Our Formula for Success
We start with the basic concept: The defining characteristic of entrepreneurship is the ability to identify opportunities not yet seen by others. This concept is a "built-in," central feature of Planned Innovation. (Note: the willingness to take risk, also widely considered a defining characteristic of entrepreneurship, is also addressed with Planned Innovation by ultimately reducing perceived risk, as discussed below.)
Next, by applying the unique Planned Innovation model for defining product-markets to redefine a firm’s business, a lasting market-orientation is embedded in the management philosophy and operating procedures of the firm. That orientation will remain as long as it uses the Planned Innovation process. Thus a firm embracing Planned Innovation for a number of years develops a continual entrepreneurial, market-oriented outlook for identifying unmet customer needs and their value.
Next, add in coaching on the use of the Planned Innovation model of requirements for successful innovation, with its scientific logic and procedures for guiding the selection and evaluation of opportunities, and the firm gains the power to predict with understanding all the requirements for success.
This combination of ingredients reduces the perceived risk of proceeding with developments of new products and services, and thereby encourages entrepreneurial management behavior.