Articles.vp.ly » Innovative Entrepreneurship

“Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the entire world, and all there ever will be to know and understand.” – Albert Einstein

Why is it so important to think out of the box? Without thinking this way there would never be any significant changes in the world. Once you set up a business based on innovation, your action is proactive, instead of a reactive one, which is always passive and “slowed down.”

Here are the main opportunities that become available to you when setting up an innovational entrepreneurial company:

• Satisfying Unrecognized Needs – First of all, let’s contrast the two types of a need, recognized and unrecognized one. The recognized needs, such as need for food, water etc, have got a really meaningful disadvantage by means of building a business based on them. It’s about a really high and already global competition. Therefore, your profit will most probably never go above the “standard” margin, caused by influence of increased competition on pricing. Of course, you can choose and existing product/service and find a way to produce/execute it few times less costly than others do, but still, it won’t give you an advantage in long-term time frame. What if you do something not just better than others, but something that others don’t do at all, just because they haven’t even thought about it yet? That’s the point. Building up your business based on satisfaction of unrecognized need gives you an ability to operate without any direct competitors, until you’ve got a patent for that product/service of course. Even if you won’t make your innovational product/service, you’ll still have ability to profit in short term, much better than in case of already existing products/services.

• Open Innovation Advantage – This advantage will help you to benefit easier, especially if the new product is somehow connected with technology. It can be considered as a supportive one to help you being a first mover to market. In any case, it enables you to be faster to market. 

• Independence – Since there won’t be any direct competitors, you become able to operate freely, building up your marketing plans independently of other companies.

• Marketing Excitement – Be prepared. Your excitement will grow to extreme levels when advertising your new, innovational product or service. Main is to be ready to the challenges ahead, even if it’s world wide.

• Strong Control – Once you build up a business based on innovational entrepreneurship, you get total control over your company and its way of operating. If you take all the details into consideration, nothing’s going to spoil it.

• High Level of Flexibility – Since you’re your own boss in this case, you can plan your schedule the way you want and make your decisions however you want. Main is not to miss the important details.

• Supporting Corporate Strategy – Once you establish up such a company, the innovation is more likely to become the core component of its corporate strategy.

• Boost On Start – What will happen if you combine it all with JIT techniques? That’s right – you get a boost just from beginning of your business operating. By producing to order, you no longer need intensive funding on the beginning stage of your business, since you have no variable cost when there is no request for your product/service. This decreases the commercial risk down to zero.

The thing is that while starting own business most of the people think only of already existing products and services. Main is simply to invest some more innovational creativity into process while being just on the beginning stage. Just be curious!

Giorgi Darsadze.

If I had to express my vision through four words, they’d be “find a better way.” Why not best? Because, even if something is currently found as best, it doesn’t necessarily mean it will be such tomorrow too.

Work History:

Currently working as a Project Manager at Career Development Center of Caucasus University. studying at Caucasus School of Business, which is the business school of CU. The program is BBA, 4th year, Management.

Just beginning to work as an agent at Global Business Development Center (Georgia).

Hobbies:

Composing music, designing web sites, designing posters and badges, creating macromedia flash projects, learning modern physics, playing on piano,developing video projects.

Contact Info:

Cell Phone. (+995) 93 152115
E-mail. giodarsa@live.com

via articles.vp.ly

Posted via email from soulhangout's posterous