As an entrepreneur, you’ve probably had a good idea or two. Or, perhaps, you have new ideas just about every day.
How many of those ideas actually hit prime time? How many of those ideas actually achieve the goals that you have set for it? Why or why not?
Continuous innovation and staying fresh in approach to work is a great way of thinking…sounds like an entrepreneur. Someone who has grown their business and is on the verge of getting bored with it? Have ideas, but are stuck with the daily grind? Or maybe, you are a solopreneur who recognizes that they have to remain unique in the marketplace and continue to provide fresh ideas to clients.
Regardless of the source, there are potentially two different lines of thinking here:
Where do you see your company in the next ten years? At the same place? Larger? Perhaps in more markets?
If you are like most business owners, you have some vision for where you would like to take your company. The thing is: growth doesn’t happen by accident, and staying in business doesn’t happen by staying the same. Whatever your vision, you will need to gain some level of strategic advantage, and innovation is one of the tools that firms can use to gain it.
Innovation generally means creating more effective processes and products. For a business, it can mean the implementation of new ideas, creating dynamic products and improving current services and products. If handled correctly, innovation is a potential catalyst for business growth and success. It can also help your business adapt to and ultimately dominate a new market.