The small business organization must make itself aware of the product/service life cycle and must ensure that they do something before their product hits the decline stage. Products are usually introduced by means of innovation and creativity. It could be an entrepreneurial idea put into action or it could be an idea conceptualized as a product or a process. There is a growth phase when the product is introduced into the market. This is the time when the sales of the product pick up. Then after the growth phase, the product enters a maturity phase. The maturity phase is when the product reaches a peak sales volume. However, at this point after the peak, the product sales can go no higher. This is a point of saturation. At this stage, the product sales would start to decline. A business organization should be aware of this stage. They should be aware that the business would go into decline after that point and must work on innovating their product or services. Business process innovations will be helpful for improving how their product or service is being delivered.
Large scale organizations such as Google are seen to have plans for employees, where they let employees devote a small percentage of their time for working on projects of their own. If a small organization can emulate such a model, they must certainly do so. Alternatively, if the small business organization lacks the resources, then it must be focused on creating some collaborative setting like an in-business group which works on innovation and creative ideas.
Incorporation to business plans
Innovation and creativity planning is required for the business organization. A networked knowledge enhancing organization must be developed from the very inception. Continuous learning must be incorporated as a necessity for organization.
The old bureaucratic set up of the organization would not have given much leeway for improving communication. This meant that employees would not be able to communicate newer ideas. In the case of the new business organizations, the entrepreneur must foster communication. They must create a transformative environment where the organization is interactive, has better communication enforced and is a learning organization which can change dynamically in the long run based on the needed objectives to be met.
Entrepreneurial and Innovative Developments for enhancing small business
Entrepreneur must set the vision for innovation and must lead the innovation ventures within the company. The entrepreneur must ensure that people within the company are geared towards innovation and where they notice chances for improvement, they must encourage it.
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