In this post you’ll get answers for the question: how to innovate in business?
Innovation is one of the most important things a business can do to grow. Often it doesn’t really matter if a business is the first or last to enter the market. When the barriers to entry are not strong, and often they are not, the veterans of a certain market become targets for potential market take overs by new businesses. One of the ways to avoid this is by continuously innovating in order to keep their positions. Oddly enough, the same strategy applies to new businesses trying to gain market share in a saturated market. On the book Zero to one, the author mentions that the improvement should be somewhere around 10x better than whatever exists at the moment. A 2x or 3x improvement is good, but it won’t be seen as groundbreaking. Its more likely to be seen as a mere improvement not as an innovation. By out-innovating old players, new businesses become more able and likely to take over a market previously “Owned” by the early adopters of the market.
How to innovate in business?
Innovation is just like creativity. There are many ways to do it, but sometimes some ways just don’t work, simply for the fact that the word is not defined in the same way by different people. The idea is “fuzzy”. We all talk about it, but at the same time we don’t have a complete grasp of it. What really is innovating? Do all innovations feel like a groundbreaking discovery? Luckily for us there are somethings we can do for both creativity and innovation, that are just more likely to help us get the results we are seeking. Below are three of the most common ways you can innovate in business and life in general.
1. Scientific breakthroughs
One of the greatest sources of innovation is through new scientific discoveries. Those discoveries don’t have to be as big as the discovery of the DNA or the neuron. Often they are insights about how people behave. Simple things that everybody just overlooked all along. Those insights when tied to a product, have the potential to change not only the popularity/success of the product and the business, but also to change an entire industry. When private(not shared with the public), the same insights also have the power to make a business dominate an entire market. For businesses, those small discoveries are made during the process of R & D.
2. Continuous small improvements
Continuous small improvements as opposed to looking for the one game changing thing are a good way of actually finding the one game changing thing. By considering and applying all possible small improvements that a business can make on the product and on other parts of the business such as the way it does costumer service, the one thing is more likely to show up as either one of the small regular improvements, or as the big picture created as a result of all small improvements put together.
3. Intentional clash of disciplines
Another way of finding innovative ideas, is by eliminating to the mind the idea that innovation comes only from an unknown creative force that makes things out of nothing. The truth is that it isn’t. Sometimes brand new ideas are nothing but implementations of boring/basic/ “no -brainer” solutions/ideas that work on one field, applied to problems in another.
For the last source of innovative ideas, a good habit to acquire is to simply read more. Become more familiar with disciplines that have nothing to do with your field of expertise. Each discipline of life has its own way of approaching and solving problems, and when a wall of knowledge/insight is hit in one field, the one innovative approach that solves the hardest problem can come not from the brilliance of the mind that solves it, but on the things it experienced over a lifetime.
It is all about knowledge and experience;)
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