Four Steps Of The Innovator's Method

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The innovator’s method is a successful way to come up with entrepreneurial ideas and create a worthwhile product. The innovator’s method is meant to change the way of thinking about and looking at a product. The method had four steps to help in the creative process. The four steps are insight, problem, solution, and business model. After applying each step of the model, people will have a better idea if their product will be profitable or not. The innovator’s method has helped me to open my mind and change my way of thinking. This process is helping me to look at my own entrepreneurial idea and help the product have the best chance of being successful in the market. Each step has helped me to carry out my business ideas. Insight. Creativity…show more content…
The insight process helped us to find a product we felt could be profitable. The problem step of the innovator’s method is too look at the target market and to understand the problem you are trying to fix. We had to understand who are target market is. Those in the chocolate market consume the product regardless of health concerns. We want to target those who do not already eat chocolate regularly and penetrate that market. The market we are looking at are those living a healthy lifestyle and dieters. The problem the market is facing is trying to find a good tasting product that allows them to be healthy and to keep losing weight or prevent weight gain. Understanding the problem, you are trying to solve is the only way to come up with a viable solution. We see an opportunity in this market to introduce a product that will solve the…show more content…
My team and I are currently on the solution step of the innovator’s method. This step is when we create a possible product to solve the problem. We are currently working on a chocolate with a diet suppressor that is organic and also tastes good. This has been a problem because making the chocolate taste good requires inorganic ingredients. Taking out these ingredients and adding the diet suppressor has caused the chocolate to taste strange. We are working on finding the best balance of ingredients to create the best possible product. Our team is currently sending out samples to different customers to receive feedback on taste and texture. Another problem we are facing is if the diet suppressor is working. We have not done enough experimenting and we do not have enough data to know whether the product actually does what we want the product to do. Business Model. This class has given me the opportunity to create a business model plan to help us better understand the necessary steps to create a profitable business. We now have a better understanding of the target market and the different channels we should use to sell our chocolate to our customers. Another helpful part is being able to come up with pricing strategies. We have been able to look at similar products in the market and find a good starting price. The business model has forced my team and I to look at all the different aspects of business and figure out ways to make our idea

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