Reflection on Chapter 5

According to WiKi "Innovation comes from the Latin innovātus which means to renew. Innovation can therefore be seen as the process that renews something that exists and not - as is commonly assumed - the introduction of something new."

Here are 10 Rules of Success for entrepreneurs.

1.Do what you love to do.
2.Be different.
3.Do your best
4.Make SWOT analysis
5.Be entrepreneurial
6.Start small, think big.
7.Strive to become a market leader
8.Focus on the outcome
9.Ask for feedback.
10.Innovate
11.Learn from failures
12.Learn continually.

Innovation is about creating value and increasing efficiency, and therefore growing your business. It is a spark that keeps organizations and people moving ever onward and upward. "Without innovation, new products, new services, and new business models would never emerge, and most organizations would be forever stuck doing the same old things the same old way

Reflection on Chapter 4: Creating a Strategy

Creating a Strategy!!

Vision: "I see a world where..."

Mission: "In that world, we intend to..."

Strategy: "We will achieve this mission by..."

The important thing is

Finding a Real Vision Thing

Mission Without Strategy Is Just Bombast

Strategy – Plan = Hot Air

Strategy is also to planning, decisions and organizational leadership

what could be an ethical delimma you face in your business

There 3 things we need to consider before conducting the business.

1.Is this legal?
ou must find out whether acting on your thoughts would make you violate any law and eventually put you behind bars.

2.you need to ask yourself if the act would be a balanced one. Would it be just to all concerned, and result in situation where everybody involved ends up benefiting?

3. is this the right thing to do
it is important you look inwards and pay attention to how the decision makes you feel.

BUS 600- 3~6 ideas for Chapter 1&2

I have learn the below concepts from this chapter.

1.Market Analysis
Market analysis is a documented investigation of a market that is used to inform a firm's planning activities particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company.

2.Competitive Analysis
Business takes place in a highly competitive, volatile environment, so it is important to understand the competition. Questions like these can help:
Who are your five nearest direct competitors?
Who are your indirect competitors?
Is their business growing, steady, or declining?
What can you learn from their operations or advertising?
What are their strengths and weaknesses?
How does their product or service differ from yours?

3.Distribution Channel
distribution channel is a method of getting a product to its consumer

4.Marketing Mix
Four P's, the marketing mix elements are price, place, product, and promotion.

Those concepts really lead a way to people who wants to make their company profitable and keep growing. To apply those concepts to the real world business is also essential, It would really do help me to have a different kind of thinking when making business decision. It's always good to know and understad more that could really help me to make appropriate decision and strategy.