tag:blogger.com,1999:blog-45426522535709116112024-02-20T16:24:09.585-08:00Business Brief for EntrepreneursBusiness Principles in brief.
keeping it simple and shortOfunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.comBlogger77125tag:blogger.com,1999:blog-4542652253570911611.post-25855926162925661352015-12-17T10:43:00.000-08:002015-12-17T10:43:53.385-08:00HOW INNOVATION WILL BENEFIT YOUR BUSINESS<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Times, Times New Roman, serif;"><span style="box-sizing: border-box;">If you are conversant with the foreign exchange market in Nigeria, at least you already know that the Naira is exchanging for as much as 260 for 1 dollar. It </span><span style="line-height: 18.5714px;">will be so easy to blame the government for poor monetary policies, but look around you, how many ‘made in Nigeria’ goods are people buying? Nigeria spent about N1.6tn on importation alone in Q1 of 2015. At this rate, there is no reason why the naira will not continue to fall as long as Nigerian businesses give consumers reasons to patronize foreign products. For instance, to fix tiles in the house, we rely on foreigners because most Nigerian businesses do a poor job.</span></span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="box-sizing: border-box;">The problem is not just in people not patronising made in Nigeria products, but their lack of confidence regarding the quality of the product, poor creativity and occasionally, high price compared to the quality. I can make excuses for high</span><span style="box-sizing: border-box;">price, but not quality and creativity of a Nigerian product.</span></span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="box-sizing: border-box;">Many small business owners in Nigeria are yet to compete because they lack the creativity and innovation required to be successful in business. Small businesses should be the champions of innovative thinking because what they lack in terms </span><span style="box-sizing: border-box;">of capital, they made through innovative ideas. As we enter the New Year, here are few benefits of managing an innovation-oriented business.</span></span></div>
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<span style="box-sizing: border-box; line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;"><b>Innovation creates more value for your business</b></span></span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="line-height: 18.5714px;">Customers buy value, not product. Innovation helps you to create and add more value to your product at a relatively lower cost. When you manage an innovation focused business, your primary assignment will always be to make available improved product or services at a cheaper price.</span><span style="line-height: 18.5714px;"> </span></span></div>
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<span style="line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;">Innovation helps you make a balance between quality and cost. Small business owners should devote time to producing quality products/services with additional features, and the problem of lack of patronage for locally produced goods will be taken care of. Spend more time reviewing your product/service with the aim of identifying potential values that customers will be willing to pay for.</span></span></div>
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<span style="box-sizing: border-box; line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;"><b>It gives you a Competitive advantage</b></span></span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="line-height: 18.5714px;">Innovation gives you an edge in business. Take innovation away, no small business will be able to compete effectively in the market. Innovation whether in terms of products, services or even processes distinguishes you from the lot, and gives you a unique identity and position in the market.</span><span style="line-height: 18.5714px;"> </span></span></div>
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<span style="line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;">While some big businesses compete based on innovation, others like Dangote group are only surviving not because there is anything innovative about their products, but they have the capital and government backing. If you don’t have the capital or government backing to compete in the market, identifying areas your product or service can provide better solution can help you gain a competitive advantage in the market, because nothing places any business above board like innovation.</span></span></div>
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<span style="box-sizing: border-box; line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;"><b>It enhances your business reputation</b></span></span></div>
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<span style="font-family: Times, Times New Roman, serif;"><span style="line-height: 18.5714px;">Innovation wins your customers’ confidence. I know of people who are addicted to anything with the Apple brand on it. They don’t question it, they just buy it. This is possible because Apple Inc has built an expectation in their customers, so they don’t have to question their products.</span><span style="line-height: 18.5714px;"> </span></span></div>
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<span style="line-height: 18.5714px;"><span style="font-family: Times, Times New Roman, serif;">When customers see how innovative your business has been over time, they develop confidence in your brand, and stick to it. Your business reputation is more important and valuable than the quick profit you want to make. Innovating in business doesn’t come easy but with persistence, you are certain of a great outcome.</span></span></div>
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<span style="box-sizing: border-box;"><span style="font-family: Times, Times New Roman, serif;">Embedding innovation as an integral part of your business activities is the most challenging task; however it is your only choice for growth and competitiveness in the coming year.</span></span></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-36456522949956659972015-11-25T01:46:00.000-08:002015-12-02T00:51:21.392-08:00What Top Businesses did consistently in 2015<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "times new roman" , serif; font-size: 12pt;">Business
in 2015 has been one of the most challenging for many companies. The
fluctuating oil prices and terrorism are some factors that shaped business decisions
in 2015. The stakes are high; and companies are racing towards out-performing
each other in terms of product development and customer satisfaction. That
notwithstanding, many companies have succeeded in being above board,
innovating, creating new products and giving customers more value for their
money. New products hardly appeal to customers for long before they start
demanding for something better, and companies are out to ensure that they come
to the market when it matters most. Companies like Spacex, Google, Apple,
Samsung etc have done relatively well this year, and a closer look at them will
show a common denominator and pattern which small businesses can adopt.</span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Here
are a few things innovative companies have done consistently in 2015 to remain
successful in the market.<o:p></o:p></span></div>
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<b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">They
integrate their dynamic capabilities</span></i></b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">: Successful
companies adapt to changing business environment using their competencies. Innovative
companies make the best use of their competencies both within and outside their
company to address emerging problems in the world. Samsung embraced Google’s
Android operating system and other applications to run on its hardware instead
of building its own. They were able to harness both their internal and external
competencies to remain the market leaders. <o:p></o:p></span></div>
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<b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">They are continuously changing</span></i></b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">:</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;"> Innovative companies are proactive. They don’t wait for problems to
occur before taking steps to address it. They know when the market is saturated
and it’s ready for something new. They set pace and decide the trend in the
market. Alibaba is an online company that is not just into buying and selling
online, but has moved from the financial industry to the entertainment
industry. It is </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">eBay-Amazon-Paypal
put together. </span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">These companies are never late to the market, they know
when the ovation is over, and when it’s time to move on to something new.<o:p></o:p></span></div>
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<b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">They invest in people:</span></i></b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;"> The best of the i</span></i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-fareast-language: EN-GB;">nnovative companies in 2015 are those that invested in people. They are
particular about supporting and challenging their employees and others with
direct or indirect contact with their company to explore their innovative
power. Providing an enabling environment for people to be creative is what
keeps Google, Apple, Spacex etc going in business. As an entrepreneur, have you
invested in yourself, how about those working for the success of your business?
</span><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Innovating
in business is one of the most challenging activities an entrepreneur will ever
face, but with the right people and the right investment on them, you are sure your
business is ready for the future. <o:p></o:p></span></div>
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<b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">They provide better value</span></i></b><i><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">: </span></i><span class="inlineeditorvalue"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Customers always
love buying more for less. For a customer, an innovative company is one that
will charge less for the same or even better services or products. For
instance, Tesla cars are technologically developed to be affordable as well as
environmentally friendly. The beauty and attractiveness of any innovative
product is the value added. Yes, you cannot reinvent-the-wheel in your
business, but the values you are planning to add in the forth coming year could
make the difference.<o:p></o:p></span></span></div>
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<span class="tgc"><b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"><i>Open Innovation</i>:</span></b></span><span class="tgc"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; mso-bidi-font-weight: bold;"> No company is self reliant. Successful innovative
businesses have made open innovation a part of their strategy for new product
development. This helps them in partnering with people outside the company in
creating a new product as well as sharing the risk. Samsung as well as other
companies have been engaging in relationships with global consortiums, Universities,
Materials vendors, Research centres etc </span></span><span class="tgc"><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;"> with the aim of advancing their technology.<o:p></o:p></span></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">For
small businesses, competing in the same market with established businesses in
the coming year requires identifying what they have done and will continue to
do to remain relevant in the market. Those could be your guide in shaping your
business strategy.<span class="tgc"><o:p></o:p></span></span></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-86751114014796798562015-11-19T00:28:00.003-08:002015-11-19T00:30:25.302-08:00How to create innovation culture in your business<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">One of the
characteristics of great organisations is the ability to develop a culture of
innovation. This is a culture that puts a system in place to help the business always
develop new-to-the-market products as well as improve on existing products
seamlessly. It will be a herculean task bridging the gap between your business,
the market and your customers if innovation is not a way of life in your company.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Innovation is
like a switch, without turning on the right knob, it will not be enabled to
work for your business. In Nigeria, many businesses are yet to enable the
innovation culture; they still operate a laggard culture i.e. they are slow to
innovate, they focus most of their abilities refurbishing or repairing past
innovative successes and soon, they are driven out of the market without
knowing it – the Blackberry Company is an example. They have perfectly
developed a culture to renovate (fixing current problems) rather than
developing a culture that will enable innovation (building and testing new
solutions) in their businesses.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">If your business is
stuck already in the renovation culture, it’s time to stop fixing problems with
old solutions. You need to move away from repairs, restoration, and
reconstruction of ideas to novelty, advancement and originality of ideas by
building a culture of innovation into your business. Here are a few steps you
can take towards developing a culture of innovation in your business:<o:p></o:p></span></div>
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<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Decide what innovation really means to your business<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Culture is a way
of life, and what makes a culture tick is the shared language and understanding
of phenomenon. Building a culture of innovation requires every member of your organisation
to speak the ‘same language,’ and have a common understanding of what
innovation means to the business. This common understanding of innovation in
turn reflects on every task carried out in your company. Organisations define
innovation differently, and this definition is affected by the availability of
resources as well as the goals the businesses set out to achieve hence, you
cannot define innovation in your business the way your competitor did. You will
never get the same result.<o:p></o:p></span></div>
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<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Make learning a habit<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">The first law of
innovation is learning and acquiring new knowledge. It is knowledge that drives
innovation. Creating an innovation culture entails being a ‘learning company.’
