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Business Analysis

Good Essays

Introduction
The sources of new business ideas come from a variety of places. It could be from a problem that needs to be solved from a consumer, existing knowledge in a business and a vision to improve, or recognizing an alternative use for a new technology. While ideas are plentiful, the ability to bring that idea to fruition, and create a profitable business from it, is much more difficult.
Examples
The example from chapter 4 was interesting on Elon Musk (Hisrich, Peters, & Shepherd, 2017). His ability to build a business, sell it, then build a bigger business, gives insight that he is more interested in solving large seemingly insurmountable, problems than holding on to a business. Musk is not afraid of big risks. His legacy …show more content…

Failure can appropriately encourage better choices in the future. His idea generation came in the form of knowing the business he was getting into and combining another business to complement the current venture. Without moving forward in his education and obtaining a job to learn how to dig into financials of a company, he would not have had the opportunity to generate his idea. There is a video that is shown in many continuing education classes on IDEO, which is a company in California that takes an existing product and makes it better. Through observation, industry study, and a variety of other methods, the innovation team that consists of a biologist, psychologist, MBA graduate, and an engineer, among others, generates ideas through problem solving and creative visualizing. They quickly boil down the ideas into something that can be manufactured and meets core requirements of the customer to produce prototypes. They take the best ideas from the prototypes and create the final recommendation. Their structured process to idea creation is fascinating, from a diverse team aspect, as well as efficiency. It seems chaotic at times but repeatedly they have produced products for existing companies such as the new shopping cart at Fresh Market and Whole Foods, shoes that pump up and toothbrushes with varying bristle lengths. Another example of a product created

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