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Innovation is crucial to entrepreneurs who wish to gain fresh business perspective by introducing new products and services. First, it’s important to note that innovation does not necessarily mean create a brand new product from available resources; one can improve some of the products to meet the diverse clients’ needs much better. Also, a new product can enhance competitiveness of the business and ensure that it remains profitable and relevant despite prevailing economic environment.
These are some of the core reasons why entrepreneurs are keen to hire employees who can come up with great ideas on how to improve their products and services. Unfortunately, most of them lack information on how to ignite or encourage staff to come up with the ideas. Below are five ways that entrepreneurs in various industries or businesses can use to accelerate or fast track their business success.
Identify Innovation Opportunities
High percentages of innovations are actually developed to solve existing problems or improve products and services as mentioned earlier in this white paper. One of the surest ways of identifying these opportunities is by looking for problems currently facing your business, competitors and the entire industry at large. For example, if your target audience is not satisfied with your existing products, that is a golden opportunity that you can use to come up with ideas on how to make them better. Bottom line; use problems as seeds for brainstorming or getting ideas. Also, by solving problems that affect the entire business, you will not only help other players but also establish your business as an authority. Strive to picture problems or complains are chance to come up with an innovative and unique solution.
Think Outside the Box
Most entrepreneurs tend to limit or dim themselves to their industry when looking for plausible solutions. Seth Godin, a renowned business manager advises them to look for similar situations or problems in other industries even if they do not deal with same products. This is further strengthening by the fact that innovation is the ability to take a concept or idea that worked in other businesses and implementing it in your business. This means that you need to take time and analyze the problems and proposed solutions to choose one that best suits your business plan. Henry Ford revolutionized the manner in which cars are made by just coming up with a moving assembly like to streamline and speed up the assembling process.
Look for an Innovation Environment
Not all business environments are ideal for innovation. To come up with your own business innovation ideas, you need to find a unique innovation environment that stimulates your creative thinking. This will significantly increase your chances of developing valuable ideas that can grow your business. To do this, you need to monitor time, location and some of the activities happening around you. By doing so, you will be able to create a pattern that you can use to define your personal innovation environment. Use it to brainstorm especially when faced with challenging situations.
Work as a Team
No man is an island. To successfully get new ideas, you need to work as a team. This is based on fact that each member of the team has unique talents, ideas, experiences and capabilities. By limiting the number of people that you consult, you will knowingly or unknowingly lock out valuable ideas that could have been effective in improving your business and enhancing its reputation in the current competitive world of business. This means that you should give the team time and all the resources they need to come up with ideas and solutions to problems. As you do so, work smart to come up with an innovation culture while at the same time fostering teamwork in the organization or business. Mentorship programs and listening to all ideas that come up will significantly help to motivate the members as they will feel that their work is been appreciated and recognized. At times, you will have to hold one-on-one meetings to discuss each idea to avoid any inconveniences down the road.
Have Periodic Innovation Sessions
It is completely wrong to think that you will solve all problems in one sitting or meeting. To successfully and effectively identify and apply innovative ideas, you need to allocate some time to these sessions despite your current busy daily schedules. While there, try and lock out anything that can distract you and focus on one or two innovation ideas that you feel can work and are implementable. If possible, visit your innovation environment or visualize it from the comfort of your home or office. The ideas are to have a clear understanding of the ideas before taking the next step.
As you can see innovation can significantly grow your business from regional to global level. Use these tips to come up with credible and world class ideas to improve your products and services.