Seizing

• Seizing the opportunity 


  This is the pushing through with the chosen opportunity. Entrepreneur should make the best out of this opportunity and they should exert effort and full dedication for the success of the new venture
• Innovation


  • Inevitable as the world constantly changes
  • Process of positively improving an existing product or service
  • A key driver for economic growth
• Business innovation


  Developing new products are improving existing technologies, processes, designs and marketing to solve problems, increase efficiency, reach new customers, and ultimately increase profits
• Breakthrough innovation


  • Harnessing new technology
  • Occur infrequently
  • Must be protected by patent, a trade secret or a copyright
• Technological innovation


  • A new or improved product or process
  • Occur more frequently
  • Technological advancements of an existing product or service
• Ordinary innovation


  • Usually better in technology or services to have a better market appeal
  • The market has a strong influence in the implementation of an innovation
• Product or service planning and development process

  Refining process for the opportunity
• Key stages of product/service planning and development process

  1. Idea stage
  2. Concept stage
  3. Product development stage
  4. Test marketing stage