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Monday, December 11, 2023

The need for new business lies in innovation creation! And how to lead it to success!

In today's rapidly changing market environment, meeting customer needs is not easy. In order to capture customer needs and lead your business to success, you must also develop a business plan that matches the needs and other factors.
Therefore, this article introduces the need for innovation through new business, the elements that can cause it to fail, and how to make it a success.
Table of Contents
What is the need for innovation through new business?
Three factors that lead to failure in new business development
Two ways to achieve success in new business development
Innovation through new business is essential for companies.

What is the need for innovation through new business?

Some of the reasons new business innovation is needed include "To meet the new needs of customers"To sustain and develop the companyThe first is the "M" in the "M" column.

Successful new businesses must continue to identify and meet the new needs of their customers. Let's take a closer look at the details so that we can sustain our companies.

To meet the new needs of customers

Innovation through new business is essential to meet the new needs of customers, and in today's age of social networking and a full range of products and services,Customer purchasing behavior is shifting from quantity to qualityThe company is doing so.

In other words, you never know when rapid changes in the market and other factors will cause even a main business that has done well in the past to be eliminated. In order to meet the ever-changing needs of customers, it is necessary to constantly create new products and services.

To sustain and develop the company

Innovation through new business is also necessary for the sustainable development of a company. In today's world, where customer needs are changing and technological progress is accelerating at a faster pace than in the pastShort life cycles of products and servicesThe company has become a "new company". For a company to develop sustainably and stably, it must generate new business on a sustained basis.

Three factors that lead to failure in new business development

The elements that lead to failure in new business development are.Business plan does not match needs"Decision makers are ambiguous"Lack of appropriate personnel in-houseThe list includes, among others, the following.

If the business plan itself does not match the needs, accurate decision making will not be possible and will be a factor in failure. This section details three factors that can lead to failure in new business development.

1. Business plan does not match the needsnot (verb-negating suffix; may indicate question or invitation with rising intonation)

No matter how great your business plan is, if it does not match the needs of your customers, your new business will not be successful. Successful new business development,It is important to understand needs through customer, market, and competitive research prior to development.It is.

If we proceed with a new project without understanding its needs, it will take a lot of time and money to change course along the way. In the worst case, you may be forced to withdraw from the project.

2. Decision makers are ambiguous

If there is no decision maker or there is more than one decision maker, there will be no unification of decision making and correct business decisions will not be made. For new business success,It is important to unify decision makersIt is.

New business development requires well-reasoned decision-making based on changes in consumer purchasing behavior and data. If decision makers base their decisions on past experience and intuition, they will make unfounded decisions, which will lead to the failure of new business development because the development team members will not be aligned.

3. Lack of appropriate personnel in the company

Lack of appropriate personnel in-house is another factor that can lead to failure in new business development.New businesses need people with different processes, knowledge, and experience than the main businessHowever, in some cases, the appropriate personnel are not available in-house.

No matter how great a business plan you draw up, you will not be able to get a new business off the ground if you have inadequate human resources in place to execute it.

Two Ways to Successfully Develop New Businesses

The way to successfully develop a new business includes "Accelerator programs to raise capital and support"Open innovation with startupsThere are two ways to do this. These methods are especially useful when "we do not have the right people in-house" or "we do not have the technology or know-how to make it happen. Let's take a closer look at the characteristics of each method.

1. Accelerator programs to raise capital and support

Major businesses and local governments recruit, fund, and support startup and venture companies.The Accelerator Program is a program to accelerate the development of new businesses. The program promotes the development of new businesses by connecting venture companies that have the technology but lack the funds with major businesses that have abundant funds.

Large operators will be able to gain business flexibility and other benefits from the startup ventures they fund, creating a win-win relationship.

2. Open innovation with startups

Open innovation with startups is another way to successfully develop new businesses.Companies that have great ideas but lack the technology and know-how to realize them team up with companies that have the technology.This will make it easier to create new products and services.

That is the very purpose of open innovation, and in recent years there have been more and more business contests and events to match.

Innovation through new business is essential for companies

Today, the life cycles of products and services have become shorter and consumer behavior is constantly changing. In such an environmentInnovation through new business is essential for a company to continue to meet customer needs and grow sustainably.The following is a list of the most common problems with the

However, proceeding with new business development without knowing the factors that lead to new business development failure will increase the likelihood of failure. To ensure success in new business developmentUtilize "Accelerator Programs" and "Open Innovationand proceed with new business development with a higher degree of feasibility.

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