Running an innovative business has become the in thing. And there are ample good reasons for this; times have changed and people are looking for better, efficient and quicker ways of doing things. This is regardless of whether it’s in the workplace, at home or out there on the streets. Time is money and that’s what people can’t afford to lose, especially on things that hinder their productivity and progress. People want to do the things they want to be done properly without having to break a sweat or losing time in the process.
I mean look at the advent of microwaves, washing machines, dishwashers…the list can go on and on. Their existence has made our usual daily tasks of washing clothes, dishes and cooking, less time consuming and effortless. This is exactly what people want, to buy time.
It only makes sense then, that as an entrepreneur you familiarise yourself with the world of innovation - one that is forever evolving. But before we go deeper into this subject, I would like to first answer the burning question of what innovation is. According to Wikipedia, innovation is a "new idea, creative thoughts, new imaginations in form of device or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
Now that we’ve answered what innovation is and what it entails. How important is it to your business, particularly in is this day and age?
Innovation is important in entrepreneurship, this is even more so given the highly competitive world we live in, it’s innovative ideas that separate your business from the rest. If you don’t want an average business, you will need to create outstanding products, strong brands and build your network. To achieve this you will need to be innovative. What to consider though is that innovation does not necessarily mean that you have to create something new; innovators often take something that’s already there improves, change it, make better and make it best for the customers. It’s innovative ideas that help make a competitive startup.
According to research about sixty-six percent of respondents conducted during The Deloitte Innovation Survey 2015, pointed out that innovation was important for growth. The survey also indicated that innovative businesses are able to scale up employ more employees. That allows them to take on more customers and grab a bigger share of the market.
Innovation creates room for growth, despite the size of your business. You might have a small startup, but if you are innovative enough, you have a good chance of growing your business.
Being innovative doesn’t happen abruptly, it requires a bit of time and effort too so that you can create something truly innovative that will make a difference. When it comes to innovation, creativity also plays a big role. The two walk hand in hand. Here you can find seven great ways to look at innovation in order to understand its importance in entrepreneurship, education, ideas execution, knowledge and more.
According to Margaret J. Wheatley innovation is stimulated by information gathered from new connections; from insights gained by journeys into other disciplines or places; from active, collegial networks and fluid, open boundaries. Innovation arises from ongoing circles of exchange, where information is not just accumulated or stored, but created. Knowledge is generated anew from connections, that weren’t there before.
To conclude, it is evident that innovation is crucial to the success of modern entrepreneurship. And while this is the case, it is, however, it is difficult to tell if whether or not being innovative is innate. Thankfully, either way, this is a trait that can be learned over time.t is difficult to tell if whether or not being innovative is innate or not. Thankfully, this is a trait that can be learned over time.
There’s plenty of useful resources online and elsewhere, where you can learn on how you can be innovative. All it takes is time, effort, research, and some networking.