Chapter 02 - Essentials of Entrepreneurship ENTR 2001 The...

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Essentials of Entrepreneurship ENTR 2001 Session 3 Copyright 2013 Jack M. Kaplan & Anthony C. Warren Patterns of Entrepreneurship Management Chapter 2 The Art of Innovation - Developing Ideas and Business Opportunities
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Presentation Outline Why Innovate? Macro-economic Trends Types of Innovation Framework Frameworks for Innovation Making an Idea an Opportunity Evaluating the Opportunity Questions Opportunity Costs Framework Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Why Innovate? The Growth of the Internet Shift to a Service Economy Reduction of International Trade Barriers International Free-Flows of Capital Rapid Technological Obsolescence Copyright 2013 Jack M. Kaplan & Anthony C. Warren
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Definition of Innovation Successful innovation is the use of new technological knowledge, and/or new market knowledge, employed within a business model that can deliver a new product and/or service to customers who will purchase at a price that will provide profits .”
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Types of Innovation Incremental (or derivative) vs. Radical Incremental = Continual improvements
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