Open up the information system within your organisation, work on improving the
level of interaction among employees on one hand, and with the outside world on
the other. There is nothing like a lone genius, great innovations came about as
a result of multiple interactions amongst people. Like Tom Kelly, CEO of the
design firm IDEO pointed out, <i>“Y our only real path to innovation is through
people. You can’t really do it alone.” </i>Learning as much as possible from
both within and outside your business puts you in a better position to always innovate.
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<b><span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Change your perception of risk<o:p></o:p></span></b></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt;">Nothing fuels
innovation like a free atmosphere to exercise your mind. Many organisations are
slow to innovate even with smart employees because there is no room for
failure. Developing a culture of innovation in your company requires creating
an atmosphere where people are not afraid to fail. While it is good to be
cautious in taking certain business decisions, care needs to be taken to avoid
shutting out ideas that may yield innovative products. According to NHS Institute for Innovation and Improvement,
UK<b>, “</b>Make it routine and acceptable to talk about ideas that were
tried but ‘failed’. Work from the mindset that the only ‘failure’ is the
failure to learn, and that not sharing and learning from things that don’t go
as planned is waste and lost productivity” When innovating, don’t think of
success or failure of an attempt, rather talk about the lessons learned.<o:p></o:p></span></div>
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<span style="font-family: "times new roman" , "serif"; font-size: 12.0pt; line-height: 115%;">Finally, while moving from
a culture of renovation to innovation is challenging, entrepreneurs must see to
it that they nurture an environment that will introduce new ideas and new ways
of thinking by modelling their business strategy around innovation, and developing
a system that challenges the norm.<b><o:p></o:p></b></span></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-88721200904322959712015-11-11T12:41:00.004-08:002015-11-11T12:41:45.938-08:00What Small Businesses can do in a Trade Exhibition<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"> </span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The Lagos International Trade Fair is on. New customers
are being acquired just as existing customers are being lost to other
businesses. An international trade exhibition holds alot of benefits for the
economy as well as businesses. As it is now, over 60,000 temporary jobs have
been created, and alot of goods and cash are exchanging hands at the event.</span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">To businesses, exhibition events are a great avenue
to make new customers especially for new products or features. It provides an
opportunity for you to show-case your goods, and engage new customers. A lot of
customers get the chance to try new products, and may eventually remain with
the new product if it provides more benefits.<o:p></o:p></span></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">While at the fair as a small business owner, you may
not have all the luxury and resources to engage in promotional activities like
big businesses, but there are few things you can do to get the best out of a
trade exhibition, and also to increase your chances of getting customers to
switch to your product if possible.<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Build
a good reputation they can’t resist<o:p></o:p></span></b></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The reputation of any business influences how
customers remain loyal to it. It</span><span style="font-family: 'Times New Roman', serif; font-size: 12pt;"> deals with an attribute or
characteristics you want your business to be known for, and it can be in form
of financial performance, product quality, service quality, management effectiveness
or the integrity of the owners. A good reputation can enhance customers’ trust
and confidence in a business, and help them in making the decision about the business.
Trade fair or exhibition event is an opportunity for you to build that
reputation that customers will love to associate with.<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Understand
where their dissatisfaction is coming from<o:p></o:p></span></b></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">No matter how good a product is, there is always an
element of dissatisfaction either in the product or in services that accompany
it. The only reason customers are still loyal to a business or product is that
there is no better alternative yet or such element of dissatisfaction is
negligible when compared with benefits that come with the product. During such an
event, customers are looking for something better and new in a product and knowing
where customers find dissatisfaction in competitor’s product or service can
help you find a new feature in your product. There is nothing that makes it
easier for customers to switch brand like dissatisfaction. If you can identify where
customers are not yet satisfied in a product, and can fill that void, you are
likely to win more customers.<o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Improve
on your service failure response<o:p></o:p></span></b></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Service
failures are inevitable in business, but ability to respond promptly is key to
keeping your customers. It’s interesting how prompt businesses are responding
to service failures at the venue of the trade exhibition. No business wants to
lose customers on account of not meeting their needs. Service failures can
provoke negative complaints and if not properly dealt with could drive away
customers. Prompt response to service failures is now being used as selling
point and a competitive advantage at the event. <o:p></o:p></span></div>
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<b><span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Engage, Engage, Engage<o:p></o:p></span></b></div>
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<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">If you can’t any other thing during a trade exhibition,
you must engage with other participants customers and other businesses alike. <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">The whole essence of a trade fair is not just to
make quick sales but to learn new tricks as well as engage potential customers.
Getting visitors at a trade exhibition to come to your business later as
customers is great, but keeping as ‘your customers’ is the ultimate. <o:p></o:p></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-29107797961695452172015-11-05T07:07:00.000-08:002015-11-05T07:07:03.581-08:00The Entrepreneurs, their products and the Law<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">Patent and registered designs are not issues many
entrepreneurs and small businesses like you take serious, and for some, it is a
case of complete ignorance of what the law expects from them, and how they can use
it to protect themselves.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">Over the past few days, I counselled a small business owner
who is a casual Foot wear designer. He was worried that his product designs
were being copied and reproduced at a cheaper rate by an unregistered business.
