Living Your Dreams as Lifestyle Entrepreneur: You are the Biggest Barrier to Customer Development

Odds are you have a something your passionate about. Whether its an activity, a hobby, promoting an idea/ideal, that you love and you wish that you could do that for the rest of your life.  Better yet, actually make a living off it. Isn’t that the ultimate dream? To get someone to pay you to […]

Entrepreneurial Innovation: New Knowledge

Learning new things promotes new innovations. This is what keeps progress moving forward. When compared to other sources of innovation, though, new knowledge differs on a few characteristics: time span, convergence, predictability, and increased risks. Time Span There is typically a significant period of time between the discovery of new knowledge and its successful application […]

Entrepreneurial Innovation: Changes in Perception

In this country today people live longer lives, fewer infants and children die, and we enjoy much improved rates for curing cancer; yet it seems that we focus on medical tragedies more frequently than we ever have in the past. This is likely due to our improved ability to communicate quickly with those important to […]

Entrepreneurial Innovation: Demographics

Demographic changes affect consumer needs and wants, which stimulates entrepreneurial innovation. For example, the population has been aging significantly as the baby boomer generation reaches retirement. In order to be successful companies must figure out how to please these customers, as well as to prepare for future demographic shifts. The great part of using demographics […]

Entrepreneurial Innovation: Industry and Market Structures

Rather than individual innovation, an evolution of an industry or market will force every member of the industry to change or die. The way each company decides to innovate will determine its ultimate success or failure. In order to innovate as an industry changes you have to be able to spot the change to begin […]

Entrepreneurial Innovation: Processes

As mentioned yesterday, process innovation is typically accompanied by sighs and the frustrated words, “there has got to be a better way.” This typically means that there is some missing link in the process. Your mission, should you choose to accept it (trust me you should, it will make your business infinitely more functional, profitable, […]

Entrepreneurial Innovation: Incongruities

Pretty basic, an incongruity is when there is a difference between how you perceive something and how it actually is. Peter Drucker defines four different incongruities that can serve as sources of innovation: economic realities, reality and assumptions, perceived and actual customer values and expectations, and processes. Economic Realities If product sales are going up, […]