Question

what are sources of innovation ideas ? explain 5 sources of innovation ideas 500-600 words (please donot copy from internet)

Answer 1

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Innovative ideas- innovative ideas means to have new ideas to the business successful and indifferent from others to save the business from competition and to have monopoly. For this, innovation is essential to attain major portion of the market under control.

Sources of Innovations ideas- Many important sources of innovative ideas are- Variation in perception ,meaning and moon, demographics, New knowledge, change in market structure, incongruity, process need.

1)New knowledge- Due to automation , number of opportunities has arise. Now, one can have access on new skills by educational research. Entrepreneur can have innovative ideas by enhancing knowledge regarding available research and technological availability. Via it, success in business can achieve. For example, Intel , a microprocessor is successful due to constant working according to available research and by adopting new technological skills.

2) process need- In this vision is essential and emotional and professional stability is crucial . entrepreneur can find out the yearly outcome of the business and afterwards can check profit and loss on business and can see what are the reasons for fall in the business and how and by which methods they can be converted in to profits. It reveals the capability of turning losses in profit and to be successful via innovative ideas. In this entrepreneur , try to make internal part of organization more fruitful rather than looking in to market customers.

3) Demographic change - Demographic relates to nation. In a nation, there is always have fluctuations in individual taste and preferences, level of income and population growth. Sometimes level of income fall due to increase in price and sometimes level ofincomerise To be innovative and different from others it is essential to keep an close eye on all changes and prepare a product according to needs and time preferences to protect it from becoming obsolete and to increase products demand in the market.

For the newly entered businesses it is essential to have vision of demographic change.

4) Change in market structure-Market is flexible and market forces are also flexible .Every time regulations change and production of some product increases while others decline. One have to work according to regulations if not successful company even can have losses.

The incongruity- Here it is essential to decide what do and what not to do. For example, how much quantity to produce and which products to reject due to less demand or high cost. In this way, profits in business can gain by beating the existing competition. It is actually very tricky. One an have knowledge of dissatisfaction of customers by decrease in product demand, by having complaints and by working on complaints , that production should be produce which can attain market for profit.

Therefore by having Variation in perception ,meaning and moon, demographics, New knowledge, change in market structure, incongruity, process need, business successful and indifferent from others to save the business from competition and to have monopoly. For this, innovation is essential to attain major portion of the market under control.