Sunday, October 31, 2010

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

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