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Chapter 1 : The Entrepreneurial Revolution

1. Who is an entrepreneur?2. What is entrepreneur's perspective?3. How does an entrepreneur react to economy sensitivity?

The above three (3) questions explain the following as answers, respectively;

1. Who is an entrepreneur?

An entrepreneur is an individual possessed these bailiwick; manager, business minded, and innovative. A manager is management skills driven, a business minded individual is profit driven, and innovative is sub-divided into four (4) which are create new, create an extension to the existing, duplication, and synthesis.

Management skills driven means having high efficiency level. What is efficiency?, efficiency is the results from high value in output over less value in input. An example, given one specific task scheduled completion period of time in one week and able accomplished the task in four (4) days only.

Profit driven means always practicing financial base calculation for getting high ROI (Return On Investment) with low BEP (Break Even Point) in every task given or obliged. Where, high ROI in general is a results form the value of high profit over capital. In details ROI is profit margin multiply by turnover. Profit margin is profit over revenue and turnover is revenue over capital.

By formula explanation;

a. Return On Investment, ROI;

= Profit Margin X Turnover= (Profit/Revenue) X (Revenue/Capital)= Profit/Capital

b. Break Even Point, BEP;

= Fc / [1 - (Vc/Re)]

Fc is Fixed costVc is Variable costRe is Revenue; also as Sp is Selling price

2. What is entrepreneur's perspective?

Entrepreneur's perspective is seeking opportunity, where an entrepreneur derives an opportunity as high ROI over less risks. How to obtain high ROI already explained at the above paragraph and now how to minimize the risks involved. Minimizing risks is by applying risks management system where basically it use SWOT analysis add up with SSS (Sort and Solve System).

SWOT is an acronym to Strength, Weakness, Opportunity, and Threats. Whereas, SSS taking all the listed weakness and threats in SWOT analysis and sort all the listed problems into categories, finally, minimize it respectively with feasible and pragmatic solutions.

3. How does an entrepreneur react to economy sensitivity?

Always planning ten (10) years ahead in account projection for cashflow, profit and loss, and balance sheet. Which means, an entrepreneur must learn all the basic account in producing quality financial planning. Which means, cash assets must always in safe and save once any quick liquidation needed to support the investment made without relinquishing ownership in property assets

Chapter 2 : An Evolving Concept

When we said ‘evolve’, its definition is gradually developing. The meaning of it in entrepreneurship is to develop gradually a scheme or concept or system or product. By means it’s related to Chapter 1 under topic 1 - ‘Who is an entrepreneur?” and focus on Paragraph 1.

From what we look today, the ‘evolving concept’ really involved these types of entrepreneurial development; a scheme or concept or system or product whether in create new or create an extension to the existing or duplication or synthesis.

Regarding duplication it means for establishing branches of business outlets and the related networking. Synthesis is collecting others ‘the best’ and synthesizes it to be a new scheme or concept or system or product which also consists of integration factor.

Example 1 – create new:

I invent a nutritional product enabling human by just take one ‘food and drink’ pill or tablet type to energize human body that can last for a month. This kind of invention will be making the world population no longer having shortage of food supply.

Example 2 - an extension to the existing

Let me take a simple example about safety to one cigarette lighter. To prevent children misuse the small cigarette lighter, I design, build, and manufacture by adding one effective hidden ‘lock button’ to enhance its safety feature. This is the meaning of an extension, at least.

Example 3 – duplication

Like one fast food business building up it branches through ‘franchisor and franchisee’ system.

Example 4 – synthesis

I want to manufacture a new television brand or label. For my product output much better than others, I select the best systems from the existing products from the respective audio system, tubing, circuitry board, electrical, design and pattern.

