why do we need innovation in business
Over the last month or so the importance of innovation in business has become more and more obvious to me. I ve come across a handful of people either trying to completely copy one of my business models, duplicate my online content (from this blog), blatantly copy the design of my Facebook branding and even had someone rip footage from one of my YouTube videos, and include it in a video to promote their business elsewhere online! I m left thinking Really? C mon. Get original, already.!. I appreciate that its tough to come up with a truly original idea nowadays, but knowingly copying, or ripping off someonePelse sPidea, or business model is not gonna get you anywhere. Knowing the type of people that read my blog, I m sure we re all in agreement on this point! It s easy to copy what is seen as working in today s market. It s a tough game out there nowadays, and anything you can do to help kick-start your new business, blog, WebTV show, podcast, service, product or digital magazine in a positive manner is understandable. However, I m a big believer that the advantages of innovation in business go way beyond just doing well, or making money! It s about creating the right kind of persona as an entrepreneur. It s about moving and shaking in the right circles. It s about killing it live on stage, in the boardroom, over the dining table, or on the golf course. The benefits of being innovative in the way you startup, grow and develop your business far outweigh the benefits you ll enjoy by simply copying someonePelse sPidea, or model. Why is Innovation Important in Business? Why shouldn t it be? Why is it important that you water indoor plants daily; that you keep the tempreature of your tropical aquarium at thePrightPsetting; that you workout regularly? Since I launched this new site,
just 6 weeks ago, I ve taken the following steps to stand out from the crowd, re-brand myself and generally make a statement: The site is 100% customized there is no other site out there like it.
I created a 7-Day Bootcamp course to help reenforce my entrepreneurial philosophies on building businesses in the 21st century. Backing it all up, I launched the New Business Manifesto, along with a customized video to help promote it. I ve provided free website critiques, as well as replied to every single comment posted on the blog. My Facebook page has grown at an awesome pace, down to my interaction and giveaways. Plus much more! I feel good about making these moves, and I have a lot more planned in the next few months, too. It s easy for me to rant and rave a little about this and don t get me wrong, I ve got this! I m not all that concerned by any of it but, I do see this trend of cutting corners, copying, etc. developing more and more nowadays, which is why I decided to create this post on the subject. As an entrepreneurial network, we need to respect original ideas, business processes, market concepts and so on. If we don t we leave ourselves wide open to being spanked ourselves probably when we re doing well, and it s really going to sting! And here s the thing P Exactly how innovation helps business, depends on your business model. P If you re running an online business, creating mobile apps or selling informational products via your blog, being seen as an innovative sort will help you immensely, of course. If you own a pet store, then you might not have to be SEEN as an innovative person, but if you can inject a certain amount of innovation into the way you market and promote your business in the local community, not only will you get more business, but you ll also be respected as a local entrepreneur. There are always going to be those that copy and duplicate what you have done, because you ve done okay for yourself doing it. Get over it. Life goes on. The big difference between those business owners that continue to crush it, and those that merely taste the crush (is there such a term?! well, there is now! ), is how you conduct yourself in business.
How you promote, market, sell and look after your customers. Get busy being innovative my friends. Stand out for the right reasons, and the rewards will come to you over and over again What do you think about the role of innovation in business? Do you place the right amount of focus on the importance of innovation in business, when it comes to your own activities? I d love to know your feelings on this important subject. Comment below. What is Innovation? Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. It is not just the invention of a new idea that is important, but it is actually bringing it to market, putting into practice and exploiting it in a manner that leads to new products, services or systems that add value or improve quality. It possibly involves technological transformation and management restructuring. Innovation also means exploiting new technology and employing out-of-the-box thinking to generate new value and to bring about significant changes in society. Experts have identified many types of innovation such as Product Innovation that entails the introduction of a new product or a service that is new or considerably improved, Process Innovation comprising the implementation of a new or a significantly enhanced production or delivery method, Supply Chain Innovation in which innovations transform the sourcing of input products from the market and the delivery of output products to customers and Marketing Innovation which results in the evolution of new methods of marketing with enhancements in product design or packaging, its promotion or pricing, among others. Why Innovation is important? Studies have confirmed that all businesses want to be more innovative. One survey identified that almost 90 per cent of businesses believe that innovation is a priority for them.
The conclusion is that the importance of innovation is increasing, and increasing significantly. In the current day economic scenario, innovativeness has become a major factor in influencing strategic planning. It has been acknowledged that innovation leads to wealth creation. Even though efficiency is essential for business success, in the long run, it cannot sustain business growth. Most often planned and measured a combination of ideas, objects, and people leads to innovation resulting in new business ideas and technological revolutions. In order to be termed valuable innovations, new products and services need to be strong enough to progress through rigorous commercialization processes and into the marketplace. Management expert Peter Drucker said that if an established organization, which in this age necessitating innovation, is not able to innovate, it faces decline and extinction. Many organizations are adopting measures to strengthen their ability to innovate. Such companies are creating a dependable operating system for innovation, an important indicator of corporate sustainability. Research has indicated that competition combined with strong demand is a major driver of innovation. The intensity of competition is the determinant of innovation and productivity. Innovation, besides products and services, also includes new processes, new business systems and new methods of management, which have a significant impact on productivity and growth. Today, we need innovators more than any time before. Every organization and business are feeling the impact of globalization, migration, technological and knowledge revolutions, and climate change issues. Innovation will bring added value and widen the employment base. Innovation is imperative if the quality of life in these trying circumstances is to improve. Innovation will make the world a better place for the younger generation.
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