We like the word value because without it we would not recognize innovation as progress. Without value we would have no change-makers, and we would never solve critical problems in the world. Creativity and discovery would simply never happen. Organizations would never try to create value and we would all be deprived of those innovations we do value.
Although certain industries depend on innovation more than others, innovation or the ability to improve has an impact on everyone.
As an entrepreneur starting a new business you are in a unique and very advantageous situation. You are not bogged down by an existing culture, or a bureaucratic hierarchy to get an innovative idea approved. You can be agile, proactive or quick to respond to changes in your market. You are not hindered by leadership fixation, because you are the leader and decision maker. You can explore what’s possible rather than settle for what is. You can decide the value and set the tone to create an innovative culture.
For more than 120 years up to the mid 20th century, nearly 90% of economic growth in North America was due to innovation that created value for the public at large – the light bulb, flight, democracy, vacuum cleaners, zippers, teddy bears, toilet paper, stainless steel, jukebox, automobile, radar, Internet, etc.
In the last couple decades sophisticated business and thought leaders describe a rift that developed between companies and society because societal issues or social responsibility have been at the periphery of business decisions, rather than the core.
This rift caused dissatisfaction, which opened the way for a new business model to emerge where social responsibility is at the heart of business practices, rather than just profit. Entrepreneurs have been overcoming institutional pressures to pursue economic, social, and environmental goals simultaneously. Their innovative solutions are based on the principle of shared value, which involves creating economic value in a way that also creates value for society by addressing its needs and challenges. These mission-driven entrepreneurs connect company success with social progress and gain incredible credibility and success. From social justice to social impact, impact investing and everything in between, that momentum keeps rising to build better communities and inspire action around all that it takes to leave the world a more just, equitable, and habitable place for all.
Being an innovative entrepreneur means doing things differently or doing things that have never been done before. If you are an entrepreneur who has embraced this idea of challenging the status quo and pushing the boundaries you can take the lead in bringing business and society back together.
Innovation takes place on many levels. Although your innovation activities may not be powerful enough to save the world, you can focus on improving the things that you can affect.
Many creative people have great ideas, but real innovation is a combination of sourcing good ideas and putting them into action. Action is the commitment and hard work to bring a good idea to fruition. In fact, innovators welcome that kind of thought process as well as the commitment. Nothing is too superfluous to escape their innovative thought because value can be found in the humblest of beginnings.
How will you guide your business forward? It may be challenging to answer the questions if you think of being more innovative as one-time thing or final destination. Much easier, to explain, when you embrace innovation as a daily exercise that is evident in how you do what you do in the real flow of your business. As a change maker you would be keen to explore creative ideas or make time to gain new insights to improve even the simple things in day to day operations. There would be no idea, nothing in your business that would be As a change makers you would be open to new ideas and examining everything that has the potential to create value for your clients and help your business thrive.
As a change maker there are specific areas of your entrepreneurship that make need attention. Lets look at them.
1. Strengthen the Weak Spots in your Business
Your organization, large or small, has strengths and weaknesses. There is a tendency among businesses to put efforts and resources into innovation through the strongest links in an organization. However, execution and effectiveness are best achieved innovative thinking is applied to everything you do. Studies show that a company’s ability to innovate is only as strong as its weakest link. That means taking steps to identify and then bolster the weaker spots in your business. Out of hundreds of limitations or weakness points that might exist, here are just a few questions do get you started:
The most crucial element of any business study is determining its strengths and weaknesses, not just to capture facts and information but to apply what you learn to strategize how to turn the weaker areas into foundational supports or the driving force for innovation. Absolutely everything you do affects innovation. All aspects of your business have the potential to add value.
2. Sharpen Your Innovative Strengths
When you first start a business, it’s usually just you, or maybe you and a partner. You do almost everything from developing an idea to design, sales, marketing, customer service, bookkeeping, hiring, and janitorial. It is quite rare for any entrepreneur to be great in all of these areas. Yet, to be even moderately successful, you need to be good in at least a few key aspects of your business.
The good news for any entrepreneur is that the core skills and strengths that affect your ability to be innovative can developed. To determine which of your abilities need enhancement, ask, “What skills prevent me from making innovative progress?” Make a list. Commit to improve as many competencies as you can. Remember, reading about a skill gives you familiarity; practice advances you from being adept to razor-sharp.