He wants to take it up legally because those who could not afford his product
of </span><s><span lang="EN-US" style="font-size: 9pt;">N</span></s><span lang="EN-US">4000 for a pair, goes to this other guy to
reproduce it at </span><s><span lang="EN-US" style="font-size: 9pt;">N</span></s><span lang="EN-US">800.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">It was enough reason to be worried especially when someone
is feeding from your hard work however,
you have to ensure that legally, you have the right over the property
you are claiming. So I ask him, 'How can you prove that this other guy is
copying your designs?' he showed me a label of his registered business name on
his product, and said, "I have registered this business, I was the first
to come up this design."<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">At this point, I knew that he just like so many other
entrepreneurs know much about business and their products but lack sufficient
knowledge of the laws guiding as well as protecting their business or product.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">When it comes to innovative products and designs, the law
specified criterias that give you ownership or patent right. Some are:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-US">Your registered business doesn't
cover your intellectual property</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">This entrepreneur believes that his registration of a business
name automatically covers that of his designs, and that placing his label on
the product was enough to indicate that he owes the design. The first lesson I brought
to his notice was that there are different laws guiding each. Registering your
business name is different from registering your company, as well as different
from registering an intellectual property.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-US">Patent right is given to the first
person to file a claim, not the first to take it to the market</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">When the young man said that he was the first to come up
with the idea, I laughed because the Nigerian law says, '<i>...</i></span><i><span lang="EN-US" style="font-size: 9pt;">the right to a
patent in respect of an invention is vested in the statutory inventor, that is
to say, the person who, whether or not he is the true inventor, is the first to
file, or validly to claim a foreign priority for, a patent application in
respect of the invention...' </span></i><span lang="EN-US" style="font-size: 9pt;">by
implication, it doesn't matter who came up first with the idea or design, what
the law recognises is the first person to file a claim of ownership. If you
have not filed a claim of ownership of a design or invention, you can't call it
yours.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<b><span lang="EN-US">Once it is made public before
filing a claim, you can no longer lay claim to it.</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">By law, you are not expected to make an invention or design
you wish to patent public before filing a claim. Making it public before
filing, invalidates your claim. The man said he was going to file a claim for
the designs, but unfortunately, it was
already late. The design has been in the market for the past three years, so
nobody can claim to owe it again. The law only allows for a period of 6 months
in case you want to exhibit it officially in an internationally recognised
exhibition.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US">In business, there are laws to protect your creativity, however
you must know when and where it applies. That you were the first to come up
with an idea in business doesn't give you ownership or patent right over the
product. Depending on the country or region where your business is located, it
is your responsibility as a business owner to get acquainted with the law to
help you protect your business as well as your products from pirates.</span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-70135566582515410652015-10-23T04:43:00.000-07:002015-10-23T04:43:59.001-07:00Business Lessons from Concorde Supersonic Aircraft <div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr">
<div style="text-align: justify;">
As a young man in 2003 during the last flight of Concorde aircraft from New York to London, I couldn’t wrap my head around the fuss about an aircraft that was retiring and why people were very emotional about it. “If it is retiring, why can’t they build another one?” I asked myself. While writing my last article, ‘3 Reasons Customers resist innovative product,’ Concorde Supersonic Airline was one of the failed ‘innovative products’ I considered, and I discovered that Concorde supersonic aircraft was so good that it wasn’t profitable to build another one.</div>
</div>
<div dir="ltr">
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Concorde Supersonic airline was designed to redefine luxurious air travel, indeed it did. It was the only commercial aircraft that was twice as fast as the speed of sound, and it was able to cut an 8 hours journey down to 3 hours. It was an engineering marvel and a delight to the eyes. Its innovative features were never in doubt, and it broke every market barrier in the aviation industry, and set a standard no other commercial airline could compete with. Its engineering feat was awesome, and technically, Concorde was ‘perfect’. By the time it was ready for the market, about 16 companies placed orders for over 70 aircrafts however, only 14 were eventually built for 2 companies.</div>
<div style="text-align: justify;">
So went wrong? Strategy wise, the business model adopted by developers of Concorde led to its resistance by potential buyers. The developers were so focused on the engineering and technical power that they neglected the business aspect of the aircraft. In fact, ‘the aircraft was built by engineers, not entrepreneurs.’ Just like the Concorde, so many businesses today have great products with bad business model. In developing the business model Concorde miss out on:</div>
</div>
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<div style="text-align: justify;">
<br /></div>
</div>
<div dir="ltr">
<div style="text-align: justify;">
Customer Input</div>
<div style="text-align: justify;">
Customer input in the development of the Concorde was low or non existence. According to a group led by Matt Hooks, “....rather than focusing on the needs of the customers in the aviation market, the developers of the Concorde focused on creating the market itself thinking of the customers second.” The result was a total rejection by would-be customers and even the two airlines that had them in their fleet struggled to keep them profitable. Many entrepreneurs are so excited about the feat their product can perform that they believe, ‘once it is good, customers will buy.’ They are product driven, and care less about the need of the user of such product. Your customers should be an integral part of your product development process. Your business model is never complete without consideration for customers’ input.</div>
</div>
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<div style="text-align: justify;">
<br /></div>
</div>
<div dir="ltr">
<div style="text-align: justify;">
Market Potential</div>
<div style="text-align: justify;">
The major implication of not including customers in your product design process is that you may likely misinterpret the potentials of your market. The Concorde developers believed that their innovative product will automatically translate into huge customer market. They only defined their market as those who want to fly ‘Supersonic’ without considering if those who could afford it are sufficient to capture value for the organisation. The Concorde’s market was narrowly defined, and its market potential was wrongly assessed, and this affected the value of its market. Entrepreneurs that wrongly assess their market potential will end up misinterpreting their market and losing value to less competitive businesses.</div>
</div>
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<div style="text-align: justify;">
<br /></div>
</div>
<div dir="ltr" style="text-align: justify;">
The implication of focusing on performance at the expense of customers’ input and market potential in your business model is the likelihood of wrongly pricing your products. For Concorde, the price was too high that the customers were not ready for the cost that came with it. Innovative products must provide a tradeoff between value and price, product performance is not enough to keep you going in business for long.</div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-8449114906395129952015-10-19T09:37:00.000-07:002015-10-19T09:37:00.299-07:003 Considerations Before You Push the Autopilot Button in Business<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNoSpacing">
<span style="font-size: 12pt;"> </span></div>
<div class="MsoNoSpacing">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">The ultimate aim of any
small business owner is to get to a stage where the business becomes self
sustaining or what I refer to it as ‘putting your business on auto pilot</span></span><span lang="EN-US" style="font-family: "MinionPro-Regular","serif"; font-size: 12.0pt; mso-bidi-font-family: MinionPro-Regular;">.’ That is allowing your business to
run with little or no supervision from the owner. This is an error I have
discovered recently from some small business owners who have a lot of ideas
they want to explore. They are so enthusiastic about their ideas that they want
to take all of them to the market at the same time. While it is good to hands off, as it shows
that the business has matured enough to do without you, an entrepreneur must
get the timing right. <o:p></o:p></span></div>
<div class="MsoNoSpacing">
<br /></div>
<div class="MsoNoSpacing">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">A friend recently
launched a new business. The quality and features of his product was his major
selling point and customers loved it. 6 months later, I was invited to assess the
business performance and make recommendations. Amongst other things, I observed
that my friend never stays around to monitor the activities going on in his
business. When I asked, his response was that he wanted to allow the business
to run on its own so that he can focus on establishing other things. Great as
that may sound, I told him it was too early, and the move was wrong. As usual,
he told me “I know what I am doing”<o:p></o:p></span></span></div>
<div class="MsoNoSpacing">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">Recently, he told me he
was not breaking even and cost was driving him out of business. He then said,
“I am not losing customers, but I can’t explain why I am not making profit.” He couldn’t explain ‘why?’<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNoSpacing">
<span lang="EN-US" style="font-family: "MinionPro-Regular","serif"; font-size: 12.0pt; mso-bidi-font-family: MinionPro-Regular;">The early
stage of your business is not a time for exploring other business activities,
it’s a time to consolidate on what you have, identify the direction and learn
more about your current business. Like my friend, you may not be losing
customers, cost is going up, and you are not gaining new customers because you
are yet to learn the uniqueness of your business. You are yet to identify means
to efficiently and effectively satisfy both new and old customers. <o:p></o:p></span></div>
<div class="MsoNoSpacing">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">The early years of your
business is a time for</span></span><span class="CharAttribute0"><span lang="EN-US"><o:p></o:p></span></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span class="CharAttribute0"><span lang="EN-US" style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span></span><!--[endif]--><span class="CharAttribute0"><b><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">Building a system</span></b></span><span class="CharAttribute0"><b><span lang="EN-US"><o:p></o:p></span></b></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt;">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">There is no
better time to put a structure in place than the early days of business. You
have to build a structure that will distinguish you in the market and set you
on the path of growth.</span></span><span lang="EN-US"><o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span class="CharAttribute0"><span lang="EN-US" style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span></span><!--[endif]--><span class="CharAttribute0"><b><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">Strengthening strategy</span></b></span><span class="CharAttribute0"><b><span lang="EN-US"><o:p></o:p></span></b></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt;">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">As you grow
daily in business, so does your strategy grow older. Handling the activities in
your business helps you reinforce your strategies, and better define your
business vision.</span></span><span lang="EN-US"><o:p></o:p></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span class="CharAttribute0"><span lang="EN-US" style="font-family: Symbol; font-size: 12.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span></span><!--[endif]--><span class="CharAttribute0"><b><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">Knowing your customers better<o:p></o:p></span></b></span></div>
<div class="MsoNoSpacing" style="margin-left: 36.0pt;">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">If you are
not losing customers, and it cost you more to service the same customers, then
there is something about your customers/client that you are missing.<o:p></o:p></span></span></div>
<div class="MsoNoSpacing">
<br /></div>
<br />
<div class="MsoNoSpacing">
<span class="CharAttribute0"><span lang="EN-US" style="font-size: 12.0pt; mso-fareast-font-family: Batang;">The airways of business
are too rocky for you to put your business on auto pilot as a young start-up. The
early days of your business are too important to be left under the care of
someone else. It should be a time of learning and experimenting, testing
strategies and bringing in of creative and innovative ideas into your
operation.</span></span><span lang="EN-US" style="font-family: "MinionPro-Regular","serif"; font-size: 12.0pt; mso-bidi-font-family: MinionPro-Regular;"> This
cannot be achieved without continuous and systematic innovative activities by
business owners.<o:p></o:p></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-36633032979898615802015-10-15T00:20:00.002-07:002015-10-15T00:21:39.067-07:003 Reasons Customers Resist Innovative Products (2)<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Innovation in business
is very important, but most important is developing a product/service consumers
are willing to buy. Over the years, many products with innovative features have
failed, not because they are not good, in fact, most times, they bring more to
the market than existing products. Unfortunately, consumers end up avoiding
them leading to over 70-90% of innovation failures and eventual withdrawal of
such product from the market. Examples like Microsoft Windows Vista, Apple’s
Newton PDA, the Concorde supersonic airplane etc reminds us that not everything
innovative finds a market. Some of them actually came into the market when
consumers were not ready for such innovation.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Entrepreneurs with new
products or services want customers to adopt it and get maximum satisfaction
from using them. However, entrepreneurs often face the challenge of convincing
customers to move from an existing product where they derive satisfaction, to a
new one which its utility is not certain. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Here are some reasons customers may resist your new offerings.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Your products bring too much change</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Change
is good, but customers don’t always appreciate it when a product is bringing
too much change to their lifestyle. For instance, Coca Cola’s attempt to change
the original taste of coke was met with resistance. When consumers feel very
comfortable with an existing product, they can go to any length to resist any
attempt to change it especially when such a change will affect other areas of
their lives. This resistance comes as a result of consumers being satisfied
with their current situation, and see no reason to change. Habits that have
been developed while using a particular product are difficult to do away with.
