In my opinion, this is the single most important step of any business creation. Identifying abusiness need and a social need should be the first step of identifying any business and theentrepreneur must innovate his business in such a way that both the ends meet.
Idea:
One of the most important learning to me is that there is never a shortage of ideas. It is allabout executing them. The idea must not only attempt at solving the identified problem, but alsotry and enforce innovation to achieve the best possible solution to address the issue.
Apple’s i
-phone is the best example that I could think off.
Pranav Mistry’
s 6
th
generation technology
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ideasis another thing, in my opinion, that has utilized in innovation at its best.
Creating and Capturing Value:
Entrepreneurs must not aim at making money, but they mustfocus on making a meaning. They should aspire to not only creating a value but also to capturethe best of it. Several cases that we discussed in the course explicated the importance of capturing value.
The biggest challenge, with respect to our team’s innovation challenge concept
was to capture the value at its initial stages. People hesitated to buy 50-50 until they wereconfident that there was a possibility for them to win a fair prize. We, as a team decided to usethe MOvember prostate cancer fund contribution as a selling element to attract people owing tothe fact that part of their contribution goes to a social cause. This helped us capture the value. Inthe real world, I would expect entrepreneurs, at least at the initial stages, to suffer to capturingthe values. In my opinion, they must focus on selling to the consumers, how their product willcreate value to them. The entrepreneurs might even end up not capturing value for a fair bit of time, but on the long run, they will be successful.
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http://www.ted.com/speakers/pranav_mistry.html
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