Something that I found interesting about the reading was the section about the different types of innovation. The different type of innovation are disruptive, radical and architectural. It was interesting thinking about how different kinds of innovations affect the world in different ways. For example, in disruptive innovation, someone who invents something new in the market will disrupt the business of others in that same market. This is something I just never really thought of about innovation.
Something that was confusing to me in the reading was the section on managing trade-offs. Reading this section, I wasn't quite sure how to manage these trade-offs as much as I understood what exactly they were.
If i were to ask two questions to the author, they would be 1) how EXACTLY do you manage the trade-offs you described, and 2) what are some tips for people who want to be able to become more innovative?
Something I disagreed with about the reading was when the author said that only senior leaders in the organization can set the innovation strategy. I think any and all members of an organizations should have the opportunity to be innovative and contribute their ideas on what should be done next. My reasoning is that even the people at the very bottom could have incredible creative abilities. Everyone should be given the chance at being innovative.
Showing posts with label Week 11. Show all posts
Showing posts with label Week 11. Show all posts
Sunday, March 27, 2016
Amazon Whisperer
1) Revenue drivers
The main revenue drivers I have for my company include in-app purchases and advertisements. For example, people could pay to upgrade to a version without ads or that has more games available.
2) What's next?
The next thing my customers might want is a log on the app so they can keep track of their favorite calming exercises and their progress.
3) How will that enhance it?
I think that adding an option to log their progress, customers will feel more accomplished when trying to manage their anxiety. Keeping track of calming techniques will also help people figure out what works best for them.
4) Similar Product
Because my product is an app, I went to the Apple App Store instead to find a similar service to mine. Here is the link to an app I found called "Relax: Stress and Anxiety Relief": https://itunes.apple.com/us/app/relax-stress-anxiety-relief/id409665681?mt=8
Here is an image of the app as well:
The main revenue drivers I have for my company include in-app purchases and advertisements. For example, people could pay to upgrade to a version without ads or that has more games available.
2) What's next?
The next thing my customers might want is a log on the app so they can keep track of their favorite calming exercises and their progress.
3) How will that enhance it?
I think that adding an option to log their progress, customers will feel more accomplished when trying to manage their anxiety. Keeping track of calming techniques will also help people figure out what works best for them.
4) Similar Product
Because my product is an app, I went to the Apple App Store instead to find a similar service to mine. Here is the link to an app I found called "Relax: Stress and Anxiety Relief": https://itunes.apple.com/us/app/relax-stress-anxiety-relief/id409665681?mt=8
Here is an image of the app as well:
This service is similar to mine in that it offers calming music and a log for people to track how they manage their anxiety. This app also features mediation and breathing patterns, which mine does not. However, my app includes a help line and a social media function for people to get real-time help.
5) Customer Reviews
Over all, the reviews on the app were pretty positive. However, I did find a couple of things that people seemed to want to change. One person said they would like the app to be able to rotate when used on a tablet. Another said that there were some glitches when hooking it up to bluetooth speakers. Another said the home icon constantly disappears after a day or so.
6) Changes
I would definitely add a social media function on the app. I think being able to connect with other people who have anxiety is key in managing the illness. Feeling like you are alone is one of the main struggles with people who have anxiety. I would also add in calming games because challenging the mind can also be a big stress relief.
7) Good addition?
I think this product would make a good addition to my business idea because it seems to have some well-thought-out breathing tactics. I think knowing how to control your breaths is extremely important in relieving anxiety, and this app has gotten it. I would love to incorporate that into my service.
Wednesday, March 23, 2016
My Unfair Advantage
Resources in my Venture:
1) Passion
Valuable: My passion is valuable because being someone with anxiety, I have a passion to help others cope with it which fuels my business concept.
Rare: Though having anxiety isn't rare, someone wanting to create a business to help people with anxiety is.
Inimitable: It isn't very inimitable because it's hard to find someone with as much passion about this.
Non-substitutable: It is non-substitutable because you can't replace passion.
2) Large target market
Valuable: Having a large target market is really valuable because it means the longevity of my business venture is very good.
Rare: Having a large target market really isn't that rare, but not many companies specifically target my customers, which are people who have anxiety.
Inimitable: This is pretty inimitable unfortunately.
Non-substitutable: You can't really substitute a large target market for a smaller one with the same idea.
3) Creative idea
Valuable: Having a creative idea is very valuable because people will be intrigued by the idea and want to invest or check it out.
Rare: Creativity isn't necessarily rare, but my specific idea is rare because there is a surprising lack of services out there dedicated to people who have anxiety.
Inimitable: Creativity can never be copied, so this isn't very inimitable.
Non-substitutable: There is not substitute for creativity.
4) Tenacity
Valuable: Tenacity is very valuable because that means that the venturer will stop at nothing to make sure the business is successful.
Rare: Tenacity is kind of rare because it's a skill that some people possess and some people may not.
Inimitable: Since tenacity is a skill, it can't really be copied.
Non-substitutable: You can't really substitute tenacity and hard work with anything else.
5) Experience
Valuable: My experience in having anxiety is really valuable because I can understand the needs of my customers and tailor my app to them.
Rare: This is kind of rare because not many venturers are also part of the target customer base.
Inimitable: You can't really copy personal experiences.
Non-substitutable: You can't replace you personal experiences with other experiences.
6) Contacts
Valuable: Having contacts in your field is very valuable because they will be able to help you along the way in your venture.
Rare: Sometimes it can be hard to find good contacts that will help you in your venture, so this is kind of rare.
Inimitable: This can be copied because everyone has opportunities to network and establish contacts.
Non-substitutable: You can't really replace the fact that you have great contacts to reach out to for help.
7) Empathy
Valuable: Having empathy for your customers is very valuable because you can understand their needs and how to fix that.
