The module strategy for innovation and entrepreneurship from Concordia University of Chicago has totally changed my view towards entrepreneurship. In spite of me coming from a business background my view toward entrepreneurship was similar to whatever I have learnt in this course. The module strategy for innovation and entrepreneurship was taught to us by Mr. Jason ho.
In my opinion entrepreneur is a person who takes high risk and invest his own money in the business to make huge profits. The main aim of entrepreneur is to create something new and creative which helps to solve complex problem. Innovation is something which creates something new or helps to solve complex problems. But my views were totally changed by learning outcomes of this module.
As we learn in this module that entrepreneurship is a dynamic process that involves tradition, risk and resources. Moreover, innovation means not creating something new or doing something in creative way, even opposing point of view into a unified, coherent understanding. Entrepreneurial intensity is one of the most important characteristic of entrepreneurial and innovative activity. The level of intensity in the way entrepreneurialism and innovation is valued in organizations is different for every other organization.
Business model innovation is one of the main concepts that play an important role in every organizations or startups because it is the development of new, unique concepts supporting an organizations financial viability, including its mission and the process for bringing those concepts to fruition. The primary goal of business model innovation is to realize new revenue source by improving products are delivered to customers. A business model is nothing more than a model, holistic description of the logical contexts how a company generates value for its customer and itself. New business model can deliberately generate. There are visualization tools such as the 4-dimentional concept; business model canvas supports this process. In the business model canvas it is mainly based in the 9 basic building blocks that covers the four most important area of the business i.e.(customer,offer,infrastructure,finance). This is how business model canvas look like
As an entrepreneur we should we should give preference to our customer because they are the one going to buy the product or enjoy the service. We should always step into the customer’s shoes think. It is always good to collect feedback from the customer. When there is a tough business in the market and it has become Red Ocean then it would be better for a company to use blue ocean technique as it helps us to survive the business and give the best service to the customer and earn good profit.
Design thinking and problem finding is also one of the important aspect because design thinking utilizes element like empathy and experimentation to arrive innovative solutions. All design challenges starts with one question HOW MIGHT WE? When asking this question it broaden up out thinking.so before trying to solve a problem we need to ask ourselves these questions
1) How might we?
3) What is stopping us?
So after getting the answer to these questions then we need to use brainstorm techniques. So this helps us to solve complex problems within short period of time. This method has help lot of corporates companies to solve problems very easily.
The companies fail to analyses that how the customer is thinking about their business. It’s really important that what customers think, feel, see, say and do. So for this they had created an empathy map from the customer’s perspective.