Developing an innovative business idea

An innovative business idea is completely new to the market. It may be a technical product, but also to a new distribution channel, a new service or a new manufacturing process. An innovation may be an improvement of some existing such as the new design of the iMac. An innovation can also be so radical that they revolutionized the existing market conditions. Has done as grocery stores and IKEA in the furniture industry.

+ Advantages: You embark on unoccupied territory. There are from the customer's perspective no comparable offer. The profit opportunities are enormous in a radical innovation. And that's adventure and entrepreneurship at its best.

- Disadvantages: The advantages are also the disadvantages: Uncharted waters is unknown risks and opportunities to make mistakes. If you want to revolutionize the market, making the existing business field dispute. This will not be easy like and leave no stone unturned to throw your business back from the market.

Tips: Innovative business ideas ever put on at unsolved problems or unmet needs. Pay attention to problems or annoyances of customers. Find a way to offer a product or service decisively better or cheaper. Be aware that innovative business ideas great opportunities but also pose great risks.

That doesn't mean we're perfect, but when we make mistakes we fix them.
As you learn as an entrepreneur, your dreams and goals, step by step to actually achieve
I have thought long what advice, what kind of advice I can give you in my Christmas e-mail on the way into the next year. It struck me again and again an article one, which I read last year about Michael Phelps, the American world-class swimmer, the say at the 2008 Olympics in Beijing and write 8 gold medals won. For this new record, he received from his sponsor a prize of 1 million dollars. With this money Michael Phelps set up a foundation whose first action was an educational program for children. This program was entitled "Dream, Plan, Reach".

In this program, children should learn to set goals, take responsibility and practice discipline. Dreaming, planning, achievement. Well, that could easily be the content of a training program for operators, right? This title is at least for me an apt motto for the next days.

I do not know how about you, but next to the hustle and bustle and the stress around the Christmas, for me is the time 'between the years', the days between Christmas and New Year, always something special. These days it is actually once quiet, there will be time to think, because I will not be distracted all the time by some everyday things and daily business. It's cold, darkness falls early and most people are in their homes. Like a veil settles a pleasant rest of the country. Time stands still a little. I see then back on the year that is ending and think about what I have experienced and done, how far I have come closer to my dreams. Then I think about what I have dreams and goals for the next year.

I have learned that putting through training, planning, goals and informed choice of action, anything is possible', Michael Phelps said in an interview. In fact, the program 'dreams, plan, achieve' a powerful tool. Read More