When innovation is a cornerstone of business strategy there are several potential pitfalls.
Premium position captivity, the most dangerous part for market leaders thinking that the level of innovation that has worked in the past will ensure bring success in the future , it is all depend on which market we would like launch the products, these days market strategy changes even through basic fundamental will be same but with new ideas.
Breakdowns in innovation management, is frequently seen in business these days, the management of internal processes for updating exiting products and services while creating new ones. This can occur in any part of the innovation process, from basic research and development to product commercialisation. The solution is to carefully manage, monitor and measure innovations.
There are various procedures to it?
Are they proceeding well?
Where are the potential challenges?
How are these being addressed?
Incase you fail to understand the market, and unable to change on timely manner, it can lead you to huge losses in life.
At time people laugh at new ideas but there is always 50% up chances to make it successful, it is all within the hand. Problem appears but solution is always in our hand .
Never Give Up Your Dream In Life!
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Copyright SK Sandhu 2018