They are: Innovation failur, failure to create value, failure to persist over time, failure to maintain economic scarcity, failure to prevent the appropriation of created value, and failure to maintain flexibility in the face of uncertainty and ambiguity. This list points to six key questions that must be asked about each venture: Is it Innovative? Is it Valuable? Is it persistent over time? is it scarce? is it non-appropriable? is it flexible?
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The order in which the questions are posed and answered permits the venturer to draw conclusions about the venture that are quite apart from getting all the way through the list. For example, should questions 1 and 2 be answered yes, it is possible to predict a profitable venture–but one that may not last: a fad, so to speak. Also, questions 1-3, as a group, answer the master-question: Is this a Business? Questions 4-6 answer the master-question: Can you Keep It? In the material that follows, the reader will observe that the “don’t go on” logic is really a building logic, which parallels the building of the venture.
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The good thing is that this sector continues to be a safe and lucrative career provider irrespective of all kinds of economic downturns or economic fluctuations. Llyod Institute of Management & Technology, ???
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