Welcome to today’s edition of entrepreneurship today from Treasure Network. We are glad bringing this program to you weekly and we appreciate your commitment to read all we bring your way.
Last week we talked about finding your passion and earning from it. We also stressed that passion is needed for your business to overcome its challenges and experience true gainful growth.
On today’s edition of entrepreneurship today we would be discussing another interesting quality which every entrepreneur must posses to experience growth. We would be discussing INNOVATION.
They was a time rodents find their way into my house. In getting rid of them I used different methods until I finally eradicated all. Hence validating the saying there are many ways to kill a rat. Using different methods was me being innovative.
Innovation According to Oxford Advanced dictionary is ” the introduction of new things, ideas or ways of doing something…..” Innovation means introducing something new. This can be a process, model, idea, product or a service. For example, introducing an idea or a new equipment that can reduce the electricity consumption by some percentage is an innovation.
Innovation is the key to growth, without it most start ups and organizations would forever be stuck doing the same old things, the same old way. New products, new services and new ways of doing business would never emerge.
An entrepreneur with vision and passion for his business might attain great heights but if he lacks innovation he wouldn’t survive long in the competitive world of business.
Innovation calls for creativity and new thinking. Innovation does not mean invention. Invention is creating something new from scratch while innovation creates change and add value to existing product or service.
Think of Jeff Bezos ( Amazon) who built an online book selling business in a world of brick and mortar booksellers. Or moving the world to electronic readers by coming up with Kindle and a digital bookstore.
You may say ” I’m not innovative” but let me ask you a question. What will you do, when driving and you notice too much traffic on your current route? Of course, you will find another route with less traffic. Its natural, almost everybody does that. That is innovation. Finding something and exploring ways to do it better. We are all innovative, the difference is some put their innovative mind to use while others don’t.
Though we are all innovative by instinct, there are certain catalyst which spurs our innovative mind. These catalyst are : economic changes, technological changes, new knowledge, new market, etc. These things make a person think of a new product, services or business process. Innovation helps an organization to be strong and competitive in the business world.
Opportunities abound around us, find these opportunities, use them to solve problems and as you think about technology, think about the problems and many things you can solve with technology.
Its been Entrepreneurship Today from Treasure Network and I’m your host Aaron Iko-ojo. We hope we have added value to you today. Join us next week for another informative and educative edition. We would love to hear your views on the subject discussed as you leave a comment or write us at email@example.com
Have a Great weekend.