Any product that requires a change in behaviour will likely experience
resistance.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Innovations with the wrong
technology<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Many
businesses apply the wrong technology in their market. In Nigeria, when it
comes to telecoms, GSM is the way to go. Over 90% of subscribers use it, and it
is the preferred network in the world. For companies that came into Nigeria
with CDMA technology - Starcomms, Multi-links etc, it wasn’t a favourable
market for them. Technology has seasons and regions where they are most
appreciated. E-retailers in Nigeria observed that insisting on shoppers buying
and paying online alone may not give them the desired result; they decided to
introduce ‘Pay-on-delivery.’ This act is building confidence in people to use
the technology. The right technology must be one that fits into a people’s
lifestyle, values and norms. Every technology introduced into a business must
be compatible with the desires of the consumers.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Innovations that are too complex<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Keep
it simple. Innovation is all about simplifying life. Innovative products are
those that are useful to consumers, and are easy to use. Years back, the long
process of registering on a website puts off many people, but today, with your
social media accounts, it looks seamless. Consumers are always reluctant to go
for innovative products that are complex to use, complicated and confusing. If
you can’t keep it simple, it’s not good enough.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Consumers’ resistance
of a product doesn’t mean a failure, but it points out the need for
entrepreneurs to pay more attention to the needs of the market. Bringing a
technology that consumers are not familiar with, and the risk level cannot
easily be ascertained will create an air of doubt in the consumers. If the resistance
is allowed to prolong, it leads to rejection and eventual product failure. <o:p></o:p></span></div>
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<br /></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-71788743123699582682015-10-13T14:23:00.001-07:002015-10-13T14:23:47.179-07:003 Reasons Customers Resist Innovative Products (1)<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Ayomide Oke is a software
developer I met in 2013 on my way to Kano state. While we were waiting for the
flight to take off, I watched him play around with an application on his device;
it was fascinating especially when I discovered it was a financial package. We
got talking, and he explained that he was on his way to Abuja to make some
presentations to some financial institutions about this package. The package
was modelled after M-Pesa, Kenya’s successful e-payment system. He displayed
all the features and functions of the application, and how Nigeria’s economy
will be better off with the package. I was confident any financial institution
will jump at it since Nigeria was talking about a cashless society. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Unfortunately, Ayomide’s
story was different. He explained how
difficult it has been for him to sell the product to clients, even though it
was a great product. I was thinking aloud why would any client not want such software
that will empower the unbanked in rural areas in Nigeria and make the
organisation profitable in the long run? So with my background in Marketing, I
started probing further into why such a good product got rejected by clients. One of the questions I asked him was, “After
your presentations, what responses do you normally get?” I was expecting to
hear all the negatives that can make a product fail, but he said, “I usually
get good commendations about the software, but they still can’t commit to
buying the package.” If a package is good, and meets the need of the client,
why is it being resisted? <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Many entrepreneurs like
Ayomide have experienced customers’ resistance towards their innovative ideas
or products. It’s frustrating because you know your product is good, even the
customers can attest to it, yet the product struggles to find a place in the
market. This time, the quality of the product or service is not in question, it
can compete with existing offerings in the market, but patronage is still not
as expected. This time, the problem has gone beyond bad product or poor
marketing, other factors have come to play. Even the big corporations
experience this too, for instance, as good as the benefits of the electric car are
or the proposed self driving car, I have seen people developing cold feet
towards these innovations. “They are good, and I like them but they are not my
type of cars” are some of the comments I’ve heard. If all that consumers crave
for is quality product that will bring high satisfaction, why are they
reluctant to adopt same innovations that made it possible?<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Understanding why
consumers resist innovative products can help entrepreneurs in handling objection
as well as making an effective presentation. Unfortunately, most businesses
focus mainly on how to get consumers to adopt their products without paying
much attention to some reasons why they may resist such products. This is has
been the cause of failure for many leading innovative products.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Some of these reasons
and how they can be dealt with will be discussed next.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-84019419565778977292015-09-10T09:02:00.000-07:002015-09-10T09:02:06.140-07:004 SIMPLE WAYS TO MARKET INNOVATIVE PRODUCTS<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">In my last article, we
discussed how business ideas can be converted into new products. Today, we will
look at how small businesses can effectively market their new innovative products.
This became necessary following an encounter I had with a vendor who came to
present an electronic ‘Invitation Card’ that is tied to invitees’ social media
platform. After the presentation to the panel, I asked a simple question, “What
am I going to do with the card after the event?” <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">The product was innovative
and great, but if we are paying so much for it, we should receive something
greater than what the vendor was offering. Unfortunately, the panel didn’t get
a convincing response in terms of values he wanted them to pay for. Offering a
new product at the right value and price can be very challenging especially
when technology is involved, but you can get consumers to consider your
product, if you:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Tie your innovation to an ‘important
value’<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Each
feature in a product is valued from very important to not so important. If
consumers must pay certain amount for a product, that amount must commensurate
with the value they are getting. Consumers will not pay you because you
introduced technology into your product. The technology is good, but the most
important benefit consumers will get from your product should be your main
concern. Don’t push benefits you cannot easily point out its worth to
consumers.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Show why your innovation is better<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">This
vendor showed us how his product is different, but failed to point out why it
is better than what we were already used to. Differentiating your idea is
great, but if consumers cannot figure out what makes it better than existing
ideas, you will have problem convincing them to buy. Don’t show us how your innovation
is different; show us why it is better.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Make the price ridiculously irresistible<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Every
new innovation is meant to give more value at a lower price all things being
equal. There is a reason every mother would prefer to use diapers than use
cloth napkins for their babies even though diapers are more expensive.
Innovative ideas must be priced such that the total benefits derived surpass
the amount the consumer wants to pay. Don’t give consumers a price tag that
will force them to have a rethink about your product.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Present your product features
logically<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Selling
is like learning. When selling, you are trying to teach your customers about
your product. You take it step by step, ensuring that they understand every
step before you make the next move. Good information help consumers make purchase
decisions about a product. The more information you give them about your product,
the earlier they reach a decision. Don’t be in a hurry to present your product
features, consumers need time to process information provided.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Embedding technology
into products/ideas is the commonest means to innovation, however there is no
guarantee consumers will buy into it. The first lesson I learnt in Marketing is
that a ‘Product is a bundle of benefits’ and consumers are paying for these
benefits, not the product. As an entrepreneur, always think in terms of
benefits consumers will derive from your products when using it, not the
technology that you have embedded into it. Don’t sell technology, sell
benefits.<o:p></o:p></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-19094861127574269732015-09-08T07:33:00.000-07:002015-09-08T07:34:51.796-07:003 Challenges of converting your Ideas to New Product Development<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: right;">
</div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWuHOdeKQbTPc7L4GeZSEgZEbSFyjHCCkH9tVG2Y-v6fmprQFuINydBOZM12tirIRXGI-iuumgpaoTWgkCunZD2PVt8nbsQa9-1dHKNzHenC8KN46WRuHR45vCdaObEKl1tiUFlrcW3-eH/s1600/blogamirkhellacom.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWuHOdeKQbTPc7L4GeZSEgZEbSFyjHCCkH9tVG2Y-v6fmprQFuINydBOZM12tirIRXGI-iuumgpaoTWgkCunZD2PVt8nbsQa9-1dHKNzHenC8KN46WRuHR45vCdaObEKl1tiUFlrcW3-eH/s320/blogamirkhellacom.jpg" /></a><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%;">Businesses are always
in constant search for new ideas that will sustain them in the market, and
deciding on a particular idea is usually very challenging for entrepreneurs. As
an entrepreneur, various things can slow down the rate at which you convert
your ideas to eventual new product.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">For every successful new
product development, dozens of promising ideas have been considered by an
organisation. The essence of the consideration is to determine which of the
ideas is good enough to be introduced into the market at the right time. Timing
is key in business decisions, and every idea must be considered along this
line. Businesses prefer a business idea that can move into the market faster
before that of the competitors.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">However, there are
delays entrepreneurs will likely encounter before they make that decision to
create a new product.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Too
many disjointed ideas:</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">It
is good to have a pool of ideas on the table before making a decision, but the
more ideas you have for consideration, the slower you will be at picking one.
