Elements of a Mission Statement

A mission statement is a description of how the team will achieve the vision for the venture. A mission statement should include a summary of ...
... Core values
... Target customers
... Stakeholders
... Products
... Competitive advantage
... Values provided to customer
... Markets served
... Industry

Mission statement seed: "We will earn a profit solving customer problems better than the competition."

Killing Creativity

Creativity is such a fragile creature, easily wounded, often destroyed. A few of the weapons, simple phrases or actions, that can be used to kill creativity include the following ...

• We don't take any risks around here ...
• We don't have time ...
• It would take too long ...
• We don't have resources ...
• Well, maybe tomorrow ...
• It's not my job ...
• It's not your job ...
• That's a dumb question ...
• The rules are ...
• You're going to fail ...
• It would cost too much ...
• It's impossible ...
• Why don't you write a report ...
• It's not your job ...
• That's been done before ...
• That's not how we do things around here ...
• Their ideas don't count ...
• Well, maybe next week ...
• That's a stupid idea ...
• Yes, but ...
• Well, maybe next year ...
• If it ain't broke, don't fix i t...
• It's good enough already ...
• We don't have money ...
• It's never been done before ...
• We tried that and it didn't work ...
• I don't like it ...
• Our customers wouldn't like it ...
• That's not really creative ...
• That's crazy ...
• (Yawn)

5K

Elements of Successful Innovations

1. Relative advantage ... the perceived superiority of an innovation over the current product or solution it would replace. This advantage can take the form of economic benefits to the adopter or better performance.
2. Compatibility ... the perceived fit of an innovation with a potential adopter’s exiting value, know-how, experiences, and practices.
3. Complexity ... the extent to which an innovation is perceived to be difficult to understand or use The higher the degree of perceived complexity, the slower the rate of adoption.
4. Trialability ... the extent to which a potential adopter can experience or experiment with the innovation before adopting it The greater the trialability, the higher the rate of adoption
5. Observability ... the extent to which the adoption and benefits of an innovation are visible to others within the population adopters. The greater the visibility, the higher the rate of adoption by those who follow.
6. Functional performance ... an evaluation of the performance of the basic function
7. Acquisition cost ... initial total cost
8. Ease of use ... use factors
9. Operating cost ... cost per unit of service provided
10. Reliability ... service needs and useful lifetime
11. Serviceability ... time and cost to restore a failed device to service
12. Compatibility ... fit with other devices within the system

5k

Phases of Innovation

1. Preparation ... focus on the problem or opportunity, and who it affects
2. Exploration ... identify current solutions, alternatives, and substitutes
3. Stimulation ... use creativity techniques to trigger new ideas, concepts, and solutions
4. Incubation ... give the new ideas some time and thought
5. Illumination ... identify new ideas, concepts, and solutions
6. Selection ... establish and use clear criteria for selecting the "best" concept
7. Planning ... decide how to implement the concept
8. Implementation ... put the plan and concept to work
9. Evaluation ... determine if the new concept is working
10. Iteration ... apply incremental improvement to the concept, or start over

5K

Right and Left Brain

You got two brains, use them ... but not both at the same time!


LEFT BRAIN characteristics ...

• ANALYTICAL
• Logical
• Sequential
• Rational
• Objective
• Looks at parts
• Conventional
• FOLLOWS THE RULES ...

RIGHT BRAIN characteristics ...

• CREATIVE
• Intuitive
• Holistic
• Synthesizing
• Subjective
• Looks at wholes
• Transformational
• BREAKS THE RULES ...

