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The Five Characteristics of Successful Innovators

There is not much agreement about what makes an idea innovative, and what makes an innovative idea valuable. For example, discussions on whether the internet is a better invention than the wheel are more likely to reveal personal preferences than logical argumentation. Likewise, experts disagree on the type and level of innovation that is most beneficial for organizations. Somestudiessuggest that radical innovation (which does sound sexy) confers sustainable competitive advantages, butothersshow that “mild” innovation – think iPhone 5 rather than the original iPhone – is generally more effective, not least because it reduces market uncertainty. There is also inconclusive evidence on whether we should pay attention to consumers’ views, with somestudiesshowing that a customer focus is detrimental for innovation because it equates to playing catch-up, butothersarguing for it. Even Henry Ford’s famous quote on the subject – “if I had asked people what they wanted, they would have said fast…

Marketing Plan for Your Business

Marketing Plan for Your Business

Extremely integral to a good business plan is a solid marketing component. Here you’ll want to forecast for potential investors the many ways in which you believe you have a good chance of succeeding as a business in the marketplace.
If you’re opening a coffee shop, you’ll want to explain just how you are going to handle the challenge of competing against larger chains, and just why the location you’ve chosen to set up your store is going to be ideal to attract a regular flow of customers. For example, when you are asked why you are opening a coffee shop in front of an old folks home, come up with the answer that you’ll have a steady base of regulars.
If you are wondering how you are going to market and advertise your company, explain in your business plan just why you think printing the name of your company on the paper sleeve that insulates the coffee cups will be a good solution. Better yet, explain why the name of your company and its logo are eye-catching and memorable. In short, you want to impress people but you want to do so with as many statistical predictions and facts backing you up as possible.
Writing a great business plan won’t ensure that you get an investor to help you get started, nor will you be sure to succeed just because your plans are solid. But without one, you’re sunk even before you’ve sailed.

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