Innovation

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Innovation

Mehak Sarwar

Management Coach

IFPMC-London

Innovation is the idea of introducing new ideas to improve all existing aspects of the business and hopefully generate more money. This innovation is better cultivated with support and excitement from the team.  Innovation can spread into all aspects of your business like: 

  • Product/ Service
  • Daily operations
  • Marketing 
  • Business performance

6 useful tips on what you can do as an entrepreneur to get yourself more creative: 

  1. Curiosity is key: In order to be a vital asset to your company and it’s success, you need to use that passion and determination you have to find out as much information you can about the topic. Things to look out for are:
      1. Trends related to the subject
      2. Any solutions people have found to a specific problem you may encounter
  2. Take opportunities to be innovative: If you can see that the company or business field is becoming unremarkable and ordinary, use this as your chance to create an idea and make something unique and extraordinary.  For example: Uber was an innovative idea created by  Garrett Camp and Travis Kalanick to give commuters another option of travel that is quicker and cheaper than taxis.
  3. Think outside the box: You can think outside the box by looking at how other industries do their customer service or production etc. For example, PepsiCo reduced their sodium content in their snacks by using calcium particles as a substitute. This idea came from the medical industry. 
  4. Communication: By communicating your ideas with your team, it allows the idea to become fully developed by other’s perspectives and comments. Furthermore, through communication, a sense of transparency and openness within the group is present which creates a better work environment for all. Additionally, innovation doesn’t necessarily come from just employees high on the hierarchical ladder. Good ideas can come from your customers via reviews, social media, and surveys as well as employees lower down the ladder. So in order to get the best for your company, communicate with everyone that makes your company.
  5. Think ahead: Think ahead always in order to avoid ‘the already been done’ concepts. Be the leader, not the follower. 
  6. Innovation requires flexibility: In today’s world, trends, and ‘what’s popular’ is constantly changing. Because of this, as an innovator, you need to go with the flow and be along the same line as the change. This can be achieved by reading, listening, and talking about the subject. Embrace the industry and all it comes with. 

Overall, innovation is essential because, without new creative ideas, many businesses will become ordinary and forgettable which is not what you want. It is a skill that discourages comfortability and complacency within a company. As Peter F. Drucker said: “the enterprise that does not innovate inevitably ages and declines. And in a period of rapid change such as the present…the decline will be fast.” This shows that thinking ahead in the business world is what keeps you going as an entrepreneur and as a company. Innovation is a win for all. 

 

 

 

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