Unlocking Fast-Phased Innovation by Better Managing the Knowledge We Have
Knowledge is one of the most important resources that organizations possess. However, they don’t always manage it well. Consequently, they lose important organizational capabilities, which can negatively impact business results. Communication isn’t always effective. We forget things easily. The pace at which we learn is slower than it could be. In the midst of getting […]
VUCA! “It’s crazy out there…”
Keywords Volatility -> The level of changes in the environment Complexity -> The level of interconnectivity and interdependence of multiple components of the system Ambiguity -> The level at which we understand the meaning of something Uncertainty -> How much we know about the situation Today’s business environment is becoming more and more […]
Static Business Plan versus Dynamic Business Model — The Difference and Why It Matters
Static business plans are based on the assumption that the external environment is relatively stable and predictable. This may have been true in the past, but in today’s rapidly changing business landscape, it is no longer realistic. Dynamic business models, on the other hand, are designed to be flexible and adaptable. They take into account […]
Sketching a Lean Canvas
Lean Canvas is an adapted version of Alex Osterwalder’s Business Model Canvas. Entrepreneur Ash Maurya developed the Lean Canvas to simplify, ease, and speed up the process of generating and evaluating business ideas. Source: Running Lean The Lean Canvas is: It is a lightweight version of the Business Model Canvas. It is a one-page, […]
The Perfect Founding Team
Building a successful startup is no easy feat. There are so many factors that need to come together in order to create a product that people love and a business that is profitable. The founding team is one of the most critical factors in a startup’s success. A great founding team makes the difference between […]
Not All Business Owners Are Entrepreneurs
What is entrepreneurship anyway? Various definitions have been offered for this concept, but there is no one definitive answer. As opposed to the common misconception, entrepreneurship is not just starting and running your own business. The word “entrepreneur” is often used interchangeably with “business owner,” but the two are not the same. Being an entrepreneur […]
Three Risks to Consider as a Startup Founder
First of all, let’s define what we mean by risk.
Should I Quit My Job When Starting a New Business? — Notes on Hybrid Entrepreneurship
Are new entrepreneurs better off quitting or keeping their day jobs when they start a business? Researchers Joseph Raffiee and Jie Feng examined the performance of hybrid entrepreneurs compared to full-time entrepreneurs. In their fascinating study, they identified and carefully analyzed data collected from over five thousand individuals who became entrepreneurs. According to their study, […]
Defining Innovation
Researchers at Bangor University (UK) and Manchester Metropolitan University (UK) collected more than 60 definitions of innovation found in the literature from 1953 to 2008. They examined these definitions according to six attributes: nature of innovation, type of innovation, stages of innovation, social context, means of innovation, and aim of innovation. Following their research, they […]
The Three Types of Innovation
Very often we categorize all innovation activities in the same way. However, different types of innovation activities affect organizations differently and they also need to be managed differently. According to Clayton Christensen, we can distinguish between three different kinds of innovations.