More interestingly, ‘synthesis’ in business management system, I synthesize it by operating simultaneously the common offline network, internet web base, e-commerce, e-marketing, e-advertising, and e-management. By means of minimizing BEP and maximizing ROI values while enhancing business development, efficiently. From this point, having said, now it also commonly known as ‘internetpreneurship’

An evolving concept also a method to break up many myths and the listed below are the common myths which an entrepreneur must determine, the followings;

THE MYTHS OF ENTREPRENEURSHIP

Myth 1: Entrepreneur is gambler

Myth 2: Entrepreneur is always inventor

Myth 3: Entrepreneur is born, not made

Myth 4: Entrepreneur is rigid high profiler

Myth 5: Entrepreneur is extreme risk taker

Myth 6: Entrepreneur is money squanderer

Myth 7: Entrepreneur is non-calculative luck

Myth 8: Entrepreneur is thinker and non-doer

Myth 9: Entrepreneur is social misfits and academic

Myth 10: Entrepreneur is non-futuristic as money is concerned

Chapter 2.1 : Macro View and Micro View

The Schools of Entrepreneurial Thought(abbreviation: SoT is School of Thought)

We commonly heard these two (2) famous terminologies from media, economist talks, community discussion, etc. about macro view and micro view. But, what is actually macro view and micro view?

First and the foremost, we have to discern ourselves about which school of thoughts approaches the both; macro view and micro view; respectively. Why it’s so important about to know which one approaches the respective view? The answer is it’s very essential to determine which SOT to avoid semantic warfare in explaining the respective view’s development where the movement either for unification or expansion.

Don’t worry, I will explain what it’s all about by using simple and plain language for common readers to understand about this thing because no point sharing good thing but intricacy in catching it up. Just see, read, look, and observe carefully.

Macro View- Environmental SoT- Financial/Capital SoT- Displacement SoT

Micro View - Entrepreneurial Trait SoT (People School)- Venture Opportunity SoT- Strategic Formulation SoT

From the above, now we understand for which SoT approaches the macro view or micro view. In fact, better understand at this part is an imperative subject when we are in business community to do talking with the appropriate terminology of it.

What is macro view?

In contemporary entrepreneurial venture or ventures, when we talk about the story of success and failure, presents in a broad array of factors that relate why success? and why failed? This is macro view.

I hope you understand now how the three (3) SoT approach macro view. The respective SoT will think about the business environment, financial/capital, and displacement. What factors contributed the success, and the failure as well. This is macro view, very simple isn’t it?.

What is micro view?

In micro view, examine the factors that are SPECIFIC check and balance in ability, control, direct, adjust the outcome or result on each major INFLUENCE contributing factors in success and failure. It’s also known as “Internal Locus of Control” (ILC). The normal major ILC are;

1. Key persons (principle and achievement)2. Psychological characteristic (the value of key person) 3. Classical (key person’s vision and opportunities provisions)4. Management (key person’s plan, capabilities, and credentials) 5. Leadership (key person’s quality in managing sub-ordinates)6. Intrapreneurship* (key person’s “adaptation and change” methods)

How does approach process going through in both views?

There are integrative, assessment, and multidimensional approaches.

DIGITAL BHOOMI’S “Classnote” FORUM INDEX, AS AN EXAMPLE

Integrative approach focus on inputs and outputs in both areas; success and failure. To easily understand this approach, let me take Digital Bhoomi’s new forum index for Education > Classnote. Digital Bhoomi Teams now observing the inputs from members and feedback from members and netizens out there responses/viewers as outputs. This is the meaning of INTEGRATIVE APPROACH.

Assessment approach focus on qualitative, quantitative, strategic, and ethical done by members in posting new thread in the ‘classnote’ forum and responses/viewers.

Multidimensional approach is a more detailed process where Digital Bhoomi Teams delve into these factors of member’s participation including viewers, as well; the individual, the environment, and organization. It justly like Google Analytics system which in details providing weblog site’s visitor’s details.

Chapter 2.2 : Intrapreneurship

Intrapreneurship is a very famous word amongst the business community life. But, there are many common people still cannot get the definition and the meaning for who is the entrepreneur. I will explain about it in term of its definition and the meaning of it with lucid description in my explanation.

