UNIT 1: The innovative entrepreneur
In this assignment I will be explaining different types of innovation by
entrepreneurs and I will be analyzing them also.
What is an innovative entrepreneur?
An innovative entrepreneur is a person who discovers totally new things and
aren’t afraid to take risks with products
Creative in business
Product development: it’s the creation of a new or existing product, that
offers new and more inventive benefits to the end user. An example of this
is, Apple’s iPhone. I admire them because they went from making only iPod
touches, to a whole range of other products. For example, Laptops, iPads,
computers and many more. At first, they weren't well known and not many
people bought from them, but when they developed from the iPod to other
products. People were more interested in them and they became more
popular.
Market development: it’s a strategic way a company develops the way
they market their product to attract more customers, rather than looking for
a new way to market. An example of this is Apple Music. I admire them
because they created a marketing technique, that has never been used
before. For example, they had connections between many different artists,
hardware and software.
Business model: It’s the development of processes or creation of more
effective processes, products and ideas. An example of this is, Ikea. I admire
them because they use different ways to attract customers, for more than
one reason. For example, they include global sourcing of components,
accessible suburban stores, and quality products with a cultivated European
design at affordable prices. They also have in-store conveniences e.g. coffee
shops, restaurants and children daycare/entertainment facilities.
Reference:
https://www.whataventure.com/blog/10-inspiring-business-models/
https://www.quora.com/What-are-some-examples-of-market-development
In this assignment I will be explaining different types of innovation by
entrepreneurs and I will be analyzing them also.
What is an innovative entrepreneur?
An innovative entrepreneur is a person who discovers totally new things and
aren’t afraid to take risks with products
Creative in business
Product development: it’s the creation of a new or existing product, that
offers new and more inventive benefits to the end user. An example of this
is, Apple’s iPhone. I admire them because they went from making only iPod
touches, to a whole range of other products. For example, Laptops, iPads,
computers and many more. At first, they weren't well known and not many
people bought from them, but when they developed from the iPod to other
products. People were more interested in them and they became more
popular.
Market development: it’s a strategic way a company develops the way
they market their product to attract more customers, rather than looking for
a new way to market. An example of this is Apple Music. I admire them
because they created a marketing technique, that has never been used
before. For example, they had connections between many different artists,
hardware and software.
Business model: It’s the development of processes or creation of more
effective processes, products and ideas. An example of this is, Ikea. I admire
them because they use different ways to attract customers, for more than
one reason. For example, they include global sourcing of components,
accessible suburban stores, and quality products with a cultivated European
design at affordable prices. They also have in-store conveniences e.g. coffee
shops, restaurants and children daycare/entertainment facilities.
Reference:
https://www.whataventure.com/blog/10-inspiring-business-models/
https://www.quora.com/What-are-some-examples-of-market-development
