Innovation is an important thing for life, how to do Innovation in Business?
Innovation is when you create something that has value added or the cost is decrease on that product.
Either the product cost is decrease, addition of new features, increasing the life time of a product or create something that is really the need of the time.
Here are some of the tips that help you to innovate:
1. Market Viability verses Big Data: Don’t ever confuse the big data as a very complex tool; instead a Google search can help you to study the market.
2. Deep listening: Listen to the problem people faces during their daily life, feel their pain and focus more on why question then what.
3. Cost analysis: Now, everything is clear, ask yourself how much it would cost, find every possible way to reduce the cost.
4.
Fit:Based on Cost, you must find out how much profit your service or product will generate.
5. Demand:Determine the market cap, how much will be the demand for the product and at the same time where is the favorable space for selling this product.
6. Market Capture: Find out how much of the market your capture and how to scale your business.
7. Build a Product:
8. Bring product to the market:
9. Repeat step 1-7 again.
How to Be a Better Thinker, Innovator and Problem Solver
Here are some of the points that you need to remember will innovating things:
1. Ideas are Number game: When you get any idea about a problem, the first thing is to how to solve it, this is a first level thinking, you must have to go deeper to better understand the idea and to explore the idea.
2. Think in Questions: The bigger your questions will be the best solution you obtain, but you must have to work on those questions and to find the right answers.
3. Don’t come up with idea come up with solution: Let say you have a idea, a idea of a billion dollar, but no one will pay for it unless and until you come with a solution.
4. Think Different: Your different thinking will make you look different and even a authority person, speak at the right time and think about multiple things.
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