Who is an Intrapreneur?

By definition an intrapreneur is a dreamer. By its meaning an intrapreneur is a person who got a dream and at the same time working to make the specific dream turns into profitable reality. An intrapreneur is not just a theory person but also a practical person responsible in creating innovation.

Entrepreneurship is a process of innovation, intrapreneur included, and the process through four major dimensions, which are;

1. individual,2. organization,3. environmental, and4. process.

Entreprenuer and entreprenurship are very important to one country to generate economy ventures and values because an entrepreneur is a catalyst for economy change and entreneurship is the process. An entrepreneur works by using key success of searching, pragmatic planning, sound judgment during carrying out the process.

All of the above explained the entrepreneurial management which is imperatively needed in the entrepreneurship and its process.

Chapter 2.3 : Successful Entrepreneur and beliefs

This is my personal beliefs about the criteria of an entrepreneur as successful remarks in entrepreneurship world. You as a reader to my writing article whether agree or disagree, may it be your source of knowledge your MBA’s project or examination paper. If you agree take it and if disagree replace or substitute it with your genuine ideas.

This is the best part learning in Master’s Degree where a student is not rigid to any third party’s ideas and freely to express the ideas in their own genuine way (a must) completely with concrete data of facts and figures.

My idea about successful entrepreneur, the criteria;

1. Most of them came from little formal schooling. They are freely to invent anything as they focus on uplifting their personal achievements while debouching themselves from hardship life.

2. Most of them are from school drop out and found themselves in great pleasure and energy to give out proves that they also can excel in their life. They take it as a challenge.

3. Very unique and individualistic where they are in business world and they find very hard for them to fit in into common community life. They focus merely on their success and taking failure points is a great thing to solve and something which is not to ignore.

4. They are in competent in managerial and always perform proper planning, and they enhance it on going basis.

5. They derive luck into two parts; calculative and fortunate; they work hard on calculative luck and take it as a prime factor to produce more systematic process. Any idea be their fortunate luck and thing to turn it into reality.

6. Most of them successful in their first venture, although a little but they take it as inspiring value for them to make continuation in invention. No matter for them while negotiating with low financial resources and no recognition.

7. They learned through their study and experience. They never stop and enjoying their learning process.

8. They got winning personality and highly achievement drive. Never bother encountering problems and always look into a problem is an opportunity to be participated with risks management.

9. They are an individual performing methodical and analytic in whatever they do. Their success be their goal although time consuming.

10. They brag and tout in achieving their dream to turns into reality. In common language speaking, they are also a non-stop thinker and doer. Chapter 3 : Intrapreneurship – Developing Corporate Entrepreneurship

Chapter 3.0 : Definition of Intrapreneurship

For the definition and meaning of Intrapreneurship, kindly refer to Chapter 2.2 : Intrapreneurship or > click here < for quick reference.

Chapter 3.1 : Corporate entrepreneur needs

In-house entrepreneurship is much needed in corporate entrepreneur in term of recognition and financial provision. As the number of entrepreneur is escalating in one country, the government relevant agency must support and prioritizes the utmost group which proven contributed more in country’s GDP (Gross Domestic Product) value.

In return, from the tax return must cushion the minor entrepreneur groups in enhancing their innovation under one scheme. In fact, from one innovation does creates number of employees. This kind of chaining down will improve much on economy growth.

This is the way to foster entrepreneurial growth as in-house entrepreneurship as a new “corporate revolution”. The needs of new atmosphere in making entrepreneurs be more innovative in future. The more new innovations will leverage employment rate with high value of entrepreneuring.

Chapter 3.2 : Obstacles in innovation to penetrate corporations

The major obstacle is ineffectiveness of traditional management techniques still applied in new ventures. An entrepreneur must fully utilize the new venture in implementing new effective system of management, operation, financial, and control.

To minimize obstacle an entrepreneur must recognize the obstacle and adapt it for new change, as changing is concerned it must be done in new atmosphere with new productive managers and cannot make use the same manager from the previous venture.

