Innovation A Core Business Concept Part2

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The document discusses the importance of innovation and strategic experimentation for businesses. It outlines how firms can institute an innovation process through trial and error experiments to test new business ideas and learn from the outcomes. Several alterations are suggested to the conventional planning process to support strategic experimentation, such as focusing on critical unknowns, communicating expectations, reviewing outcomes frequently, and measuring lead indicators rather than numerical targets. The goal is to explore future strategies and learn from experiments given the unpredictability of an emerging industry.

Business Education

Life of any business is finite. For companies to endure, the drive for efficiency must be combined with excellence in entrepreneurship. Through the process of innovation, new businesses must emerge before the old ones decay”

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The Influence diagram must convey how major category of spending effects revenue. If possible, each bubble in the diagram must represent something measurable A framework to gather data which confirms or contradicts Cause-and-Effect Relationship is then established

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For many Influence diagrams is better than a long verbal Description. It allows people to focus on critical unknowns

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