When you have a large number of promising ideas that you are considering at a
time, it becomes more difficult to pay attention to any particular one. Each
business idea is a process with its own chain of activities, so it is important
to consider early which of the ideas is more promising/important, at what cost,
and what experience do I have to execute it? The fewer the promising ideas you
have, the better your chances of converting one into a finished product.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Capacity
of resources:</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Every
business idea requires resources to make it achievable. Resources help bring
ideas to fruition however; when these resources are shared among various
promising ideas, it weakens the speed at which you come up with new products.
You must understand the capacity of your resources to sustain an idea or group
of ideas per time. Taking all ideas with your limited resources will only lead
to a crash even before you develop any product</span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<b style="text-indent: -0.25in;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Lack
of Experience:</span></b></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">When
exploring ideas, it’s important we focus on ideas around our areas of
competence. It’s easier to develop ideas around website/App design if you have
knowledge in programming than if you don’t have at all. We have alot of
aspiring entrepreneurs who go into an industry where they don’t have the needed
experience and capacity to breed ideas that can lead to new products hence;
they remain stuck in existing products. If you want to convert ideas into new
products, begin by considering ideas in your field of experience.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">When selecting business
ideas, focus on the ones with technical and commercial values, and that has the
capacity to keep you motivated into a new product development. New product
development is all about speed – getting into the market faster. No business wants
to introduce an obsolete product into the market; they make effort on
minimizing delays from ideas to new products. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-65606463614212637532015-08-05T14:15:00.001-07:002015-08-05T17:20:33.753-07:007 Signs You Are Not an Innovative Business Person<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%;">Entrepreneurship has
been associated with mainly two things: Being innovative and starting a
business. While the later is commonly practiced, the former which is the core
of entrepreneurship is largely missing in most businesses. Every entrepreneur
can be a business person, but not all business people are considered innovative.
Being an entrepreneur demand more than just starting a business, it deals with
being innovative. Here are some non-innovative activities some business people
are engaged in most times:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;">1<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Churning
instead of learning</span></b><span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;"><span style="font-size: 12pt; line-height: 115%;">:
If you are engaged in repetitive and unproductive activities, you
duplicate efforts without any improvement, then your innovative ability is very
low. Innovative business people don’t waste time on repetitive and unproductive
activities, once they </span><span style="line-height: 18.3999996185303px;">realize</span><span style="font-size: 12pt; line-height: 115%;"> their mistakes, they learn from it, and they move
on.</span></span></span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><br /></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Restricted
instead of forward thinking</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;">: Creativity and flexibility is the
bedrock of every entrepreneurial success. Being too rigid with rules and not
using your initiatives in business decision making are some barriers to
innovative traits you must avoid. Innovative people are not restricted in their
thoughts, and are not held back by setbacks or the past.</span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><b><br /></b></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Settling for less instead of
pursuit of perfection</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;">: Those who settle for less are never
innovative. If you don’t get uncomfortable with current practices and push
yourself to pursue excellent by looking for better ways to achieve new results,
you can’t go far in business. Successful entrepreneurs push the envelope with
the aim of giving consumers what they didn’t even know they needed.</span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><br /></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Myopic
instead of visionary</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;">: Being too myopic about events and
things that work now can hinder you from minding where the market is heading
and what customers may likely need tomorrow. Innovative people are progressive,
and have that pioneering spirit.</span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><br /></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Searching
for existing markets instead of creating the market</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;">:
Are you busy searching for an existing market instead of creating one? Then you
are not innovative. Ordinary business people are only interested in moving into
existing markets, innovative business people are more concerned with creating,
transforming and redefining the market. Existing markets are usually destroyed
by innovative firms.</span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><br /></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Isolated
instead of networking:</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;"> Isolation is not good for any
entrepreneur. If you have problems interacting with others especially those
with similar interest, then you can’t be innovative in business. You gain more
connecting with people than isolating yourself. Networking is a tool for
developing ideas by engaging different people with diverse experiences and
background. Other people’s experiences give you inspiration and expand your
capacity to imagine solutions beyond your ability as a person.</span><br />
<span style="font-family: Times New Roman, serif;"><span style="line-height: 18.3999996185303px;"><br /></span></span><b style="text-indent: -18pt;"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;">Risk
averse instead of risk taker:</span></b><span style="font-family: 'Times New Roman', serif; font-size: 12pt; line-height: 115%; text-indent: -18pt;"> Are you afraid to try new things in your
business? Then you are not an innovative business person. Trying out new things
keeps the entrepreneur ahead of the game. Calculated big risk yields big reward
too!</span><!--[if !supportLists]--></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-11533940156751985232014-10-19T21:59:00.002-07:002014-10-19T21:59:44.879-07:00Infographic: The evolution of social media<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://marketing.wtwhmedia.com/wp-content/uploads/2013/03/Evolution-of-Social-Media.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://marketing.wtwhmedia.com/wp-content/uploads/2013/03/Evolution-of-Social-Media.jpg" height="504" width="640" /></a></div>
<br />
The evoluation of social media as captured by http://marketing.wtwhmedia.com from 1970 to 2009.<br />
<br />
<br />
Compare that to a more comprehensive graphic by copyblogger<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://marketing.wtwhmedia.com/wp-content/uploads/2013/03/History-of-Social-Media-Infographic.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://marketing.wtwhmedia.com/wp-content/uploads/2013/03/History-of-Social-Media-Infographic.jpg" /></a></div>
<br />
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<span style="font-family: "Times New Roman","serif"; mso-bidi-font-weight: bold; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">No doubt the evolution of social media sites is not just interesting, but it has also showed how human needs for online socialization has given birth to very specific platforms that addresses either professional or social needs of people. As much as human needs for online socialization is growing, and various platforms are needed to meet this need, not all platforms have succeeded in appealing to consumers' taste for online socialization. Moreover, the competition is so high that some have to drop. Below are some of the platforms that are no longer existing. </span></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-57604485637409408992014-10-16T04:30:00.000-07:002014-10-16T04:48:14.731-07:00From Company-made to Customer-made<div dir="ltr" style="text-align: left;" trbidi="on">
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<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: black; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-language: EN-US; mso-font-kerning: 0pt;">“There are always
more smart people outside your company than within it.” - Bill Joy</span></i></div>
<div align="left" class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: widow-orphan; text-align: left; word-break: normal;">
<br /></div>
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<span class="CharAttribute1"><span lang="EN-US" style="font-size: 12.0pt; line-height: 150%;">Imagine having a customer
as the head of your next new product development project! Odd? Well, businesses
are learning to be proactive in their strategies by finding better ways to make
the customer own a product and become part of your business. Handling
complaints very well and meeting customers' expectations wouldn</span></span><span class="CharAttribute1"><span lang="EN-US" style="font-family: 굴림; font-size: 12.0pt; line-height: 150%; mso-ascii-font-family: "Times New Roman";">’</span></span><span class="CharAttribute1"><span lang="EN-US" style="font-size: 12.0pt; line-height: 150%;">t
guarantee loyalty, after all every business ensures that. Businesses have moved
from handling complaints and meeting expectations to co-creating a product or
service with customers; putting the power of innovation in the hands of the
customers - <i style="mso-bidi-font-style: normal;">If they will use it, let them
create it.</i></span></span><span lang="EN-US" style="mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<span class="CharAttribute1"><span lang="EN-US" style="font-size: 12.0pt; line-height: 150%;">In the past, everything
about product development was done within an organisation and then given to
customers to buy. Today that orientation is changing. Companies now want to get
the customers involved in product development by allowing their creative
instincts to guide the design process of any product or service. This makes the
companies and customers business partners and a winning team.</span></span><span lang="EN-US" style="mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<span class="CharAttribute1"><span lang="EN-US" style="font-size: 12.0pt; line-height: 150%;">It is important to note
that co-creation is not 'being consumer centric' or 'consumer engagement' or
inclusion - All these only incorporate consumers concerns into an existing
product. However co-creation allows your customers to play the lead role in
designing products hence driving innovation in your business. This strategy is
not about asking what the customers want and then creating it for them - NO! It
is about allowing customers create the product or service that they truly want
