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Accounting Advertising Advisor Analysis Apps Balance Sheet Barriers to Entry Beachhead Benefits Better Books Brainstorming Brainwriting Budget Business Flow Business Model Cash Flow Commercialization Communications Competition Competitive Advantage Consultant Corporate Entrepreneurship CQs Creativity Critical Success Factor Culture Customer Decisions Deploy Design Develop Differentiation DXpedition Earn EBITDA Education Effectiveness Elevator Pitch Entrepreneur Entrepreneurship Environment Evolution Executive Summary Exercise Expenses Expertise Failure Finance Financial Objectives Flowchart Focus Funding Fuzzy-to-Firm GizmoGadget Glossary Goals Habits Healthy Venture Hiring HOTI Chart Hypothesis Ideas Ideation Income Statement Industry Industry Research Innovate-A-thon Innovation Innovator Intellectual Property Internet Intrapreneurship Invention Inventory Investor Iteration Knowledge Launch Leadership Lean Startup Learning Legal Machines Management Manpower Market Research Marketing Marketing Brochure Material Media Mentor Methods Mindset Mission Mistakes Money Motivation Myths Name Niche Market Objectives Operating Agreement Operations Opportunity Passion Patents People Planning Positioning PR Presentations Price Problems Process Flow Product Development Productivity Profit Progress Promotion Prototype Publicity Questions Refine Research Resources Return on Investment Roadmap Sales SCAMPER SCORE Scorecard Skills Slides Solution Development Solutions Something SPLUCK Start-up Stimulation Strategies Strategy Structure Success SWOTT Tactics Tagline Target Market Team Teamwork Technology Readiness Levels Terminology Terms Thinking Tools Transformation TRL Validation Value Venture Venture Capital Venture Creation Venture Plan Vision Work Worth Writing

Android Apps I've found most useful ...

Google Keep (notes and lists), Memento (relational database), Squid (graphics and notes), Evernote (notes and articles filing, document scanning), File Commander (file management), Open Camera (photography), Google Drive (file storage and document scanning), Google Calendar (time management), Here WeGo (offline maps and navigation), Skype (video communications), Google Voice (text messaging, telephone), LinkedIn (personal networking), Gmail (email), LastPass (password management), Night Clock (soft night clock), ClockSync (time), OpenTable (dinner reservations), OurGroceries (shopping, to-do, packing lists), OfficeSuite (off-line word processing, spreadsheet, pdf), Google Slides (off-line presentations), Google Docs (on- and off-line word processing), Chambers Thesaurus (offline thesaurus), Chambers Dictionary (offline dictionary), Amazon Music (off- and on-line music), Speedtest (internet performance measurement), Easy Voice Recorder (audio recording), Google Photos (photography storage), Amazon Kindle (books and materials), Touch RPN (RPN calculator), Blogger (blogging), AP News (news) ... [- Jim]

The Role of a New Business Development Team Mentor

Experienced mentors can help innovators and entrepreneurs effectively and efficiently move their venture concept through the research, ideation, test, and planning stages to resourcing, launch, stability, sustainability, and growth. The role of a new business venture development team mentor is wide-ranging:

1] Mentor: experienced and trusted adviser (typically an unpaid, voluntary, part-time role)
2] Adviser: an expert willing to share their knowledge and opinions
3] Business Plan Editor: a mentor is best used in an editor role, rather than a writer
4] Voice of the Customer: keeps a light on the customer pain-pleasure spectrum
5] Voice of the Competition: ignoring the competition is never a good strategy, and there is always competition (alternatives, substitutes, replacements)
6] Voice of the Stakeholders: everyone involved with the venture must win
7] Voice of the Team Members: a balanced team is a productive team
8] Domain Expert: teaching from education and experience
9] Soothsayer: foresees the future based on experiences from the past
10] Angel Advocate: supports the team and venture, internally and externally
11] Consultant: professional expert advice (usually compensated to perform specific tasks)
12] Moderator: arbitrator, mediator
13] Coach: helps the team iterate and pivot as needed
14] Board Member, Director (not an ordinary role): helps govern the affairs of an organization
15] Teacher: instructor, guide
16] Innovation Stimulator: innovation is a continuing journey, not a destination
17] Collaborator: partner with the venture team
18] Friend: personal confidante and sounding board
19] Tool Technician: helping the team use the right tool at the right time for the right purpose
20] DXpedition Tour Guide: Discover, Define, Design, Develop, Deploy

Innovation Impact Roadmap



For 20+ years, I taught in the University of Arizona entrepreneurship program which, at one point, was ranked #1 in the world by several major business publications. 

