Entrepreneurs innovate or perish!
As the famous quote “Innovate or Die” stated by Peter Drucker goes, every business must understand the importance of innovating or perishing.
As an organisation, if you’re not capable of innovating, then game over – for whatever business you are in.
Innovation helps your business to cope-up with the new trends as well as to create trends in the world of business.
A great example to show that innovation helps business is the global pandemic of Covid-19.
Today, as businesses struggle and others reach out to new areas, we have to understand that in every situation, every set of circumstances, thinking ahead always combines with innovation to create opportunities.
Ecommerce – innovative approach in the pandemic –
In the midst of the global pandemic and job loss, Ecommerce was growing – those companies that spotted the innovative trend found themselves becoming successful almost overnight.
Digital innovation was the key – it became vital to businesses to understand and adapt to changing customer needs.
The e commerce boom continues as more and more customers choose to buy online.
Creating an innovative culture within the business –
Innovation happens when you create an innovative environment within the business.
As an entrepreneur, innovation is vital in the road towards growth and expansion.
When new ideas and innovative thinking is given priority, it becomes an everyday thing to live by ; it will be natural to examine and explore innovative concepts and ideas this way.
With a culture that allows for change and innovation, you are paving the pathway for the future and allowing yourself to grow and experience the value of innovation.
Changing traditional methods –
Saying this is how we do it always is not going to help businesses negotiate the pandemic related downturn.
Increasingly, traditional methods can be replaced with simpler, new and innovative ideas.
Changing the way we approach the subject of innovation in itself is a change towards transformation – from mundane to innovation.
Some people find it hard to change – they are reluctant to let go of the old way of doing things – often they are not willing to transfer these practices to newer, tech based ones.
Changing traditional way of doing things is possible only when we are willing to change the way we think.
Believe it can be done –
Understanding market dynamics is one thing – believing that it can be done is another.
When we believe we can do it, we can drive change and pave the way for the transformation from impossible to possible.
Innovation is key for entrepreneurs to be able to believe in their businesses and their ideas.
When you have a self believe that your idea will work – of course backed by data, you are above all confirming to yourself that you can succeed.
Keep your eye open for opportunities –
Innovation is also about understanding how opportunities work – keeping your eyes and ears open to spot such opportunities is a great way to ensure you are staying on top of your game when it comes to innovating.
Understanding the way trends work is vital to this.
Remember that trends can make or break a business and yours is no different.
Allow yourself to overcome prejudices and misunderstandings about a business that may exist at the back of your mind – be open to change and to understand when things become opportunities.
Remember that some people are not able to spot opportunities because they are not always open to innovation.
That should not be the case today ; we simply cannot afford to ignore opportunities and must make use of every one of them.