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posted on:
5/26/2012 2:27:49 PM EST
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The rules of Innovation
home based business, rules of innovation, make innotion rules, work from home, customers needs, mark
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To continue our blog series on building a business ground up, we are going to look deeper at the rules of innovation.
In incipient businesses, new ventures being launched, innovation is in the type of product and its impact on the industry it is targeting, how customer friendly the product or the service is, and the extent of the positive effect it has on the processes for which the customer uses their purchase. Innovation is a must in this area. Successful start ups are those who spot a change in the markets before others and act upon it in a speedy manners to catch the wave before it matures and becomes obvious to everybody.
It is also a requirement for existing ones. In mature businesses and corporations, innovation is making better decisions, understanding the market trends, positively reacting to them. If you have been following the field of Personal Finance, you may have heard about a speaker with the name of Suze Orman. She has been educating consumers about personal for nearly ten years through tele seminars, shows, books and article writing. With the growing niche of prepaid credit and debit cards, he has launched her own brand of debit card to help her followers manage their personal finance efficiently.
The most successful innovations in mature industries are those that are based on trends that indicate real customers’ needs before even the customers are aware of them. It is market anticipation. This is what happened with Apple. It explains the success of the iPhone and the launch of the smart phone industry. In a time span of five years or so, the consumer technology sector has evolved to the extent that all products are nearly being tested and rated according to the benchmarks of the hand held devices.
This is the time of the rule of smart phones, consumer friendly products and constant change, as new items are being offered every three months or less.
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 | | Great blog Idriss! Very informative. |
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