[Thank you, Roger Sperry]

[2.09]

Elevator Pitch Tips

1. Figure out what is unique about what you do: The whole idea behind a great elevator pitch is to intrigue someone. It's an ice-breaker and a marketing pitch — all rolled into one. Your elevator pitch must have a hook. "I own a flower shop downtown" doesn't hold a candle to "I'm a specialty florist who deals in rare, South American tropical flowers that bloom in the winter."
2. Make it exciting: A superior elevator pitch increases your heart rate. It speaks to who you really are and what excites you about your business. It has integrity. What is it about your business that really motivates you? Incorporate that.
3. Keep it simple: A good elevator pitch doesn't try and be all things to all people. Rather, it conveys a clear idea in a short amount of time. It might be a few sentences, but no more than a paragraph or so. Keep it under 30 seconds.
4. Write it down: Use the guidelines above and take a stab at it. Write down your pitch, say it out loud, re-write it, and then re-write it again. Remember what I always tell my daughters: "Writing is re-writing!"
5. Practice, and then practice some more: The first few times you try out your elevator pitch may be a bit uncomfortable, but it gets easier. After a while, it will become second nature to you, and when it does, you will be glad you practiced.

[Thank you, Steve Strauss]

Name Calling!

Picking a name for a new venture, product. or service is not easy. It may well be one of the hardest things we'll ever do in our venture.

Picking the wrong name could prove disastrous; the right name (brand) could add many sales dollars.

The following checklist should help. However, it is unlikely that any name will meet all these criteria, and there have been many successful names that met but a few.

Good luck!

1. Can we get the .com URL for the name we want? 
2. Is the name distinctive?
3. Is the name instantly recognized?
4. Is the name easy to remember?
5. Is the name pleasant to see?
6. Is the name pleasant to say?
7. Is the name easy to spell?
8. Is the name itself confusing?
9. Is the name easily confused with other names?
10. Is there a connection between the name and the product, service, or business venture it represents?
11. Does the name suggest what the business venture, product, or service does? If not, the tagline that accompanies the name may have to carry more communications weight.
12. Is the name descriptive of the benefits offered by the product, service, or business venture?
13. Does the name convey the proper image?
14. Does the name fit customers expectations?
15. Does the name reinforce customer expectations?
16. Are there any negative connotations with the name
17. Is the name limiting?
18. Does the name coordinate with other names used in the organization?
19. Does the name work in all target markets?
20. Can the name be legally protected? Check with USPTO.gov and your state corporation commission to see if the name you want is already taken. If it is, start over!
21. Can the name be used in other countries?

[4.01]

Sources of Innovation Opportunity

1. The unexpected success, failure, or outside event
2. The incongruity between reality as it actually is and how reality is perceived
3. Innovation based on process need
4. Changes in industry structure or market structure that catches everyone unaware
5. Demographic (population) changes
6. Changes in perception, mood, and meaning
7. New knowledge, both scientific and nonscientific

[Thank you, Peter F. Drucker]

Teamwork Skills

1. Listening ... it is important to listen to other people's ideas. When people are allowed to freely express their ideas, these initial ideas will produce other ideas.
2. Discussing ... it is important to discuss your ideas with your teammates until you agree.
3. Questioning ... it is important to ask questions, interact, and discuss the objectives of the team.
4. Persuading ... individuals are encouraged to exchange, defend, and then to ultimately rethink their ideas.
5. Respecting ... it is important to treat others with respect and to support their ideas.
6. Helping ... it is crucial to help one's coworkers, which is the general theme of teamwork.
7. Sharing ... it is important to share with the team to create an environment of teamwork.
8. Participating ... all members of the team are encouraged to participate in the team. (usually consist of three or more people)
9. Communicating ... For a team to work effectively it is essential team members acquire communication skills and use effective communication channels between one another e.g. using email, viral communication, group meetings and so on. This will enable team members of the group to work together and achieve the team's purpose and goals.

[Thank you, Wikipedia]

