Getting Started: Innovation

The first step for entrepreneurs are the identification of GOOD IDEA and OPPORTUNITY. These two important factors must always be considered to be together and cannot be separated. It is because of the fact that if a good idea was formulated but there is no opportunity that it would be marketable in a given location then there is no chance that it would be a feasible product and if there is a market opportunity but the idea was bad or a little bit of irrelevant inside of a market environment, of course people will not try to buy it. 

GOOD IDEA = OPPORTUNITY

The identification of opportunity in a market and the use of creativity must be utilize efficiently and effectively during this stage. Creation of a good idea is never easy. However, with the use of creativity and incorporating it to the needs of the market would result to as a GOOD PRODUCT IDEA. Also, identifying problems and formulating solutions to it is a must for every entrepreneurs to attain a sustainable market share in their chosen market.

CREATIVITY - is the brainstorming of ideas that results to an effective and efficient outcome

On the other hand, there are actually four types of innovations such as:

• Duplication - It is the total replica of a product or a concept. For example, here in the Philippines before Shawarma was not yet introduced. But as time pass by, Filipino entrepreneurs brought Shawarma here in the Philippines because of high demand. However, there was no alteration or modification of the product itself.
• Invention - From the word itself "INVENT", it is a new concept of a product, service or process.
• Synthesis - It is a formulation of a new concept from a combination of existing concepts. For example, Wicked Oreo concept is an oreo coated with pancakes which resulted to a new products.
• Extension - It is a kind of innovation which an existing product or service has a new use. For example, a RestoBar it is a usual restaurant which offers food and drinks but unlike any other restaurant it offers new products and services such beers,liquors and live band playing etc.

These four are only basis for you to choose in which kind of innovation will you utilize because it is important to have a unique product or service. It will serve as your competitive edge against both direct or indirect competitors. Nowadays, many businesses are greatly contributed by innovation in terms of products or services which is a brilliant thing because prospect customers are easily attracted to products or services that are different from other direct competitors.

PRACTICAL LESSON

Since you already have knowledge about INNOVATION, I would like to share our (my business partners and I) experiences when deciding what product or service we will offer. Before making a draft of our business plan, given that it is necessary to choose a final product (survey less product) we found it hard what to choose since we are a group and all of us have different choices. But it is required either way to only have a single decision. It took us weeks before deciding the final product. As the only guy in our group, I agree to disagree with all of their choices since "I think" that  they were not feasible and so simple. I proposed to them that each of us must present our chosen product and defend it from our group (like conducting defense with the group as a panelist). I knew that it would be very hard for us since all of us have different ambitions and aspirations, each of us is unique. However, fortunately, we had a decision. 

As an entrepreneur, it is very difficult to choose what kind product/service and innovation is needed to apply to make it marketable. But I would suggest that:

FOR SINGLE PROPRIETOR

• If you already have knowledge about the product/service, then that's it! You won't be hard up to choose and study a NEW concept which doesn't in line with you interest. Otherwise, your concept will be a failure.
• Having knowledge about the product/service will drive you more to invest and risk on it because according to my last post it will enhance your passion and motivation since you already know the process of how to do it. 
• The only thing about having knowledge about your proposed product/service is the application of innovation.

FOR GROUP (With business partners)

• It is better to propose each members' concept and present it to the group. Defend it  and tell the group that it will be feasible considering the factors such as proximity to customers, proximity to suppliers, location etc. 
• The group must decide if they have agreed or disagreed. And must be straight-forward to minimize the conflicts later on in the process of creation of the business plan.

Conclusion: This stage is the most crucial and difficult part in the creation of the business plan and must highly be regarded because once this part is done there will be no turning back unless you want to start again from 0. Carefully analyze the advantages and disadvantages of each product/service to come up with a fully proposed product/service that will be used for survey. Always remember that with CREATIVITY and the identification of opportunity coins the true meaning of INNOVATION.

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