in partnership with your business.</span></span><span lang="EN-US" style="mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNoSpacing" style="line-height: 150%; text-align: justify;">
<span class="CharAttribute1"><span lang="EN-US" style="font-size: 12.0pt; line-height: 150%;">Co-creation is changing
the way organisations respond to innovation and development. The orientation of
value creation has always been dominated by company's creative minds. However,
in business today, open innovation has shown that customers are creative as
well, and they can drive innovation. Hence, giving them an opportunity to
explore their creativity will move your Products and services from company-made
to customer-made. Are you giving your customers the opportunity to lead
innovation in your business?</span></span><span lang="EN-US" style="mso-fareast-font-family: "Times New Roman";"></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-15836181265139284282014-10-15T06:30:00.000-07:002014-10-15T06:30:59.743-07:003 Key Features of a Generative Business<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvfNISZjFFll_MWBqVVbQy_QUhQ27tJMnBcK30D99Hzs0ivAu95BfQ01FRBerWHgec_EE-KxHy4s5AVk5z0bSXb0DtYzEirdS2Ly4S9nArcdH86SWU_1goqoWk-D4wmwaT002-FGyHSjlq/s1600/Generative.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvfNISZjFFll_MWBqVVbQy_QUhQ27tJMnBcK30D99Hzs0ivAu95BfQ01FRBerWHgec_EE-KxHy4s5AVk5z0bSXb0DtYzEirdS2Ly4S9nArcdH86SWU_1goqoWk-D4wmwaT002-FGyHSjlq/s1600/Generative.png" height="126" width="200" /></a></div>
<span style="font-size: large;"><span style="font-size: small;">I <span style="font-family: Georgia,"Times New Roman",serif;">read a material on </span></span></span><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;"><a href="http://blogs.hbr.org/2014/10/the-benefits-of-giving-away-what-your-company-knows/" target="_blank">The Benefits of Giving Away What Your Company Knows</a>
by CV Harquail. Using Buffer as a case study, Harquail discussed how businesses can benefit from sharing what they know with others. According to her, generative businesses are "designing their business practices, their relationships, and their
business models so that the work they do to grow their own businesses
helps their stakeholders grow too."</span></span><br />
<br />
<div style="text-align: center;">
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;"><i>When you view old methods in a new way, it helps your business to adjust to the changing circumstances.</i></span></span></div>
<br />
<div class="MsoNormal" style="line-height: normal;">
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;"> Generative
organisations or businesses are simply those businesses that are able to create
or bring into being something new, or to give rise to new possibilities. For instance
new ideas, new processes etc. The create opportunities for others while they grow.</span></span></div>
<br />
<br />
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">Below are the key features of a generative business as discussed by C.V. Harquail. </span></span><br />
<ol style="text-align: justify;">
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">They design their work processes to power their own growth while
sharing what they know, creating opportunities for other businesses to
learn, experiment, or challenge themselves.</span></span></li>
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">They build an ecosystem of mutually supportive relationships with
and between their stakeholders, so the group as a whole can benefit from
interactions across the network. </span></span></li>
<li><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">They create financial value as well as social value, which includes
non-financial positive outcomes such as purpose, meaning, community,
expression, and learning.</span></span></li>
</ol>
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</xml><![endif]--><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">As good as this sounds, how small businesses will benefit from being generative is still not very clear especially when they have to deal with survival. In Nigeria for instance, small businesses are very secretive, and may not want to share any knowledge that will help other stakeholders especially competitors. How do you know what amount of information to give away is one question yet to be answered. </span></span><br />
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: small;">In spite of that, this is a principle small businesses should imbibe as they grow. By helping others grow, you gain new ideas and achieve better results. </span></span><br />
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Something is “generative” when it’s able to originate or produce something, or to give rise to new possibilities.<br />
<ul>
<li>Generative ideas produce new ideas,</li>
<li>Generative process produces new ways of doing things or new outcomes,</li>
<li>Generative learning <a href="http://infed.org/mobi/peter-senge-and-the-learning-organization/" target="_blank">enhances our ability to create</a>,</li>
<li>Generative relationships build new capabilities in both partners, and</li>
<li>Generative leadership helps others see opportunity in their actions.</li>
</ul>
<strong>Generative practices are important because they make new things possible.</strong> They have the capacity for ‘more’ built right in.<br />
- See more at: http://authenticorganizations.com/harquail/2013/12/11/whats-a-generative-organization/#sthash.SbkIoejd.dpuf</div>
<div id="stcpDiv" style="left: -1988px; position: absolute; top: -1999px;">
Something is “generative” when it’s able to originate or produce something, or to give rise to new possibilities.<br />
<ul>
<li>Generative ideas produce new ideas,</li>
<li>Generative process produces new ways of doing things or new outcomes,</li>
<li>Generative learning <a href="http://infed.org/mobi/peter-senge-and-the-learning-organization/" target="_blank">enhances our ability to create</a>,</li>
<li>Generative relationships build new capabilities in both partners, and</li>
<li>Generative leadership helps others see opportunity in their actions.</li>
</ul>
<strong>Generative practices are important because they make new things possible.</strong> They have the capacity for ‘more’ built right in.<br />
- See more at: http://authenticorganizations.com/harquail/2013/12/11/whats-a-generative-organization/#sthash.SbkIoejd.dpuf</div>
<br />
<div>
<div>
<span style="font-size: large;"> </span><div>
</div>
</div>
</div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-25729344129025002472014-10-15T04:46:00.001-07:002014-10-15T05:02:15.960-07:003 Components of Interactive Advertising Campaigns on SNS <div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
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</xml><![endif]--><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Social
networking sites (SNS) have proved to be a veritable tool for organisations and
advertising agencies to narrow their campaigns to the most relevant audience. Aside
from the personal feelings, it can be used to promote brands, products and
services. This platform creates more opportunities for brand engagement as well
as provides opportunity for advertisers to gather personal information of their
audience for use in future campaigns. . Research has shown that some
interactive elements in an SNS campaign can be used to elicit self-disclosure
from consumers.</span>
<br />
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Guda
van Noort of Amsterdam school of communication research and colleagues discussed
3 major components of interactive advertising campaigns.</span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> </span></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-align: justify; text-autospace: none; text-indent: -18.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> <b>1.</b><span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><b>Advertising:</b>
This is used to generate traffic for the campaign, and it serves as the door
leading to the action page of SNS campaign. The come in form of banners or
advertorial on the brand’s website.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-align: justify; text-autospace: none; text-indent: -18.0pt;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-align: justify; text-autospace: none; text-indent: -18.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> <b>2.</b><span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><b>The
Campaign:</b> When consumers log in into a social network site, they are presented
with an interactive campaign in a quiz or battle game format, some also come in
form of text or video of product. Here, the user is expected to perform an
action. If the user finds it interesting and enjoyable, there is a higher
chance that it will lead to the next component.</span></div>
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<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-align: justify; text-autospace: none; text-indent: -18.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> <b>3.</b><span style="font: 7.0pt "Times New Roman";"><b> </b> </span></span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><b>Viral
or Tell a Friend:</b> This third component allows users to share the campaign with
friends. One of the unique features of a social media platform is the ability
to share content with those within their network.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Social
media campaigns are gradually taking over traditional methods of advertising,
and many corporations are taking advantage of it. Though it doesn’t always
guaranty success, but if properly done, the returns are great. Small businesses
must begin to take their social media platforms more seriously than before</span></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-27089209007059054522014-10-14T08:18:00.000-07:002014-10-14T08:30:34.294-07:00Starting a Business: Between Desirability and Financial Resources<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidcSORCupJP1Upiy_Zpx0UURf_r2YlNzHScvtCKFkql8WtJ-IruttaewiiJBVPiaiTlx0ElSqOViGueBXEaCiuB3DmXmvwRGMakI8-nkqbtzFjWhcXFmdp-lsW1eWZNPFIs1fLjvdg_vCN/s1600/shutterstock_start.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidcSORCupJP1Upiy_Zpx0UURf_r2YlNzHScvtCKFkql8WtJ-IruttaewiiJBVPiaiTlx0ElSqOViGueBXEaCiuB3DmXmvwRGMakI8-nkqbtzFjWhcXFmdp-lsW1eWZNPFIs1fLjvdg_vCN/s1600/shutterstock_start.jpg" height="193" width="200" /></a></div>
<span style="font-family: "Times-Roman","serif"; font-size: 12.0pt; mso-bidi-font-family: Times-Roman;">In both developed and developing countries, entrepreneurship has
been advocated as a means of bridging the gap between the poor and the rich. It been the driving force for economic development especially in capitalist countries.
However, the rates of growth of entrepreneurship between developing and
developed nations have raised some concerns that seem to suggest that poverty
prevents people from starting a business. The implication of this is that poor
people who are predominant in developing nations lack the financial resources
to engage in entrepreneurial activities. Again, from studies done especially in Nigeria, most people believe that the reason they can't be entrepreneurs is because they lack the financial resources to do so.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-align: justify; text-autospace: none;">
<span style="font-family: "Times-Roman","serif"; font-size: 12.0pt; mso-bidi-font-family: Times-Roman;">For obvious reasons, this argument/believe is faulty. First, starting a
business or being entrepreneurial is more of an attitude than it is of financial resources.
