Innovation: The Creative Pursuit of Ideas.| Execution of Tasks & Project Planning Blog #4

What is innovation? The process by which an idea or invention is translated in a good or service for which people will pay, or something that result from this process. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.

Trends signal shifts and observing trends closely will grant an entrepreneur the ability to recognize a potential opportunity.

-          Societal Trends: Lowering education standards/less skilled thought leaders, managing our waste/reuse products, energy and water shortages, on-demand and media consumption.

-          Technology Trends: a more semantic web, significant consolidation & M&A Activity, a continued drop in traditional index searches, internet advances.

-          Government Treads: increase regulations, petroleum prices, terrorism.

-          Economic Trends: higher disposable income, dual wage-earner families, performance pressures.

How do leaders encounter new and creative ideas? Leaders have the responsibility not only be creative, but to empower others in the department / organization to be creative. As leaders, we may produce one or two powerful ideas, by soliciting the help of other, leaders will attain many ideas.

We have never been in a better position to pursuit our entrepreneur ideas, as there are more resources available than ever before.

www.youtube.com/watch?v=RvRmTP5shg
Entrepreneurship: Theory|Process|Practure by Donald F. Kuratko
http://www.regent.edu/acad/global/publications/lao/issue_9/pdf/pursuit.pdf