fail but learning to accept failure, learn from it and return stronger is what the innovation process is all about. There is a need for dedication and commitment to believing in your idea even when met with adversity and doubt. The willingness to try must be evident and feelings of being resistant or reluctant to change have to be removed because these types of
OMM614 Innovation & Entrepreneurship
Professor Barrow
June 25, 2013
Innovation and creativity is the result of an individual ideal being transformed into a trial and error experiment. New ideals should always be encouraged among members keeping in mind that ideals come frequently and it is not typical that every ideal produced will be a success so it is more important to focus on the execution of an ideal. How well the product or service is predicted to perform, the steps that have to be taken, the target market demand and the impact it will have. When considering whether an idea is going to be beneficial five competencies should be explored: Packaging which is the act of transforming the ideal into something that can be sold and there appears to be a target market for it. Positioning means doing your research to be sure that there is a market for the product or service being produce. Influence of the buyers interest in the product and access to their resources such as s and their resources such as money, energy and time. The acceleration to push the product and take charge of opportunities that may come. Lastly, reinvention of your product means you are always looking for bigger and better opportunities (Spence, 2004). An organization’s overall attitude toward innovation and change should be one that is met with open arms, it should be communicated to each team member that all submitted ideals and opinions are valued and appreciated even if the ideal does not end up being used. One of the key concepts of innovations is that most ideals aren’t successful and fail but learning to accept failure, learn from it and return stronger is what the innovation process is all about. There is a need for dedication and commitment to believing in your idea even when met with adversity and doubt. The willingness to try must be evident and feelings of being resistant or reluctant to change have to be removed because these types of
References: Gertner, J. (2013). Starbucks: The World 's 50 Most Innovative Companies in 2012 | Fast Company. Fast Company. Retrieved from http://www.fastcompany.com/most-innovative-companies/2012/starbucks Spence, R. (2004, November 10). How to implement new business ideas. Financial Post. Retrieved from http://business.financialpost.com/2011/05/27/how-to-implement-new-business-ideas/