Those who engage in entrepreneurial activities are driven either by the strong
desire to succeed or to meet needs within the society. Secondly, there is no
empirical evidence yet to suggest that being rich or having a rich background
guarantees success in entrepreneurial activities. Moreover, many entrepreneurs
in Nigeria succeeded through determination and hard work, although this two factors
seems to be fueled by the desire not to be poor.</span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Times-Roman","serif"; font-size: 12.0pt; mso-bidi-font-family: Times-Roman;">No doubt
financial capital is important for starting any business, but the desire to go
into business and the attractiveness of the business opportunity that exist is
more important hence, aspiring entrepreneurs must focus on their psychological
needs rather than their financial needs. Entrepreneurs need to have the right
mindset, ask the right questions, develop a business plan, and implement a strict business strategy in order to
start and succeed in business.</span><span style="font-size: 12.0pt;"></span></div>
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<br /></div>
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<span style="font-family: "Times-Roman","serif"; font-size: 12.0pt; mso-bidi-font-family: Times-Roman;">When
a good opportunity is identified, it paves the way for financial resources. With
the right perception, attitudes, and beliefs an entrepreneur is set to launch
out. <span style="mso-spacerun: yes;"></span></span></div>
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<br /></div>
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Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-15374656780791499222014-10-14T04:04:00.000-07:002014-10-14T08:29:14.158-07:00The Briefcase: Changing a Winning Strategy<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;"><span style="line-height: 150%;">Sustaining a winning
strategy in business is good, however, a time comes when dropping such strategy
becomes a necessity even when it is still profitable to the business and the
reason is simple – every stage of business growth requires a new strategy, and
when a business gets to maturity, it’s an indication that a new strategy is
required to sustain the organization in business.</span></span></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">An entrepreneur can <span style="line-height: 150%;">reinvent a business by employing
deliberate and conscious strategies that will help the organisation compete effectively, and the only way an organisation can maintain its
growth is by launching new growth business strategies when the core units are still strong.</span></span></span></div>
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<br />
<br />
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<span style="font-family: "TimesNewRomanPS-ItalicMT","serif"; font-size: 12.0pt; line-height: 150%; mso-bidi-font-family: TimesNewRomanPS-ItalicMT; mso-bidi-font-style: italic;"><span style="font-family: Georgia,"Times New Roman",serif;"><span style="font-size: large;">Don’t
stay too long on a business strategy, you must learn to adjust in a dynamic
business world.</span></span><span style="color: red;"></span></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-14383043705986353962013-12-15T11:39:00.001-08:002013-12-23T06:45:10.123-08:00A Short Business Walk with Nelson Mandela<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit07dc-B-mpIF7GVJeM1BTOObtB9duJASsxaHJp_9TuR4Vrucwjds_kTqLOfOPOsUTa_gTnm5VHXOsBZK31QLXmmPBEp89wRvmhmyfcnA_YuCzKnXM-xoHTI41LTuz79n7IYYQ4wxb7H50/s200/images_4.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit07dc-B-mpIF7GVJeM1BTOObtB9duJASsxaHJp_9TuR4Vrucwjds_kTqLOfOPOsUTa_gTnm5VHXOsBZK31QLXmmPBEp89wRvmhmyfcnA_YuCzKnXM-xoHTI41LTuz79n7IYYQ4wxb7H50/s200/images_4.jpeg" /></a>Today December 15 2013, Nelson Mandela is finally laid to rest in his home town Qunu. He is a Legend, and the face of freedom in Africa and indeed the world. An iconic leader that earned world respect because of the values he represents. However, beside his personal life and struggles for freedom, there is a business perspective to his name, and there is a lesson for every upcoming entrepreneur who wants to add value to business.</div>
<div dir="ltr">
<b>It is in your hands</b><br />
The decision to make a difference is in your hands irrespective of your challenges. The success of your business is in the choices you make, the diligence you put into work and the values you represent. Take charge, and take action to grow your business. </div>
<div dir="ltr">
<b>Perseverance</b><br />
Taking 27 years out of a man’s life is enough to discourage and kill his dream of a free South Africa, but he refused to give up his ambition. Set your business goal and determine to stand by it. Never give up, and be confidence that you would walk out of that ‘prison’ (Struggles) successful. Successful businesses became achieved success because they hanged on even when it was not convenient. Business will not always go your way, but you have to persevere hoping that the good times will come.</div>
<div dir="ltr">
<b>Turning adversity into a brand</b><br />
46664 is the prison number of Nelson Mandela. However, today this number is not just a prison number but an emerging brand in Africa for a cause. Businesses are set up to pursue a cause – meet needs. Don’t dwell on your problems, always think positive about the challenges you face in business.</div>
<div dir="ltr">
<b>No enemies in business</b><br />
He won the noble peace prize with his former ‘enemy’ and even raised his hand in public. Don’t consider any competitor as an enemy because you are all pursuing the same goal from different perspectives. Think cooperation, think partnership, think welfare of the consumers.</div>
<div dir="ltr">
Madiba is no longer with us, but the values he left behind are a great asset for any entrepreneur to imbibe in building a successful business<b>.</b></div>
<div dir="ltr">
<b>Rest in peace Madiba!</b></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
</div>
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<div class="MsoNormal" style="text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_yXUXn6e7rJSU5uz1fPJFAsP_50Wk5sQgPtzCHWEnGxwha-Hm917jjOGfy794b9OpedXPxnZJTe1_iL8_lrLq7AdZL6kz_YlNOnv6HVOgnUhgcrOgE_OTkRTDUoKkwX0RW6fmcA9cj7qd/s1600/Entrepreneurial+Marketing.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_yXUXn6e7rJSU5uz1fPJFAsP_50Wk5sQgPtzCHWEnGxwha-Hm917jjOGfy794b9OpedXPxnZJTe1_iL8_lrLq7AdZL6kz_YlNOnv6HVOgnUhgcrOgE_OTkRTDUoKkwX0RW6fmcA9cj7qd/s320/Entrepreneurial+Marketing.jpg" width="251" /></a><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">Marketing
strategies are becoming more aggressive, innovative, inexpensive, intuitive and
proactive. Innovative marketing is redefining business as entrepreneurs adopt
new strategies to product promotion. Innovative entrepreneurs create unique
identity for their businesses and as well promote their products. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">Entrepreneurial
Marketing is marketing with an entrepreneurial spirit. It is a type of
marketing strategy that is innovative, risky and proactive. It focuses on
opportunities and can be performed with less resource. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">Here are the 3 best
known and most successful Entrepreneurial Marketing strategies</span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;"> </span></b></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;"> Guerrilla
Marketing</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">This
is a ‘crazy’, low cost, high impact and a one-time (rarely repeated) marketing
technique that springs surprises and that ‘wow effect’ about your business. E.g.