In this case, if we refer to management chart or organization chart, the chart must not in tower type and it must be in more on small flat horizontal type. Then, it’s a fact shown the corporation level and value.

Another aspect is orientation to the market which visions must have a clear-cut vision with strong tie up with market place regardless of its new venture status, where, leading factor is a must.

To summarize all-in-one in minimizing obstacles, these following actions must be implemented;

1. Make ground rules specific to each situation.

2. Focus effort on critical issues.

3. Change plan to reflect new learning.

4. Envision a goal, then set interim milestones, and reassess after each.

5. Support entrepreneur with managerial and multidiscipline skills.

6. Take small steps, build out from strengths

7. Make venturing mainstream by means of taking affordable risks.

8. Test assumptions by using learning strategies e.g. like Digital Bhoomi is doing now by testing new forum index for Education > Classnote

9. Balance risk and reward, like what Mr Administrator doing now is a very good thing while promoting ‘Classnote’ thread and at the same time think about ‘reward’ to participants.

10. Accommodate “boat rockers” and “doers”. This is the reason why I keep posting this “MBA – Module – Entrepreneur” be the example to other members.

Chapter 3.3 : Reingineering corporate thinking

Reengineering means rework on the top rank administrative key person in corporate level to accept entrepreneurial ideas can be implemented in their working environment. Which normally in majority the top managers group hardly believe the unstructured ideas from entrepreneurs is fully potential on the ground and authoritatively the managers are working with policies, terms, and regulations.

To match between both parties, here is the step to reengineer their corporate thinking;

1. Set explicit goal

Both parties must in one team working hand-to-hand and an example between worker and manager mutually agreed in setting one goal by working together in one team work with systematic team building.

2. Positive reinforcement and feedback

A manager must create this environment in the working area so that the said potential inventors or creators or intrapreneurs realize that they are accepted and rewarded by their superior (manager). Making them comfortable enough to follow the policies, terms, and regulations that has been agreed earlier.

3. Emphasize individual responsibility

This is the powerful momentum in generating new phase in accountability, self-confident, bond of trust, key points of success to be introduced in any innovative program.

4. Rewards base on result

This type of rewarding system will encourage inventors to manage the risks taken efficiently by minimizing it to the lowest level and in well brought up many opportunities by means of achieving the goal. A manager only doing job on the control side in the operation management system.

5. Friendly informal meeting

A manager must encourage more informal meeting in getting more effective and productive decision making on the spot.

Chapter 3.4 : Intrapreneurial strategy

Strategy needed in both intrapreneurial areas; current and new ventures. It’s needed to discover new motivational methodology in enhancing operation management system. There are four critical steps which are developing the vision, encouraging innovation, structuring the environmental climate, and developing venture teams.

1. Developing the vision

Vision is any imaginative plan or suggestion or feedback to turns into reality. Vision must be followed by feasible missions. Mission is a field of practical tasks which supports the vision to be through and true. Objective is the positive outcomes to be achieved and the purpose of it after the listed missions accomplished and vision a reality.

It will much better for me to describe it into flow chart in explaining how to develop vision, the following;

Vision↑↓

Missions↑↓

Objectives↑↓

Competency↑↓

Managerial Ability↑↓

Technical Proficiency↑↓

Sources of fund

(Vision also can be created later by a wealth inventor or creator or designer and it just works vice-versa)

2. Encouraging innovation To encourage innovation several effective programs must be scheduled and to work out. Such as reduce unnecessary bureaucracy, and encourage communication completely with functions across sub-ordinates and networks.

Outsource the related tasks to subordinates and networks which quality takes first. Sufficient

‘intracapital’ (internal venture capital) to support financial need in the specific intrapreneurial project for either radical or incremental type of innovation.

3. Structuring the environmental climate

In structuring the environmental climate the following prime factors needed to be promoted; promote training program, proper control of human resources policies, solution support system, promptly respond to any type of error once surfaced.

