The American company 3M did something comparable when it introduced Post-it notes. Entrepreneurs who attempt to copy radical innovations are more common. They may strictly imitate the product ,but this does not represent the majority of cases, as breakthrough innovations are protected. Generally, these entrepreneurs will bring some modifications to the initial product in trying to increase its attractiveness (and its value creation potential) while bypassing the protection measures. This is how, for example, some entrepreneurs have followed in the tracks of Techno med and 3M to propose competitive products. Incremental innovations are, by far, the most common. Small adaptations and modifications made on existing products, services or processes do not involve major difficulties for someone who knows how to observe and analyse behaviours, habits, needs or operating modes. These changes may prove to be extremely positive and improve greatly the adequacy between the supply and the demand that must be met. For example, in the sector of dry cleaning, a few years ago, a French entrepreneur proposed a new service to a segment of his clientele: it consisted in collecting the laundry at home, cleaning it and delivering it back home, all with in twenty four hours .Compared to the existing service, are ducedleadtime was thus introduced ,along with an additional service (home collection and delivery) saving the customer the trouble of having to go anywhere. For some people such as busy executives and managers who are highly committed to their professional activities and have sufficient funds, the offer undeniably generated new value. This service has since been reproduced by several entrepreneurs who have contributed to making it available in several major French cities. The typology presented above shows that to innovate and create new value, entrepreneurs may adopt various strategies, which call upon various qualities, skills and resources. These strategies may rely on scientific and technological knowledge associated with great curiosity; others may call upon more ordinary qualities, such as a good sense of observation, analogy and analysis, as well as a great capacity for listening to signals emitted by the environment.
New value creation and types of entrepreneurial projects
Not all projects have the same value potential or require the same amount of resources. There is often a correlation between the value creation potential and the amount/nature of the resources required.
The American company 3M did something comparable when it introduced Post-it notes. Entrepreneurs who attempt to copy radical innovations are more common. They may strictly imitate the product ,but this does not represent the majority of cases, as breakthrough innovations are protected. Generally, these entrepreneurs will bring some modifications to the initial product in trying to increase its attractiveness (and its value creation potential) while bypassing the protection measures. This is how, for example, some entrepreneurs have followed in the tracks of Techno med and 3M to propose competitive products. Incremental innovations are, by far, the most common. Small adaptations and modifications made on existing products, services or processes do not involve major difficulties for someone who knows how to observe and analyse behaviours, habits, needs or operating modes. These changes may prove to be extremely positive and improve greatly the adequacy between the supply and the demand that must be met. For example, in the sector of dry cleaning, a few years ago, a French entrepreneur proposed a new service to a segment of his clientele: it consisted in collecting the laundry at home, cleaning it and delivering it back home, all with in twenty four hours .Compared to the existing service, are ducedleadtime was thus introduced ,along with an additional service (home collection and delivery) saving the customer the trouble of having to go anywhere. For some people such as busy executives and managers who are highly committed to their professional activities and have sufficient funds, the offer undeniably generated new value. This service has since been reproduced by several entrepreneurs who have contributed to making it available in several major French cities. The typology presented above shows that to innovate and create new value, entrepreneurs may adopt various strategies, which call upon various qualities, skills and resources. These strategies may rely on scientific and technological knowledge associated with great curiosity; others may call upon more ordinary qualities, such as a good sense of observation, analogy and analysis, as well as a great capacity for listening to signals emitted by the environment.
New value creation and types of entrepreneurial projects
Not all projects have the same value potential or require the same amount of resources. There is often a correlation between the value creation potential and the amount/nature of the resources required.
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