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B283 Journal Lesson 2

May 12, 2013

I learned from Guy Kawasaki to be specific in your business model.  Think of who will be buying your product.  Keep your model simple.  Don’t ever suggest to a venture capitalist that you have an innovative business model.  They would rather see a simple one.

The article entitled, “5 Company Naming Mistakes That Can Kill Your Startup” was interesting.  I now realize it is important to give thought to the future of a business and give it a name that is not descriptive of a current product, location, or last name because this can cause problems in the future as these things change.

The Special Report on Entrepreneurism   was not very helpful to me.  I have found the most helpful information for me is presented in a simpler format with lots of stories to prove points.  I especially enjoyed the Acton Hero series this week about Tom Monahan.  It  was inspiring.

I also enjoyed the Harvard Manage Mentor reading.  I like the simple and direct approach.  This week I learned about creativity and innovation.  In this creative process the work environment of companies is important in fostering more creativity.  Suggestions such as putting up white boards in break rooms or placing crayons and paper on tables of conference rooms are simple changes that any company could do.  A affective creative group process was explained.  It involved careful selection of team members to allow for the greatest creativity.  When selecting people for a team more focus should be given to how different people think, their special knowledge, and their skills rather than to ethnicity or gender.  A work team with a variety of thinking styles, knowledge, and experiences enhances the innovative process.  After a group has been carefully selected, the problem needing a creative idea must be identified.  This diverse group can then brainstorm to come up with possible solutions.  They can be encouraged to think outside the box by trying a variety of techniques. The pros and cons of each idea can then be debated to find the best overall solution.

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