MGT3960 Entrepreneurship Management Fall 2015

"There's a way to do it better—find it."— Thomas Edison

Innovation

Innovation is one of the most important key for a successful business. It is important because it may brings many competitive advantages as following,

1. Build a brand new market that no one to compete yet

2. Compete with other businesses in a new way

3. Mobilize a business and make it easier to access by other potential customers

4.  Increase productivity tremendously

5. Attract capital to help business to grow

It becomes more and more important nowadays because the internet is changing the entire world. The world is becoming more and more flat, so people that across the ocean can come in to your hometown to compete with you easily without you noticing that. The flat world requires that your businesses have to have more competitive advantages to survive.

Dell was successful because it well solves points of pain compares to many other similar companies. They keenly noticed what the market really wants instead of what they thought the market wants at that time and help their clients to solve their problems by providing the customized low-cost but fully functional computer to corporates and small businesses. They hit the points of pain and win the game.

 

 

Author: JIAWEN WU

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