TUESDAY BUSINESS START-UPS
INNOVATE OR STAGNATE
One will be wrong to assume that “everything that should be has been INVENTED already”, as was said by a well respected public figure many decades ago. However, with the rate of improvements today, there is so much room for INNOVATION on almost any subject matter.
While the former was proven to be very untrue, the latter stands undeniably true. From tech to business to education to parenting etc.
To Innovate is to introduce something new to an environment or system, usually for the first time as a result of study and experimentation, with the aim to improve performance, results and revenue.
On the other hand, To Stagnate implies a still or slow motion resulting in a changeless situation – as times evolve.
Find me a sector or thing that chooses stagnation over innovation, and it will be done away within a short while. Businesses that repeatedly use the same approach (in evolving times) run the risk of being left behind or forgotten.
For startups and young professionals in business, innovation plays a key role in helping them – meet market demands, scale outputs, improve upon their revenue/income, and, going on to become household/global brands.
To avoid stagnation, every business must –
BE COMPLIANT, NOT COMPLACENT.
The stage of saturation becomes the point of declination. This is the root cause of many businesses failing after a time. A business compliant with the vision of value creation or sustainability will continually evolve, possibly, attracting capital investment and cash flow.
Trends set the benchmark for some of the most profound global changes ever witnessed. In itself, trends advise on market behaviors. Leverage it, as it can help attract new customers.
This is an out-in approach that helps a startup or business, learn from what is and, what could be to stay efficient, satisfy customers and remain relevant. As you do this, you improve customer loyalty.
Business innovation can center around products, processes, models, delivery patterns and more. In other words, it doesn’t have to be about the creation of a new product or service.
Innovation in business helps to get ahead of possible potential disruptions as peculiar to the tech space. The need for a research and development team lends a hand in ensuring that.
Also, innovative businesses tend to attract and retain the best brains therein, especially when their compensation matches the input. An excellent human resource or talent acquisition team guarantees that.
When it comes to brand perception, the need for an unconventional product manager and customer service team ensures that the public (her customers) always get the best of experiences.
Innovation in the 21st century is a way of life. It is our new normal. Hence, young professional startups or businesses cannot risk not to INNOVATE.