Students were asked to summarize their required chapter readings from Kaplan and Warren:
The Art of Innovation –Developing Ideas and Business Opportunities i. In this section, I learned that one of the traits of entrepreneurship is to not be afraid of constant innovation. An idea needs to be developed, improved, protected, and innovated. You don’t necessarily need to come up with a brand new product. Redeveloping a new aspect of an old idea is an opportunity for success. Creating something from scratch is always hard. There is probably someone in the world who has thought of the same idea before you. Making a process more efficient has always been interesting to me. Having a new defined plan is really helpful to a lot of people, and I think I am good at coming up with these.” – CR
Designing Business Models – An important topic addressed in this chapter is identifying the audience for whom you are creating a product or service for. Then, how will this be executed? A couple business models were discussed; the first model began with identifying the value of the product, adding a cost structure, and devising an implementation strategy for success. A second model gives more consideration to the consumer as it requires the decision makers to determine what specifically appeal the product or service has to the consumer. There must always be conscious attempts to identify with the client or consumer for which you are servicing.” – KD