Rare: Though empathy is not a rare quality, companies establishing empathy for their clients can be.
Inimitable: You can't really copy the quality of empathy.
Non-substitutable: Empathy for your customers can never be replaced.
8) Leadership Skills
Valuable: Leadership skills are very valuable in any venture because you have to be able to lead and motivate a large group pf people in order to meet your overall goal.
Rare: Though leadership skills are not rare, some qualities of a good leader are, such as kindness.
Inimitable: Having good leadership skills can be copied, but every leader is different.
Non-substitutable: There is no replacement for good leadership skills.
9) Funding
Valuable: Access to people who want to invest in your company and having access to your own fund is extremely valuable because any venture needs financial capital to get started.
Rare: Funding can sometimes be rare, especially when considering college students because we often don't have enough money to eat that night much less invest in a business idea.
Inimitable: You can't really copy funding, but you can go after the same investors that your competitor did.
Non-Substitutable: You can't ever substitute funding for anything else.
10) Communication/Marketing
Valuable: My skills in communications and marketing is valuable because I know how to specifically target marketing strategies to specific audiences.
Rare: Communication skills are pretty rare, especially in a world where technology is becoming more and more prevalent.
Inimitable: You can't copy communication skills. They are learned.
Non-substitutable: There is no replacement for good communication skills.
Most Important Resource
I think my most important resource is passion. Living with anxiety for 10 years, I definitely know what works and what doesn't to help me cope with it. I know exactly how people feel when they get diagnosed as well as when they need to figure out ways to help cope with the illness. Because I felt so lost for so long, I want to eliminate this feeling for the millions of people around the world who struggle with anxiety. I don't want anyone to feel like they are alone or there is nothing out there that will help them. This passion is what is fueling me to complete this venture. Therefore, it is more important than any other resource that I have.
1) Passion
Valuable: My passion is valuable because being someone with anxiety, I have a passion to help others cope with it which fuels my business concept.
Rare: Though having anxiety isn't rare, someone wanting to create a business to help people with anxiety is.
Inimitable: It isn't very inimitable because it's hard to find someone with as much passion about this.
Non-substitutable: It is non-substitutable because you can't replace passion.
2) Large target market
Valuable: Having a large target market is really valuable because it means the longevity of my business venture is very good.
Rare: Having a large target market really isn't that rare, but not many companies specifically target my customers, which are people who have anxiety.
Inimitable: This is pretty inimitable unfortunately.
Non-substitutable: You can't really substitute a large target market for a smaller one with the same idea.
3) Creative idea
Valuable: Having a creative idea is very valuable because people will be intrigued by the idea and want to invest or check it out.
Rare: Creativity isn't necessarily rare, but my specific idea is rare because there is a surprising lack of services out there dedicated to people who have anxiety.
Inimitable: Creativity can never be copied, so this isn't very inimitable.
Non-substitutable: There is not substitute for creativity.
4) Tenacity
Valuable: Tenacity is very valuable because that means that the venturer will stop at nothing to make sure the business is successful.
Rare: Tenacity is kind of rare because it's a skill that some people possess and some people may not.
Inimitable: Since tenacity is a skill, it can't really be copied.
Non-substitutable: You can't really substitute tenacity and hard work with anything else.
5) Experience
Valuable: My experience in having anxiety is really valuable because I can understand the needs of my customers and tailor my app to them.
Rare: This is kind of rare because not many venturers are also part of the target customer base.
Inimitable: You can't really copy personal experiences.
Non-substitutable: You can't replace you personal experiences with other experiences.
6) Contacts
Valuable: Having contacts in your field is very valuable because they will be able to help you along the way in your venture.
Rare: Sometimes it can be hard to find good contacts that will help you in your venture, so this is kind of rare.
Inimitable: This can be copied because everyone has opportunities to network and establish contacts.
Non-substitutable: You can't really replace the fact that you have great contacts to reach out to for help.
7) Empathy
Valuable: Having empathy for your customers is very valuable because you can understand their needs and how to fix that.
Rare: Though empathy is not a rare quality, companies establishing empathy for their clients can be.
Inimitable: You can't really copy the quality of empathy.
Non-substitutable: Empathy for your customers can never be replaced.
8) Leadership Skills
Valuable: Leadership skills are very valuable in any venture because you have to be able to lead and motivate a large group pf people in order to meet your overall goal.
Rare: Though leadership skills are not rare, some qualities of a good leader are, such as kindness.
Inimitable: Having good leadership skills can be copied, but every leader is different.
Non-substitutable: There is no replacement for good leadership skills.
9) Funding
Valuable: Access to people who want to invest in your company and having access to your own fund is extremely valuable because any venture needs financial capital to get started.
Rare: Funding can sometimes be rare, especially when considering college students because we often don't have enough money to eat that night much less invest in a business idea.
Inimitable: You can't really copy funding, but you can go after the same investors that your competitor did.
Non-Substitutable: You can't ever substitute funding for anything else.
10) Communication/Marketing
Valuable: My skills in communications and marketing is valuable because I know how to specifically target marketing strategies to specific audiences.
Rare: Communication skills are pretty rare, especially in a world where technology is becoming more and more prevalent.
Inimitable: You can't copy communication skills. They are learned.
Non-substitutable: There is no replacement for good communication skills.
Most Important Resource
I think my most important resource is passion. Living with anxiety for 10 years, I definitely know what works and what doesn't to help me cope with it. I know exactly how people feel when they get diagnosed as well as when they need to figure out ways to help cope with the illness. Because I felt so lost for so long, I want to eliminate this feeling for the millions of people around the world who struggle with anxiety. I don't want anyone to feel like they are alone or there is nothing out there that will help them. This passion is what is fueling me to complete this venture. Therefore, it is more important than any other resource that I have.
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