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Management article
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Reference no. U0010A
Published by: Harvard Business Publishing
Published in: "Harvard Management Update", 2000

Abstract

It''s easy to point to successful business innovations. But it''s substantially more difficult to spot the best opportunities before they''ve proven themselves. While promising startups tend to cluster in market niches with high uncertainty and low capital and opportunity costs, established corporations are restricted to initiatives that will provide large enough returns to satisfy market expectations. Three keys to keep in mind for those charged with creating new business ventures: 1) Make sure the opportunity fits with your core competencies; 2) Learn to "think imaginatively" about your business model; and 3) Try to identify how a new product or service will change the lives of its customers, instead of getting carried away by its bells and whistles.

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Abstract

It''s easy to point to successful business innovations. But it''s substantially more difficult to spot the best opportunities before they''ve proven themselves. While promising startups tend to cluster in market niches with high uncertainty and low capital and opportunity costs, established corporations are restricted to initiatives that will provide large enough returns to satisfy market expectations. Three keys to keep in mind for those charged with creating new business ventures: 1) Make sure the opportunity fits with your core competencies; 2) Learn to "think imaginatively" about your business model; and 3) Try to identify how a new product or service will change the lives of its customers, instead of getting carried away by its bells and whistles.

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