Of course,, one of the benefits of learning more about your weak spots is that you become more tuned into discovering experts that are really great at the things you are not keen or able to do well. Finding the right expert can actually turn your weak spot into a powerful strength.
Explore the Core Competencies of an Innovative Entrepreneur
3. Hone in on your Competitive Advantage
Have you ever considered that innovative thinking is your unique way to gain competitive advantage? Looking at some of the more recent startups, we see many instances where execution of an innovative idea did not cost a fortune and happily resulted in unique competitive advantage. When you accept that innovative thinking and innovative action apply to all aspects of your business, you can examine the customer journey with an innovative eye and see how it intersects with all aspects of your business. What innovative action can you take at each intersecting point to create more value for your customers?
When was the last time you examined the customer journey and made adjustments to Drive Customer Experience through Effective Touch Points?
4. Expand your Discovery Network
As a small business owner, you need to assess whether you are sourcing enough good ideas from outside your immediate think group. Among staff or the people you work with, you cannot expect that everyone you come in contact with will be curious, creative, analytical, and empathetic? That’s a lot to ask. Consider expanding your network to tap into unique sources of information. You can gain insight and knowledge through customers, end users, competitors, universities, independent entrepreneurs, investors, inventors, scientists, and suppliers. Call it your discovery network. Aim for connection diversity, not just a large number of contacts. Innovators understand it takes many different points of view to fully grasp the complexity of challenges, which is why cognitive diversity is essential in strengthening your ability to envision new assumptions or breakthroughs to zero in on the right answers and solutions. Wisdom is all around you; you just have to be open to it. Sometimes the most valuable thing you get from your connections is not just an idea, but the inspiration or courage to try something new or stick with a project.
Expand your Discovery Network to Improve Idea Generation
There is no better way to create something unique and wonderful, achieve the impossible, or solve any problem, than through an organized gathering of minds for resourceful thinking. Have you ever engaged in Collaborative Brainstorming where a diverse group gets together to generate ideas, energize each other, and inspire other gatherings and new rounds of thinking and exchanging ideas?
5. Do not get Discouraged
Keep an open mind and continuously look for things that you can iimprove. Whenever you conceive a new idea, work through it from every angle, then test and measure it to access the outcomes. You want to make smart decisions.
Every innovation goes through distinct phases. Any business would prefer that the phases of innovation be predictable. But, you cannot rush the process as it shifts from idea generation to implementation to growth to maturity. That requires patience and time to overcome the hurdles and implement strategies. Have patience and do not get discouraged. Learn more about the Life Cycle of Innovation
6. Keep an Idea Book
We know you have great ideas and that you cannot implement them all at once. Please, keep track of your ideas. Add notes of whatever you learn in examining them. What you learn today may be useful another time. The development of an idea in one field may be adapted in another. It’s helpful to have the book hanyd for reference. It's also serves as a reminder to make innovation a priority or to give you a boost of inspiration.
As a small business owner
you should assess whether you are sourcing enough good ideas from outside your
immediate think group. The more ideas generated, the greater the chance of
finding innovative ways to combine them into something new.
Inspiration can strike when you least expect it, but that is rather an inefficient way to drive innovation and creativity. Want a do-it-yourself approach to decision-making and problem solving? Try one of these brainstorming techniques to develop your ideas.
Professionalism is what you do visibly that impresses and inspires others and what you do behind the scenes – integrity, self-regulation, conscientiousness – that allows you to fulfill your role to the best of your ability and gives you a sense of satisfaction and self-worth.
When you are overworked and under pressure, try these two super easy-to-implement strategies to fend off procrastination. They can be completed quickly and more importantly they work best to set the tone for an excellent day.
Kindness should extend to our colleagues and work family. In the workplace, kindness is a catalyst that helps to build trust, drives morale, improves well-being, engagement, and productivity. Kindness makes you feel good and that is a good way to spend your day.
As a professional, you want to get the job done – and done well. You do what is necessary to produce results that exceed expectations. You recognize whatever you do to keep advancing personally and professionally also helps your business to thrive.