4. Developing venture teams

This area of development involve three import parts to be focused on; teamwork, resources, and plan (opportunity). It justly looks like a ‘triangle’ shape and I term it as ‘PRT triangle’ to easily understand the connectivity to each part.

Between team work and plan it works unification. Between team work and resources it works expansion. Between resources and plan it works in bridging the fits and gaps.

Implementing the effective OMS (Operation Management System into team work much helps the whole set in the ‘PRT triangle’. What is the so called effective OMS? To easily understand about OMS it would be much better to remember its acronym for PODC; Planning, Organizing, Departmenting, and Control.

In PODC, planning must follow the missions where all tasks have been listed. Organizing means identifying what post should be established related to the tasks listed in the missions, having said, an organization chart and it must be in flat horizontal type of chart (avoid ‘tower type’ of chart). Departmenting means select and appoint the key person to in every post in the organization chart. Control means using the relevant control program e.g. Gantt Chart or Microsoft Project or others. In small organization, just apply similarly maybe by using simple tools to monitor and control the progress.

Chapter 3.5 : Intrapreneurship interactive process

As we had learned, intrapreneur can be anybody who does turns idea, or prototypes or into profitable realities. They begin with their idea and carry on with their own ‘intraprise’ and their work form started from vision, missions, objectives, competency, managerial ability, technical proficiency, and sources of fund. Kindly refer to flowchart in “Chapter 3.4 : Intrapreneurial strategy - Developing the vision”.

Intrapreneurship interactive process involves;

1. Primary motives2. Time Orientation3. Tendency to action4. Skills5. Attitude toward courage and density6. Focus of attention7. Altitude toward risks8. Use of market research

Brief explanations to the itemized list above, respectively;

1. Primary motives

Always working base on goal orientated and all the time highly self-motivated. Seek chance to access corporate resources while asking for freedom in giving proves of success to be recognized and rewards.

2. Time Orientation

Able manage themselves with the given corporate timetable and guidelines. Ready to surface in urgency and attend it with quality self management and quality time management.

3. Tendency to action

Understanding what must be done and skillfully prioritizing all the things which need to be done. Outsource all the routine works to the relevant efficient sub-ordinates and they focus on the complex problems toward solution finding.

4. Skills

Promptly react to any unexpected or unprecedented problem and able to create greater prosper value in working condition and organization. Never fret and taking there is a solution to any problem.

5. Attitude toward courage and density

Be optimistic in ability to outwit as self courage really making an intrapreneur in greater self-confident although during encountering many cynical statements from others.

6. Focus of attention

Positively sensitive taking comments made by internal and external parties for self development in getting profitable outcomes. Weakness points to be changed to strength and minimizing threats a new thing in the learning process toward solution finding.

7. Altitude toward risks

Risks to be minimized by determining all the risks factor involved in the working area. At the same time looking risks as new opportunities to niche in the situation with new practical ideas. As an opportunity is high return over minimum risks.

8. Use of market research

Taking others market research to study in making new marketing plan which involve marketing philosophy, demography and customer behavior from the supplied data.

Chapter 4.0 : Understanding the Entrepreneriual Perspective

From Part 1 of 6, we knew that every person possess a potential to be an entrepreneur where the process for being entrepreneur is called entrepreneurship.

In this part, the perspective means a mental view in creating prospective entrepreneur.

There seventeen basic or core mental values as follow;

1. Commitment, determination, and perseverance (consistency)

2. Drive to achieve

3. Opportunity orientation

4. Initiative and responsibility

5. Persistent problem saving

6. Seeking feedback

7. Internal Locus of Control (Chapter 2.1 : Micro View)

8. Tolerance for ambiguity

9. Calculated risk taking

10. Integrity and reliability

11. Tolerance for failure

12. Vision, mission, and objective

13. Self-confidence and optimism

14. Independence

15. Team building

16. High energy level

17. Creativity and innovativeness

__________________

Chapter 4.1 : The Dark Side of Entrepreneurship

An entrepreneur has to face the risks involve in their entrepreneurial building and this is called as “The Dark Side of Entrepreneurship”. The common risks formed are;

1. Financial Risk2. Career risk3. Family and social risk4. Physic risk

1. Financial Risk

To start a new venture indeed need financial source which normally involve liquidation of saving money, profit taking from profitable investment, relinquish in ownership property, money lending, or from other sources to put up stake. In other words risky in term of be lost if venture fail and also expose to bankruptcy.