On the whiteboard in my office, I drew a roadmap of the new venture creation process. It was, in essence, the syllabus for our entrepreneurship program in graphical form. [I was the keeper of the whiteboard, not necessarily the author of all that was there! I had some pretty wise and wonderful UA collaborators as well as entrepreneurship gurus from around the world from which the information was collected.]

Students and colleagues at UA would ask if they could take a photo of the whiteboard. Of course, yes! And I did the same. I took a photo, but ... I wanted to add a bit more here and there. And then I got carried away!! So ... the diagram you see today is the result.

One of the struggles we encountered, in teaching entrepreneurship concepts and building new ventures, is that the process is not particularly time-linear. It is often iterative, a back-and-forth process. Hence, a roadmap outlines the elements that need to be addressed, but not necessarily a hard path in doing so. At some point, the venture team should visit all the "attractions" on the map, but the order of the trip may vary depending on the nature of the venture.

The "main highway" is the mission statement, highlighted in yellow.

Essentially,this roadmap for innovation commercialization is an entrepreneurship checklist, ... the key elements that should be considered and addressed when putting together a plan for a new business venture.

PDF, JPEG, and PNG versions are available here: InnovationImpactRoadmap.com

--Jim

[7.26]

The Critical Success Factor

There are multiple factors that directly influence the health and wealth of any given business venture. These factors may be diverse and different depending on the nature of the business. The Critical Success Factor, however, is common to virtually all business ventures.

The Critical Success Factor: Earn a Profit Solving Customer Problems Better than the Competition. It is do, or die. A venture dies for one of three reasons: 1] It didn't earn a profit; 2] It didn't solve its customer's problems; 3] It wasn't better than the competitive alternatives.

Earn a Profit Solving Customer Problems Better than the Competition ... The Critical Success Factor for all business ventures.

Critical ... having the potential to become disastrous
Success ... attains prosperity
Factor ... a circumstance that contributes to an outcome

* Earn ... Teamwork!  A business employs a team of people working together to continually and profitably solve customer problems better than competing alternatives. Healthy, growing ventures follow a clear business model. An educated, experienced, collaborative, communicative team with key core competencies is paramount to success.

* Profit ... The monetary value captured by a business is appropriately called earnings. After all expenses are accounted, earnings become profit. Profit is a reward for doing a good job solving customer problems. A key source of growth funding for a business venture is earned profit. While the profit reward is "financial", the reward can and should have other elements, too. In a healthy venture culture it can actually be "fun" going to work and being part of the team, and their may well be some "fame" that results from delivering valued solutions to customers.

* Solving ... Solutions to customer problems are typically combinations of products, services, process, and methods. However, the world keeps changing as do customers and competitors. Solving customer problems, new and old, is a continuing process for sustaining a healthy venture.

* Customer ... Customers are the primary source of revenue for a business venture. Some business ventures may have only a few key customers, others may have many. A group of customers that share similar traits comprise a market segment. Many business ventures may serve multiple and varied market segments. A business venture exists to serve its customers.

* Problems ... Customer needs, wants, desires, and situations that can be adequately addressed  and resolved in a reasonable time and expense are good opportunities for a business venture.

* Better ... Continually improving value is critical to sustaining a competitive advantage. Scientists and engineers often think about innovative solutions in terms of the fit, form, function, features, and performance. The entrepreneur thinks in terms of the benefits customers will receive. Value is measured by comparing the benefits to the price. Value can be increased by delivering better benefits to customers, by lowering the price, or both. Customers decide what offers the better value. In the long run, the products, services, processes, and methods that deliver a better value win the business.  In short: Value = Benefits / Price

* Competition ... There are (almost) always competing solutions and ventures from other sources that are directly comparable to our solution. This competition includes indirect alternatives, substitutes, and replacements that could serve customer requirements. Best to assume we have competition, even if we don't yet know who or what. Competition is not always a bad thing ... competitors can help validate and build new markets, and sometimes competitors can become collaborative partners.