Traits of Successful Innovators and Entrepreneurs

Able to accept rejection ... able to build new structures ... able to build on the strengths of others ... able to communicate non-verbally ... able to concentrate ... able to control and direct ... able to cope well with novelty ... able to creates internal visualizations ... able to elaborate ... able to escape
perceptual set and entrenchment ... able to express themselves ... able to fantasize ... able to find order in chaos ... able to focus ... able to get along well with others ... able to go beyond logical expectations ... able to handle abstractness ... able to identify problems ... able to imagine ... able to juxtaposition two or more incongruities ... able to keep an open mind ... able to keep options open ... able to make independent judgments ... able to observe trends ... able to organize ... able to perform "miracles" ... able to resist jumping to premature conclusions ... able to see inside-out ... able to solve collision conflicts for which there are no readily apparent solutions ... able to synthesize or combine ... able to think logically ... able to think metaphorically ... able to translate ideas into action ... able to use existing knowledge as base for new ideas ... able to use wide categories and images ... able to visualize ... able to visualize the future ... action-oriented ... adaptable ... adept with numbers ... alert to gaps in their knowledge ... alert to novelty ... ambitious ... analytical ... articulate ... attracted to challenges, not risks ... aware and empathetic of the needs of others ... aware of the world around them ... basically knowledgeable of their target area ... bold ... breaking the boundaries ... charismatic ... colorful ... confident ... considerate ... creative ... creative in a particular domain ... curious ... driven ... earthy ... emotionally appealing ... emotionally expressive ... emotionally stable ... empathetic ... enthusiastic ... ethical ... exciting ... expecting success ... expressive ... flexible ... fluent in areas of expertise ... full of energy ... futuristic ... get along well with others ... good at maintaining interpersonal relations ... good at timing ... good communicators ... good judgment ... good leaders ... good sense of timing ... have good communicative ability ... healthy ... humorous ... imaginative ... in good health ... in need of feedback ... in need of high achievement ... in possession of a positive attitude ... independent ... independent in outlook ... independent in thinking ... innovative ... inquisitive ... intelligent ... intense ... inventive ... know how to organize ... knowledgeable ... listeners ... lively ... loaded with energy ... logical ... looking for opportunities in problems ... looking for problems to solve ... magical ... maintain good interpersonal relations ... not status seekers ... not willing to give up ... objective in their approach to interpersonal relationships ... open-minded ... original ... possessing a sense of urgency ... possessing a vivid imagination ... possessing stamina ... possessing superior conceptual ability ... possessing supra-rational creative abilities ... possessing wide and varied interests ... productive ... proud of what they do ... rational ... realistic ... resistant to closure ... resourceful ... self-confident ... self-starting ... self-sufficient ... sensible ... sensitive to problems ... skilled decision makers ... skilled in good judgment ... sociable ... stimulated by variety ... tactful ... take pride in what they do ... unwilling to conform ... welcome responsibility ... willing and able to make decisions ... willing to accept responsibility ... willing to ask "why?" ... willing to invest in the future ... willing to question norms and assumptions ... willing to solve puzzles ... willing to take a chance ... willing to take calculated risks ... willing to work hard ... word fluent ...

Brainstorming!

A good way to have a good idea is to have lots of ideas from which to choose! Brainstorming is a Creativity Supertool!

1. Brainstorming is a team sport ... support your team members!
2. No criticism ... no "devil's advocates" allowed!
3. Anything goes … wild, crazy, impractical, ingenious ideas encouraged!
4. Go for quantity, not quality, of ideas!
5. All ideas encouraged!
6. Piggyback, improve, combine ideas ... be an "angel advocate"!
7. Record all ideas so nothing gets lost!
8. Filter ideas later, not during the brainstorming session!
9. Set a time limit for the session, then stick to it!

Variation ... brainwriting: the general process is that, in a group, ideas are recorded by each individual who thought of them ... they are then passed on to the next person who uses them as a trigger for their own ideas.

Creativity Kindling Exercises

• Level 1 ... Explain, Demonstrate, Identify, Illustrate, Translate, Show, Label
• Level 2 ... Solve, Organize, Construct, Generalize, Examples, Relate, Summarize
• Level 3 ... Compare, Contrast, Classify, Dissect, Analyze, Categorize, Take Apart, Sequence, Group
• Level 4 ... Design, Hypothesize, Predict, Combine, Originate, Compose, Improve, Invent
• Level 5 ... Create, Modify, Forecast, Restructure, Initiate, Imagine, Substitute, Change
• Level 6 ... Justify, Criticize, Judge, Recommend, Evaluate, Propose, Defend, Appraise

Types of Creativity

• Expressive ... Very common form of creativity.  Example: Doodling, short notes, humming a new melody.   Useful for communications, advertising, sales.
• Productive ... Common form of creativity.  Example: Finding a better way of doing a job.  Useful for process improvement, cost reductions, efficiency, improvement.
• Inventive ... Userful for new product development.
• Innovative ... Applied creativity.  Better solutions than competition.  Competitive advantages.   Useful for marketing, new product development.
• Emergenative ... Very rare form of creativity.  Example: Einstein's Theory of Relativity...opened the door for space travel, nuclear fusion.  Useful for developing entirely new industries.

