The Landscape of Business Opportunity

Organization-is an arrangement of relationship in that it exists in the spaces between people. * Organization exists to address human needs. * Technological progress would quickly change the rules. * Individuals aim to make the best decision available given a desire to address a wider sphere of concerns that purely economic self-satisfaction and taking into account limitations in knowledge. * New organizational form must be more productive * More efficient at using resources that existing organizational form. * Effective entrepreneurs know the landscape in which they are operating. * They know where the spaces are and how they fit between the built-up areas. * They know which buildings can be pulled down and which are best left standing. * They know where to move in and build themselves.

Innovation and the Exploitation of Opportunity

Business Opportunity-is the chance to do something differently and better.
Innovation-is a way of doing something differently and better. * An innovation is a means of exploiting a business opportunity.
Innovation in Economics-all goods (whether physical products or services) are regarded as being made up of three factors: * Natural raw materials * Physical and mental labor * Capital (money)
Innovators-people who create new combination of these factors and then present them to the market for assessment by consumers.

Areas of Innovations 1. New Products-one of the most common forms of innovation is the creation of a new product. * This may exploit an established technology or it may be the outcome of a whole new technology. * The new product may offer a radically new way of doing something or it may simply be an improvement on an existing theme. * The new product must offer the customer an advantage if it is to be