1. What is Sound Business Idea?
Sound Business Idea – an economic opportunity which is within reach of the entrepreneur and which will provide him with a desirable value.
2. Creative Process, explain each stage
Creativity – the reorganization of experiences into new configurations. This has an important role in the formulation of a sound business idea.
The Creative Process
a. Preparation – the collection of two or more large bodies of information that become associated with new and unique ways is undertaken. b. Incubation – the creative person relaxes and withdraws from the intense preparation period. It means getting out of the situation and observing it at a distance after sufficiently relaxing. c. Insight – this occurs when the creative individual discovers new associations and patterns which provide a useful solution to a problem. d. Verification – involves testing, refining, demonstrating and communicating the creative ideas during the insight phase
3. Elements of Creativity
a. Drive – the motivation or willingness to repeat a process until the answer to a problem is obtained. Successful inventors did not succeed in their first try. b. Fluency – the ability of the creative person to come up with a lot of ideas regarding the problem under consideration. Example “ how one will cross a certain river” . boat, swim, bridge. etc. c. Flexibility – thinking beyond a certain category ideas. Example catching fish with electricity powered by battery beyond the usual net. d. Originality – ability to consider the use of unusual and rare ideas. The use of sealants, before GI roofs are replaced even with only a hole in it. e. Awareness – the ability to see unusual connections between objects and things. Ex. Laser treatment. Internet
4. Types of Innovations
Product Innovation – refers to new products or services as well as improvements of old products or services. b. Process Innovation – refers to the improvement of processes in the organization c. Marketing Innovation – refers to the improvements in the marketing functions of promotion, pricing, distribution, packaging and advertising.
5. New Product Process
To create the next product in a company’s product line a design team goes through product development process steps. Starting with a product idea, the team moves through several stages to generate all the details and documents needed to get the product built. A NEW product development (NPD) process goes through the same steps, however as this product has not been developed by the team before, new risks and uncertainties are introduced and often additional information is documented and shared with manufacturing.
Basic new product development steps
There are five basic steps in a new product development process: Concept, Ideation, Design, Test and Release. 1. Concept — The concept step sets basic direction and boundaries for the entire development process by clarifying the type of product, the problem the product solves and the financial and technical goals to be achieved by the product. 2. Ideation — During the ideation step the team brainstorms to discover some of the many ways a product can solve the problem and meet internal goals. Ideas are evaluated and the most promising are selected for further investigation. 3. Design — It’s in this step that the execution of the “best” way to create and construct the product happens. Engineering details are generated to flesh out the high level concepts from the ideation stage. 4. Test — Testing verifies if the product meets...
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