The TV drama series ‘Vampire Diaries 2’ was promoted with ‘Blood-like liquid’
dispenser at strategic locations.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">Buzz
Marketing</span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">It
is a form of word-of-mouth communication which uses internet, e-mail, or BBM to
generate a buzz around your business or product. Get opinion leaders in social
networks to help disseminate information about your business. Buzz marketing strives
on credibility, else it will be counterproductive.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";"> </span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 14.0pt; line-height: 115%; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;"><span style="font: 7.0pt "Times New Roman";">
</span></span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">Viral
Marketing</span></b></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">This
is about a customer spreading marketing messages or rumors about a product to
create brand awareness. The best form is to create messages that appeal to
individuals who can forward the message.</span><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;"> </span></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt; line-height: 115%;">No matter the form your
marketing strategies take, a little creativity can get you ahead of others.</span>
</div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-31519182723462191552013-11-15T09:09:00.001-08:002013-11-15T09:09:58.716-08:00Being an Entrepreneur is not a Title<p dir=ltr>Entrepreneurship is not a style, and it’s no joke. It is not a wish, and it’s not in having a great idea, and it is not about having a complimentary card or a business name. Being an entrepreneur is about sweating out your idea, and making it tangible enough for various stakeholders to buy into it. Having the title ‘an entrepreneur’ is not an accomplishment, what makes you an entrepreneur is what you have accomplished through innovation and creativity.   </p>
<p dir=ltr>There are 2 critical roles entrepreneurs play in the life of consumers</p>
<p dir=ltr><b>The role of a Father </b><br>
Fathers anticipate the needs of their children. Through experience, they know what needs the children may have as they grow, so they prepare for it, and provide it. Successful entrepreneurs are those that anticipate needs and sometimes even create one and eventually solve it. Consumers sometimes don’t know what they really need; it is the responsibility of the entrepreneur to anticipate such need, and figure out how to satisfy it<b>.</b></p>
<p dir=ltr><b>The</b><b> role </b><b>of </b><b>a</b><b> </b><b>Leader</b> <br>
Leaders lead their followers towards a desired destination. For entrepreneurs, it is not enough to anticipate needs, they have to guide consumers towards satisfaction. Consumers love entrepreneurs that have the capacity to lead them to satisfaction. If you anticipate need and you can’t create a solution that is so innovative and creative that consumers are willing to leave their current solution and move on with you, you are not yet an entrepreneur. Steve Jobs provided a direction with the iPhone and iPad; he created a new path that consumers and competitors willingly followed. That is what entrepreneurs do.   </p>
<p dir=ltr>Entrepreneurship is a duty, an obligation for which you hold yourself accountable for meeting a particular need of the society. You have the duty not just to identify a need, but to innovatively transform that need into a solution that people will be willing to pay for. Every activity an entrepreneur engages in is done with a level of responsibility to the consumers, and it is this responsibility that makes one an entrepreneur.</p>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-90903004404447812372013-06-25T03:03:00.002-07:002013-06-25T03:03:50.365-07:00How Small Businesses can Recover, Grow and Succeed<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="body-paragraph" style="text-align: justify;">
Small businesses have had their own share of the recent economic crisis that rock the world. While many have absorbed the shook and moved on, others are still struggling with the effects of the recession.</div>
<div class="body-paragraph" style="text-align: justify;">
<br /></div>
<div class="body-paragraph" style="text-align: justify;">
Recently, D&B an organisation that provides insights and actionable information to support small business growth offered some tips on how small businesses can recover, grow and succeed during challenges. These principles include</div>
<div class="body-paragraph" style="text-align: justify;">
<br /></div>
<ol style="text-align: justify;">
<li> <b>Make use of data:</b> The big businesses are not the only ones who need data to make decisions, small businesses should also take advantage of it to improve on their business decisions. </li>
<li> <b>Be transparent with your business:</b> Small businesses that share information on themselves are more likely to get access to capita. </li>
<li> <b>Get personal with your customers:</b> Small businesses stand a chance of developing a one-on-one relationship with their customers more than big businesses. Make use of all the channels possible to keep the interaction going on with them. </li>
<li> <b>Don't be restricted:</b> Explore new markets, seek for new opportunities, and develop new strategies. </li>
<li> <b>Make resilience the norm:</b> Adaptive and agile small businesses are responsive and ready for change </li>
</ol>
<div style="text-align: justify;">
<br /></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-83368078249437921332013-06-25T01:45:00.000-07:002014-10-14T08:22:42.772-07:00Quotes on Personal Development<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;"><b><i>It is only the very wisest and the very stupidest who<br />cannot change.</i></b><br /> -- Confucius</span><br />
<span style="font-size: large;"></span><br />
<span style="font-size: large;"><br /><b><i>We are either progressing or retrograding all the while;<br />there is no such thing as remaining stationary in this life.</i></b><br /> -- James Freeman Clarke<br /> </span><br />
<br />
<span style="font-size: large;"><b><i>To conquer oneself is the best and noblest victory; to be<br />vanquished by one's own nature is the worst and most<br />ignoble defeat.</i></b><br /> -- Plato<br /> </span><br />
<br />
<span style="font-size: large;"><i><b>Everybody wants to be somebody; nobody wants to grow.</b></i><br /> -- Johann Wolfgang von Goethe<br /> </span><br />
<br />
<span style="font-size: large;"><b><i>The happiest life is that which constantly exercises and educates what is best in us.</i></b><br /> -- Hamerton</span></div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-43334353822191059512013-06-24T13:27:00.000-07:002013-06-24T13:27:32.380-07:00What is a Start-Up?<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_PNTAWKr_toggle_link"><span class="inline_editor_value"><span id="__w2_pqSz8Xd_text_snip_content">In business, alot of terms are so difficult to define, and others lack a consensus meaning among experts. One of such terms is START-UP.</span></span></span><br />
<br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_PNTAWKr_toggle_link"><span class="inline_editor_value"><span id="__w2_pqSz8Xd_text_snip_content">What really is a start-up business, and when does it ceases to be a start-up? Below are some of the expressions and illustrations of what a start-up is.</span></span></span><br />
<br />
1. A 'startup' is a company that is confused about --<br />
<ul style="text-align: left;">
<li>What its product is,</li>
<li>Who its customers are.</li>
<li>How to make money. <span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"> </span></span></span></span></li>
</ul>
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"> </span></span></span></span><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value">As soon as it figures out all 3 things, it ceases to be a startup and then becomes a real business.</span></span></span></span></div>
<div>
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"> - </span></span></span></span><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><a class="user" href="http://www.quora.com/Dave-McClure" id="__w2_RU5PrMq_link" target="_blank">Dave McClure</a></span></span></span></span></span></span></div>
<div>
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"> </span></span></span></span></span></span><br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value">2. A startup is a <b><i>human institution</i></b><i> </i>designed to <b><i>deliver a new product or service</i></b><b> </b>under <b> </b></span></span></span></span></span></span></span></span></span></span><br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><b> conditions of </b><b><i>extreme uncertainty</i></b><i>. - </i></span></span></span></span></span></span></span></span></span></span><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value">Eric Ries </span></span></span></span></span></span></span></span></span></span><br />
<br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value">3. <i>A startup is an organization formed to search for a repeatable and scalable business model</i>. </span></span></span></span></span></span></span></span></span></span></span></span></span></span><br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value"> - </span></span></span></span></span></span></span></span></span></span></span></span></span></span><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value">Steve Blank:</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><br />
<br />
<span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_1PDACX_4780"><span id="ld_q8UvYz_5145"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_D4bUfds_toggle_link"><span id="ld_qGs57k_5543"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_gsANfzW_toggle_link"><span id="ld_2BEzNp_4741"><span id="ld_YosDm7_5068"><span class="inline_editor_value"><span href="http://www.quora.com/Entrepreneurship/What-is-the-proper-definition-of-a-startup#" id="__w2_Cs3PMfQ_toggle_link"><span id="ld_Qxkjrm_5422"><span id="ld_q8UvYz_5148"><span class="inline_editor_value">From the definitions above, a start-up is not yet a business, it is more like a moving object without precised direction and destination under high level of uncertainty, and its operations are temporal until it finds a proper business model.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span> </span></span></span></span></span></span></span></span></span></span></div>
</div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0tag:blogger.com,1999:blog-4542652253570911611.post-1705524134703520852013-06-24T12:51:00.000-07:002013-06-24T12:51:47.393-07:00CASE STUDY: Smart Move by Dow Chemical<div dir="ltr" style="text-align: left;" trbidi="on">
<span href="http://www.quora.com/Business/Whats-the-shrewdest-smartest-maneuver-youve-ever-seen-in-business#" id="__w2_KUZ4pMm_toggle_link"><span id="ld_OohEUR_12459"><span id="ld_4dWvhq_13430"><span class="inline_editor_value">Herbert
Dow founded Dow Chemical in Midland, Michigan when he invented a way to
produce bromine cheaply. He sold the chemical for industrial purposes
all over the US for 36 cents per pound at the turn of the 20th century.
He couldn't go overseas, however, because the international market was
controlled by a giant German chemical cartel that sold it at a fixed
price of 49 cents per pound. It was understood that the Germans would
stay out of the US market so long as Dow and the other American
suppliers stayed within its borders.<br /><br />Eventually Dow's business
was in trouble and he had to expand. He took his bromine to England and
easily beat the cartel's fixed price of 49 cents per pound. Things were
okay for a while until a German visitor came to Michigan and threatened
Dow that he had to cease and desist. Dow didn't like being told what to
do and told the cartel to get lost.<br /><br />Shortly thereafter German
bromine started appearing for sale in the US for 15 cents per pound, way
below Dow's price. The cartel flooded the US market, offering the
chemical way below their own costs, intending to drive Dow out of
business. But Dow outsmarted them. He stopped selling in the US market
entirely and instead arranged for someone to secretly start buying up
all the German bromine he could get his hands on. Dow repackaged it as
his own product, shipped it to Europe, and made it widely available
(even in Germany) at 27 cents per pound. The Germans were wondering 1)
why wasn't Dow out of business and 2) why was there suddenly such demand
for bromine in the US??<br /><br />The cartel lowered its price to 12 cents
and then 10 cents. Dow just kept buying more and more, gaining huge
market share in Europe. Finally the Germans caught on and had to lower
their prices at home. Dow had broken the German chemical monopoly and
expanded his business greatly. And customers got a wider range of places
to buy bromine at lower prices.<br /><br />Dow went on to do the same trick
to the German dye and magnesium monopolies. This is now the textbook
way to deal with predatory price cutting.<br /><br />Source: <span class="qlink_container"><a class="external_link" data-tooltip="attached" href="http://www.mackinac.org/article.aspx?ID=31" rel="nofollow" target="_blank">Herbert Dow, the Monopoly Breaker</a></span></span></span></span></span></div>
Ofunrehttp://www.blogger.com/profile/07997488357475662704noreply@blogger.com0