Innovative business ideas are like shooting stars. Nobody can predict when they will appear, but if you so much as blink when they do, they might be lost forever. After that it does not take much to decide if the idea is good or bad. Usually the best ideas are the ones that no one can think of anything bad to think about them.
Each Company is Unique
And each company also has unique experiences. What works best for one company might be a disaster for another. Here lies the problem with imitation, innovation is the best ali for businesses.. Entrepreneurs can try to compete with each other, but an innovative idea from one business might be the undoing of the other. For this reason innovation and entrepreneurship work together towards creating productive business solutions.
Know how your business works, and whether it has an idea that can take off. What is the actual context of the company's profile, operation and financial performance? What are the risks involved in innovation, and will you be able to afford to experiment? The amount of money that could potentially be gained if you are able to launch an innovative idea should also be assessed in measurable terms. Innovation is just a word, but a good innovative business idea is one that actually produces results.
Here are a few inventions that have proved to be either really big successes or complete flops. Either way, they got traction and became popular amongst the general public. Some started off as an innovation and entrepreneurship, others were always corporate businesses.
Levi Strauss sold denim pants to miners during the Gold Rush. Little did they know that denim pants would be very popular even outside of the mining community.
Naked Airlines was an airline that had nude attendants. It closed shop after one flight!
eBay was only supposed to be a small website that allows you to buy and sell everything. Now it's the most popular auction site in the world.
Budget airlines address the need for no-frills flights. These have revitalized the airline industry, especially during these times of recession.
Dishes paired with drinks: fast food restaurants make it ?cheaper? if you buy the food with drinks. This establishes a mindset that the consumer gets a better deal.
Designer gowns made out of garbage bags, bubble wrap and plastic ? these are green ideas, but not really for mass market consumption.
Disneyland is a fantasy land that allows kids and adults to live out their childhood fantasies.
The Art of Taking Risks
If you'd wanted a safe life, you would have stayed in your day job. Entrepreneurialventures offer the potential for unlimited success and self-fulfilment, but they can also bring serious risks. To maximize your chances for success, remember these three tips for risk management:
BYOD Policies and HR Training
Bring your own device, more commonly known as BYOD, is an increasingly popular concept in business. Rather than provide employees with company phones or computers, the employee makes use of their own equipment during the workday.
UK business schools go global
As Warwick targets a London campus, Mark Leftly looks at how British MBAs are attracting students across the world
