Why Is Innovation Important for Entrepreneurs?
By TRISOFT team
Innovation is the ability to change and improve existing operations, products or services in order to introduce new and enriched offers.
This can be achieved through creativity and brainstorming, with an empowered team working together and motivating one another to come up with suggestions and plans in a productive and collaborative business environment, but also by collecting and using customer feedback and insights.
Here is what business owners and managers who are interested in bringing innovation to their organizations should keep in mind:
1. Innovation doesn’t have to be outstanding or revolutionary, but rather stable and constant
Every time a brand comes up with a new product, a new model of sneakers or a new flavor of coffee, that’s also innovation.
So don’t try to overthink it or hold back until that one big opportunity will present itself to you in a dream or through divine inspiration, otherwise you might miss your chance and lose important revenue.
2. Business success must consist of novel and interesting ideas that work toward keeping operations, products and services constantly fresh
Improving and adding to things already in existence is a mandatory condition in order to survive in today’s novelty-hungry world, in which efficiency and timeliness are of utmost importance.
Innovators who succeed in becoming known for their risk-taking and path-opening behavior will set themselves apart from their competition and take the lead in their respective industries.
3. Creativity is an innate or learned skill and it represents the engine that drives the change, while innovation is the process of using the outcome of one’s creativity and brainstorming toward opening new paths and reaching novel destinations
And while creativity cannot exactly be measured, since it deals with ideas and mental processes, innovation can be measured by the number of new products, services or changes that creativity has led to. Innovation happens when you take steps to turn your ideas into reality.
If you are lucky enough to implement a breakthrough or “radical” innovation, developing completely new ideas and concepts, which aren’t based on already existing concepts and products, you will remain in the history books and the collective memory of society.
How to do it successfully?
In order to innovate successfully, businesses must utilize the strategies that best fit their needs and goals. First of all, by trusting and empowering their team, employees will be more inclined to share creative ideas and suggestions which might eventually benefit the operations, services and profits of the company. Fun engagement tactics will help them feel connected and dedicated to the organization and giving workers the flexibility and freedom to solve problems and brainstorm ideas will pay off for everyone.
Secondly, by prioritizing cooperation over competition, team members can share and build on each other’s insights in order to find the most suitable strategies and innovations.
Thirdly, by giving people time off to relax and recharge their batteries, you ensure they have the capacity to concentrate and come up with the best concepts; trying to do lots of things at once and overworking your team will focus on completing tasks and day-to-day activities instead of seeing the broader picture and envisaging the future. Blocked-off creativity doesn’t help innovation.
Last but not least, listen to what people want, since innovative ideas could even come from customers, partners and collaborators. Keep an open ear and an open mind, request feedback and urge everyone to tell you straightforwardly what they believe the company should change or what works flawlessly within the organization. This way, you will have a starting point or they could even inspire your next innovation.
It’s an investment
At TRISOFT we know innovation isn’t always easy, because it entails collaborating with others, overcoming resistance from partners, employees or shareholders, and investing valuable time and resources into generating solutions.
It might even be highly discouraging, since certain ideas generated during brainstorming sessions may not go anywhere. But the end result can make the difference between the organization’s success or failure.
The good news, however, is that innovation can be learned, skills can be sharpened and people can learn how to approach the future of the business in a novel and exciting manner.
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