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Is Innovation a Key to All Entrepreneurial Problems ?

The changing business ecosystem is speedily adapting innovation and seeks participating businesses to acclimatize the same
BY Jaspreet Kaur
Feature Writer, BusinessEx
Feb 21,2020

Innovation is claimed to be a crucial element for a business’ development today. Owing to that, it has silently become an essential attribute for an entrepreneur to ingrain. Being innovative is related to possessing talent and creativity; however, there is another side of the picture. In a research done by the University of Toronto, which observed 1,000 American and Canadian knowledge workers to understand their attitude towards innovation. Besides quantifying “drive to innovate” the scientist searched into other things such as “grit” and “openness to risk” throughout the two nations (Canada and America) and three age groups (under 35, 35 to 44, and over 45), reported Harvard Business Review’s article. 

The research showed that while the drive for innovation among knowledge workers differed from 14 per cent to 28 per cent, merely two of the six different groups broke the 25 per cent target. Gathering the numbers about professionals who are willing to take risk were: at best, 19 per cent of your company is willing, with some age groups dipping as low as 11 per cent.

Give Innovation a Different Language  

While acclimatizing innovation in the work environment, an entrepreneur first needs to realise the hard work that his employees have to do to attain innovative results. The changing business ecosystem is speedily adapting innovation and seeks participating businesses to acclimatize the same. While transmitting the innovation-focused goals, the entrepreneurs expect that the employees perform things differently with a tinge of creativity. Sometimes, it engenders problems instead as the employees find it difficult to show creativity and innovate things. Apart from emphasising on the innovation, the entrepreneurs should stimulate employees to come up with new ideas. 

By encouraging people to participate in the meeting and welcoming their ideas are, in turn, increase participation of the employees. Such activities help build the employees’ confidence in the firm and help them flourish. When freedom is being offered to the employees, they envision, create and innovate; these options are essential to disseminate innovation in the employee base. 

Make Innovation a Strategy 

When a certain company disrupts the market, its products speak about it and entails information as to how the company is working innovatively. On the other hand, while working along with employees the businessman need not stress on becoming innovative or creative. It should rather be on completing the work and getting revenue. 

When the entrepreneur steps out of the company and corresponds with external stakeholders, at that time, he can explicitly talk about his innovative skills and how he is making a change in the market. 

Getting No Innovation? Do Experiments

Getting a new idea for a product is mostly a daunting task for the first-time entrepreneurs, therefore, doing experiments is recommended. After performing an experiment and observing reactions of the target audience, the entrepreneur easily recognises the demands that he needs to meet. 

For instance, if a travelling site gives fewer options to the website viewers instead of offering various facilities, then it can easily access as to what its customers want actually. Using this information, the travelling portal can optimise this data and formulate a new set of services that its customers look for. 

The above-cited points prove the importance of innovation in a company’s trajectory in the long run. 

 

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