M A R C U S. 7. INNOVATION AND ENTREPRENEURSHIP. Chapter Learning Objectives. Explaining the factors needed for successful innovation and entrepreneurship. Examining barriers to innovation and suggesting how to overcome these barriers.
INNOVATION AND ENTREPRENEURSHIP
A promising idea is an invention: It is the creation of an idea in a laboratory, a test of the principles involved, and an act of technical creativity where a concept may be suitable for patenting
Innovation entails actually delivering on the idea’s promise by creating distinctive value and paying attention to the needs of customers.
A business plan describes the business. It has an external analysis that covers such essentials as suppliers, customers, and competitors; an internal assessment of the organization’s capabilities and its functional plans; an implementation schedule; an end-game strategy that indicates when the business will be viable; financial projections; and a risk analysis
Extension of Human Sensory Capabilities and Intellectual Processes
Total inputs =