Innovation and entrepreneurship are considered as increasing economics vector, leading to competitiveness and development.
The successful entrepreneurial is usually based on a significant innovation. Innovation activities are one of the important reactions to the challenges.
macro-level
governance system structural change extension services, consultancy
Information exchange
micro- labour resources level knowledge finance
enterprise
product-, process-, innovation
information exchange
costumers/ consumers
markets/ competitors
Entrepreneurship development
Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential.
Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take calculated risks to open markets for new products, processes and services.
Innovation idea
Analyze market, customers and environment; Analyze your existing business
Evaluation level
Implementation
Results
Brainstorming
All members of the group must participate. Be creative. The more ideas, the better.
No idea should be blocked.All ideas will be respected and not evaluated. Do not criticise or judge. All ideas are equally valid at this point. Ideas already mentioned must be avoided. The ideas should not be detailed. Keep ideas brief, do not tell stories
Macro screening
The Macro Screening is a very important step positioned between the project idea generation and the final decision about the most promising business idea.
Macro Screening helps to do a first selection; its like pouring all these ideas into a funnel.
Micro screening
The Micro Screening links the macro screening with the SWOT Analysis (strengths, weaknesses, opportunities, threats), hence being the crucial nexus between these two.
It adds quality to the selection process by adding different parameters related to economic judgements (market, skill availability, technology, etc.).
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Scoring system: 5 extremely high ; 4 high ; 3 average ; 2 fair; 1 poor; 0 absent Critical success factors: write text
SWOT analysis
The SWOT Analysis (strengths, weaknesses, opportunities, threats) is based on these concrete project ideas.
It is quite a simple but very powerful tool which enables the participants to do a proper comparison of the last three projects remaining after the micro screening process.
Improvement innovation
Business plan
mini-plan
Working plan
presentation plan
Business plans are also called: - strategic plans - investment plans - expansion plans - operational plans - annual plans - internal plans - growth plans - product plans - feasibility plans and many other names.
Annex
Business aspects advise: adresses for financing advise,legal advice, marketing advice Figures Tables Graphs Other sectors advice: research institutes, interests groups, administration, other key innovation areas.
The right length of the plan depends on the nature and purpose of the plan
Will it include descriptions of the company and management team for outsiders to read; Does it need an executive summary good enough to stand alone; Does it include detailed research, plans, drawings, and blueprints; Is it worded to withstand legal scrutiny as part of an investment proposal.
BUSINESS PLAN
Standard Outline
EXECUTIVE SUMMARY
Brief Description of the Project Brief Profile of the Entrepreneur Project's Contributions to the Economy
When a business plan is being worked out, there are too many big questions, the answers of which only the entrepreneur can know, that are far too important to be left to someone else who claims that he can spare the entrepreneur the trouble of preparing his own business plan - no one can do it better than you!
Summary
A proper business plan serves as a map. Use it to establish the points along the route, indicating why each is important and how it can best be reached. The plan builds from mission and value to justification, strategies, tactics, actions and expected results. Comprehensive business planning increases the likelihood of the ventures success.
Every business need an innovation engine to generate the great ideas that will propel the business forward into the future.