Snappy branding, a thought-provoking marketing campaign, and a top-quality product provide the bones of business success. However, if you’re not working to find and nourish innovation and creativity in your firm, you will find it difficult to maintain your market share and move with the times. Lots of would-be entrepreneurs associate creativity with the arts, relegating it to a secondary concern in the cut-and-thrust world of small business success. Ultimately, though, any one of us can practice creative thinking whatever our position to help us become an innovator in our field. Many of us have been forced to get creative at one time or another just to survive personal or professional hardships. Creative thinking also lies at the heart of problem-solving, which is a key skill for anyone trying to join the online business success stories. So, we can see how creativity is essential to business success, but how does it translate to our day-to-day realities?
By definition, creativity is the formulation of new ideas and concepts using nothing but your imagination. Closely allied with invention, creativity entails the ability to take fresh approaches to show the world of business success something it’s not seen before. It arises from an interplay between intelligence, experience, curiosity, and imagination. Roughly speaking, you can break these factors down into three distinct elements:
- Experience: Awareness of the issue at hand.
- Drive: The desire to impact the status quo for achieving motivational business success.
- Creative thinking: The ability to approach an issue from new and unusual perspectives.
Creative thinking is frequently characterized as the power to tackle difficulties from angles that few others would be able to visualize. In the context of business success factors, an example of creative thinking could be how you choose to assign roles in your team based on some original criteria or coming up with a novel way to resolve a conflict between team members with innovative solutions.
At its core, innovation means introducing an element to a situation that is novel and unlike anything that has preceded it. The innovation aims to help drive value while simultaneously laying the groundwork for rather innovative practices to come later. As one of the main keys to success in business, this means introducing new practices, methods, and products, or improving on what has come before, with the aim of securing a greater market share or optimizing your company’s processes. When applied to a commercial framework, innovation is composed of these core concepts:
- Challenge: Provoking innovation in your market or workforce.
- Creativity: Igniting innovative thinking.
- Customer focus: To help grow and sharpen an idea for the market.
- Cooperation and communication: To help your team bring the process to life.
Value is what has always fuelled innovation. That said, there’s no single set of rules for how to bring innovation about for every business success. Depending on the nature of your field, here are three ways that you can build a model of business innovation.
This innovation model interrogates the character of the organization itself. Its objective is to identify all the products, services, and processes that might be enhanced to help a company refine processes, optimize structures and, in doing so, lower overheads and raise profits across the board. Some takeaways from this model could include using innovative new technology, forging fresh corporate relationships for mutual business success, and using outsourcing to refine your business model.
Revenue model innovation seeks to boost the profits generated by a company. To further this goal, organizations can take a fresh look at their pricing, adopt new revenue models or revise their portfolio to improve products and services that are underperforming. This is one of the more practical models of innovation since it usually doesn’t entail fundamental changes to current practices for achieving business success.
Industry model innovation is different from the previous models. It provides a framework for business success that is setting out to overturn the status quo and radically disrupt the market. Examples of this could be a company branching out into a whole new field, like Elon Musk developing Tesla automobiles and SpaceX rockets at the same time. With this model, innovation is the guiding principle for every decision taken.
With the rapid advancement of digital technology, and a world forever changed by the Covid-19 pandemic, now is the perfect time for innovation in the markets to cause seismic changes to the normal ways of achieving business success. For entrepreneurs, it’s a solemn duty to take the lead in these times of uncertainty to help bring visions of a better tomorrow to life for the greater good. What innovation would you like to see in business? Do you have a creative business idea of your own? Let us know in the comments section below.
Author’s Bio: Emily Moore is an English teacher with a passion for space and blogging. She believes that current exploration should be focused on preserving our planet’s resources. With satellites circling the orbit, it is easier to get relevant data on any environmental changes. This, in turn, should help people quickly address any challenges.