2. Career risk

Once venture failed an entrepreneur normally think about go back to their old job or clueless in finding new job. This type of thinking surface, previously they came from a secured organizational job.

3. Family and social risk

This type of risk appear at the beginning time of venture when thing not yet well organized. Need more energy and time in building up the basic things in their venture. There is special term for it “Self-centered”, where entrepreneur use more time for personal development and venture fulfillment.

4. Physic risk

In this area of risk, it focus on personal stress which the sources are possibly from loneliness, immersion in business, people problems, need to achieve factor. But not all stress is bad and it can be dealt to avoid decline in physical abilities.

Whatever, physic risk is a major ‘killing’ factor if entrepreneur not physically and mentally fits and must get rid of entrepreneurial ego where it’s able to create great pressure in mental development.

Chapter 4.2 : Entrepreneurial Motivation

(Quick learning through model explanation)

ENTREPRENEURIAL MOTIVATION MODEL

Expectation ← ← ← ← ← ← ← ← ← ← ← .Intrinsic/Extrinsic Rewards

Outcome.................................................. ...........................↨Comparison.................................................. .....................--↨....↓.................................................. .................. .↨Decision.......................................... .............................. .....↨to Behave.............→ Ent. Strategy → Ent. Management → Firm Outcomes

Entrepreneurially.................................................. ......↓....↑.................................................. ............... ......↓Implementation.................................................. ........↓Outcome................ .. ← ← ← ← ← ← ← ← ← ← ← ← ← ┘

Perception

Split Model For "Decision to Behave Entrepreneurially"

..................................[ Decision to Behave Entrepreneurially ]

.................................................. .↑

Personal Characteristic - Personal Environment - Personal Goals - Business Environment... __________________

Chapter 5.0 : Developing Creativity and Understanding Innovation

There are two (2) parts for me to explain; developing creativity and understanding innovation.

Developing creativity is a study about creative process which includes knowledge accumulation, incubation process, idea experience, evaluation, and implementation. (Chapter 5.1)

Understanding innovation is a learning process about what is innovation, to define and illustrate the sources of innovation, eliminate some myths, to define the 10 principles of innovation, and illustrate the financial support for innovation. (Chapter 5.2)

Chapter 5.1 : Developing Creativity

1. Knowledge accumulation

Knowledge about the role of creativity is very important for knowledge accumulation. There are two (2) important aspects of creativity exist; process and people.

Process means solution finding to problem which also includes the factor of goals orientated. The people are the resources that determine the solution through two (2) channels; adaptor and innovator. Adaptor person will use methodical approach and innovator person search for new method of solution from unusual angels which also futuristic.

2. Incubation process

Incubation process is much needed when entrepreneur engaged in problem which is unprecedented and totally new which not yet a journal to be referred. During this time, entrepreneur needs to shift themselves into ‘free time’ zone and enjoy their indulge as refreshment e.g. playing outdoor/indoor game, motor biking, cycling, golfing, sea surfing, etc.; while thinking new ideas or solution finding to the specific problem.

3. Idea experience

Idea experience is a process when individual found the solution needed or discovered which also means look solution in the form of idea but not yet in practical.

Sometimes it popped out in person’s mind as ‘bolt out of the blue’. Although it’s in the form of idea but it grow gradually and surely. This is the component of creativity also known as ‘eureka factor’ as it happened normally during incubation process.