Customer Perception of Value

From the choices usually available in a marketplace, customers determine which supplier offers the best value. Different customers have different needs, different wants, different desires. Hence, multiple competitors may well exist in the same marketspace. However, seldom do competitors have the same market share. Typically, one company wins the vote for "best value" from a plurality (or majority) of potential customers

In a nutshell, customers determine value by which supplier offers the best benefits at the optimal price.

Value = Benefits/Price

Great value, super bargain!: the benefits greatly exceed the price ... Value = ++
Good value: the benefits outweigh the price ... Value = +
Fair value: the benefits match the price ... Value = OK
Bad value: the price outweighs the benefits ... Value = -
Rip off!: the price greatly exceeds the benefits ... Value = --
To increase value, either add benefits or decrease price.
The "quick and dirty" way to enhance value is to have a "Sale!" ... "50% off, limited time only!"

Customers make their buy decisions primarily based on their perceptions of value, comparing the options offered from several sources. How many sources are included is a customer decision, and not always entirely logical. One of the key values of a brand is to make the buying decision easy for the customer ... "I'll just by an Apple computer rather than explore other options."

Some benefits are determined objectively ... fit, form, function, feel, features, performance ...
Some benefits are determined subjectively ... color, smell, brand name, shape ...
Some aspects of the price are direct ... the cost ...
Some aspects of the price are indirect ... warranty, convenience of purchase ...

Ways to deliver value to a customer:
- Product: performance, quality, features, brand, selection ...
- Price: fair, visible, consistent, reasonable
- Access: convenient, location, nearby, at-hand
- Service: ordering, delivery, return, check-out
- Experience: emotional, respect, ambiance, fun, intimacy ...
- Process: ways of doing business that are consistent and comfortable

Tips for Better Presentations

When considering what type of visual representation to use for your data or ideas, there are some rules of thumb to consider:

1. Use visuals (slides) sparingly. One of the biggest problems in some presentations is the overuse of visuals. A useful rule of thumb is one visual for every one to two minutes of presentation time. Fifteen minute presentation means fifteen slides!
2. Use visuals pictorially. Graphs, pictures of equipment, flow charts, etc., all give the viewer an insight that would require many words or columns of numbers.
3. Present one key point per visual. Keep the focus of the visual simple and clear. Presenting more than one main idea per visual can detract from the impact.
4. Make text and numbers legible. Minimum font size for most room set-ups is 18 pt. Can you read everything? if not, make it larger. Highlight the areas of charts where you want the audience to focus.
5. Use color carefully. Use no more than 3-4 colors per visual to avoid a rainbow effect. Colors used should contrast with each other to provide optimum visibility. For example, a dark blue background with light yellow letters or numbers. Avoid patterns in colour presentations; they are difficult to distinguish.
6. Make visuals big enough to see. Walk to the last row where people will be sitting and make sure that everything on the visual can be seen clearly.
7. Graph data. Whenever possible avoid tabular data in favor of graphs. Graphs allow the viewer to picture the information and data in a way that numbers alone can’t do.
8. Make pictures and diagrams easy to see. Too often pictures and diagrams are difficult to see from a distance. The best way to check is to view it from the back of the room where the audience will be. Be careful that labels inside the diagrams are legible from the back row also.
9. Make visuals attractive. If using color, use high contrast such as yellow on black or yellow on dark blue. Avoid clutter and work for simplicity and clarity.
10. Avoid miscellaneous visuals. If something can be stated simply and verbally, there is no need for a visual.

[Thank you, Ian McKenzie]