According to an article in the Harvard Business Review, truly great companies don’t scramble to adapt to the future but instead adapt and work to create the future. This includes anticipating, adapting and reacting to new technologies and integrating one’s business model. The article also points to the case of Microsoft, where the CEO dismissed the iPhone and claimed it would never gain significant market share; IBM acted to the contrary by directing its focus to growing technology in cloud computing, which led to rapid growth.
Your company doesn’t need to invent a new product like the iPhone to compete. But you do need to anticipate growing trends in technology and the infrastructure being created in order to get ahead. Take the first step by combining the use of new technology with growing business trends, like automation, to stand-out and compete.read more
Recommended Reading: How Small Business Owners Are Leading the Country in Innovation
If you have been in business for a while, you and your staff probably have had some great ideas about how to improve your business. The interesting thing is, you are not alone. As a matter of fact, according to Patricia Greene, Professor of Entrepreneurship, Babson College in her article, “How Small Business Owners Are Leading the Country in Innovation,” as the title indicates, small business owners lead innovation – not just in product and service development, but also in their processes, markets they pursue and serve, sources of supply and changes in their business models.
Please take a look at her article and let us know whether or not you agree. Are you one of the 2/3rds of business owners who are in some phase of innovation? Do you feel that some form of innovation will give your company an advantage over your competitors?
How Small Business Owners Are Leading the Country in Innovation
Entrepreneurs are creating meaningful impact in their communities
By Patricia Greene, Professor of entrepreneurship, Babson College
Small businesses are the innovators of the world, while functioning in a climate in which innovation is rapidly becoming a word that’s use is so ubiquitous that it’s in danger of losing its power, and that would be a bad thing. Broadly, its usage is frequently synonymous with invention or creativity. Narrowly, innovation can sometimes refer to a particular part of the development of a new product or service, usually having to do with a specific type of technology.
Earlier this year, Babson College published a research report The State of Small Business in America 2016, highlighting the top challenges and opportunities that America’s small-business owners face in today’s economic climate. One of our most unexpected findings revealed the amount of innovation under way by small-business owners. Survey results aggregated insights of more than 1,800 small businesses across the U.S., all employers representing every industry sector, with a median age of 12 years in business, a minimum of four employees, and at least $150,000 in revenue. In other words, entrepreneurs who are the economic core of our country.
Rick Meekins is the Managing Consultant at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. Our entrepreneurial multidisciplinary team works with clients to develop differentiating solutions and provide direction focused on lasting, strategic results. We exist to help our clients CREATE | DESIGN | BUILD extraordinary businesses.
We would love to hear from you. Please share your thoughts and comments below. If you are seeking advice on how to grow your business, streamline systems and processes, implement software or overcoming challenges to growth, please contact us, directly or submit a request for a complimentary Coffee & a Consult to learn how we can help you CREATE | DESIGN | BUILD an Extraordinary Company.read more
Extending innovation thinking in business design
When I started my restaurant a number of years ago, I was committed to doing something that would be different – forward thinking and attractive for potential customers. My challenge was that I didn’t fully look at what my customer would want or how they would want it, but rather, how I wanted the business to look, act and function. All of the ideas and thinking for the business came from me. I was the man!
However, at some point, I got tired. The ideas stopped flowing. People came to me with suggestions that I often threw by the wayside. My pride became a consuming beast; the business because an 800 pound gorilla that I was anxious to shed, despite all of the inroads we had made.
Somehow, I think that I am not the only one who has ventured down this road, be it the development of a new product or service, introduction of a new store or eStore, a fund raising event or creation of a new course. In every case, making innovation come from a single source can and will absolutely limit its ability to become all of what it could potentially come…even if it is very good.
So how do you “think different?”read more
Spotting trends in the marketplace that could affect your business
We live in amazing times; I am told that my children absolutely NEED cellphones – by their GRANDMOTHER. New computers, tablets and phones arrive on the horizon almost daily. The internet is nearly ubiquitous. People have changed the way they spend and invest their money. Global warming is now more than a crackpot fantasy; we are experiencing it! Each year more and more people are working remotely or building businesses out of their homes.
What does it all mean?
It means that if your company plans to do the same thing you have always done in the same way for the foreseeable future, you may end up out of business. One of the components of building an extraordinary business is ‘Always be Innovating,’ meaning that the marketplace and industry are like moving targets. As soon as you have the situation locked down, the situation changes. If you aren’t innovating, you are getting left behind.read more