4. Evaluation

Now is the time to test the said idea which was formed form ‘eureka factor’ feasibility. During this time it needs self-discipline and perseverance, much highly needed. On performing this type of evaluation, sometimes it bubbles many new workable ideas and also sources from various/numerous angles. Result speaks itself.

5. Implementation

The important part in implementation is working in network environment such as seeking expert advice, determine quality sub-ordinates as participant (organize), prepare costs pro forma (financial projection), prepare projection plan or plans related to goals orientated.

MODEL OF THE CREATIVE THINKING PROCESS

Incubation

↑Knowledge ←[Creative Process]→ Ideas

↓Evaluation and Implementation

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Chapter 5.2 : Understanding Innovation

1. What is innovation?

Innovation is sub-divided into four (4) which are create new, create an extension to the existing, duplication, and synthesis. Explanations complete with examples have been explained in Chapter 1 : The Entrepreneurial Revolution - Who is an entrepreneur? (Kindly refer).

2. To define and illustrate the sources of innovation

Entrepreneur more on exploiting change rather than create change. The sources of innovation are; unexpected occurrences, incongruities, process needs, industry and market changes, demographic changes, perceptual changes, and knowledge base concepts.

Unexpected occurrences happened in both areas; success and failure; from this point many new ideas which are workable can be implemented.

Incongruities normally happened during negotiating fits and gaps which exists between expectations or projections and reality.

Process needs occurred when both segments of demand and supply changed. This situation needs new process in introducing more effective new profitable plans in the check and balance tasks.

Industry and market changes are continuum type of occurrences and this type of changes to encourage new development to be built in specific time frame.

Demographic changes normally happened during the economy instability in population, the ups and downs. It colors the marketing pattern and formation including advertising tasks complete with specific promotion.

Perceptual change is a kind of intangible change happening in people’s interpretation sourced from concept and facts in their daily life. This change is very meaningful as it’s a type of drastic changes.

Knowledge base concepts sourced from availability various and numerous products introduced in open market among rivals which produced pronounced and promoted their respective advantages.

3. Eliminate some myths

Major innovation myths commonly promoted by failure parties when they faced deadlock situation and no longer interested in making continuation. The following is the promoted major myths;

a. Innovation is planned and predictableb. Technical specifications should be thoroughly preparedc. Creativity relies on dreams and blue sky ideasd. Big project will develop better innovation than smaller onee. Technology is the driving force of innovation and success

They put problems ahead and they go stern with their failure. This is the needs of ‘incubation’ process (Chapter 5.1 : Developing Creativity – Item 2)

4. To define the 10 principles of innovation

- Be action orientated. All time searching for new ideas as source of innovation.

- People acceptance. Make the introduced or promoted product simple and understandable with free intricacy method. It also apply to system or process or service, a simplification of it.

- Small beginning. This is important to the eyes of the world to detect and notice that our innovation keep on develop and growing larger. His is the needs of 10 years future projection and planning.

- Align high. This method is to make innovation popular although vulnerable to be commented by many. The important is their feedback is our free source for knowledge accumulation to perform new invention. Also commonly known free nature resources.

- Milestone schedule friendly. In this case following milestones schedule helps much in creating new and energetic working environment.

- Failure an innovation. Accept failure as innovation accomplishment. Reworking is a must task while enjoying new practical ideas which workable and profitable to be implemented.

- Make the product, process, or service customer-based type of product. What end users want most profitable products? (demographic)

- Must continuously try or test or revise in detecting any weakness.

- Aim high in reaching any point of niche value in open market and while deviate from saturated market place.

- Must perform R & D to the specific weak point by means of creating new product as a replacement, something such as re-branding.

5. Illustrate the financial support for innovation.

There is numerous and various financial support available as prospective in open market itself and the following;

Venture capital environment sourced from personal, friend and families, ‘angel’ investor, property liquidation, stake relinquishment, banking, and institution/organization.

The main thing is the innovation plan (project and business) is understandable, system compliance, feasible, profitable plan. This is the face value of one coin.