The roadmap has to be continuously defined on what ideas you are going to be working on to make sure that you sustain your leadership in the market.
Nowadays, innovation is no longer associated with something big and disruptive, it can be a small thing that makes difference either in increasing revenue, minimising cost or enhancing customer satisfaction.
Identify the Problems
It is very important for entrepreneurs to identify the problems in their businesses. Of course, solving those will require engaging of minds, but problems and issues in business lead to innovation.
Find the Right People
Entrepreneurs cannot be the only innovative person in the company. The general trend teaches us to be like someone else instead of being different. Hence it is crucial for entrepreneurs to find people that buck this tend and can actually think innovatively when our ecosystem itself does not support innovation.
Moreover in the corporate world, you can only do three things – You can create or maintain or destroy something. To innovate, it is important in every business that the entrepreneur must ask himself and his team members that whether they are helping in creating something or maintaining something or destroying something. Understanding this can help you innovate more efficiently.
Focus on Core Business
As a business scale up, it looks for brighter areas of growth. However it is critical entrepreneurs to do soul-searching as to what are their core businesses. They must not divert from the core competence of their businesses. This can be retained by looking at what customers require. Money will be made only when customers see value in your product or service and are willing to pay for that.
Furthermore, smaller the organisations the better it is to think, collaborate and innovate. But as you start growing, things become a little complex. There are always two sets of people – thinkers and doers, and businesses have to put them into their respective frameworks.
Innovation today is all about constant change – what is the next thing and idea – unlike earlier when you can grow for a long time on a single innovation. It is like vegetables which if grown today, will stale tomorrow. Entrepreneurs should be obsessive about innovation. The roadmap has to be continuously defined on what ideas you are going to be working on to make sure that you sustain your leadership in the market.