Insight




Innovation? - For What, Indeed?

Fact says that most entrepreneurial fail initiatives fail, but it also says those who don’t attempt to also fail.

Fear of failure has always been humanity biggest enemies. Not only that, but humans also become defensive when discovering something unfamiliar for them. However, humans could reach this far because of the prominent individuals who know better than anyone else that nothing will change unless they start it. Innovation is the same in enterprises, especially in entrepreneurial. Here are the situations that you must have experienced when dealing with initiative movement:

1. “Not our business”

The first reason is because of the fear of stirring the wheel towards a different wind direction. This is the reason why Kodak and Nokia lost their fight. Both were refusing to shift their product to a different area that is certainly not their business invention, and clung into their authenticity in success, but at what cost? Everything.

2. “An idea that is unlikely”

The potential of an idea is mostly blocked up once its ability in money-making is not certain. For example, when Netflix offered a partnership with Blockbuster, in where Netflix will run Blockbuster online and In exchange Netflix will be advertised in Blockbuster’s stores, it was turned down because the idea is considered as a niche business model. Now, between the two, clearly the idea that was unlikely won the long run.

3. “Go big or go home”

While big ideas seem irresistible, declining small ideas that could take you even an inch further shouldn’t be overlooked either. Be real about your situation, unless you are very confident about your market stability, then waiting around for big ideas would only destroy yourself.

4. “Either it was invented here or not, we doubt it.”

In-house invention or not, each has its own problem. The former might see it inferior to the current market leader, while the latter, they see it as something that shouldn’t even be brought upon just because they didn’t think of it.

5. “We’re not cannibals”

The fear of inventing a brand new product that could possibly outrun, or even kill your existing goods always seem overwhelming. Again, it might ruin your original idea and shift your business completely in a different way, it depends on the result it will give. If it only a temporary trend that dies out fast, of course it is safe to not take it, but if it could possibly win you the long game, it is debatable, even if the obvious answer is to start inventing it right away.

6. “Customers won’t/don’t want it”

Obviously your customers are your source of profits. Here, the risk is something that is inevitable, after all our taste, while it might be similar, is never the same with each other. This could be done more safely by doing a survey before launching the new product, unless this couldn’t be done or it was already urgent to be released before you were able to do the research.

7. “We’re doing okay as we are”

This is the “success trap.” This comfort-zone in a business is the same as a spider-web. It keeps you in place, but you would be eaten up by your indomitable easygoingness. Changes are bound to happen, if you are too laid back in your own pace, it will be too late to realize that you are already left behind.

All in all, innovation management encompasses all measures to promote and use innovations in the company. The focus is not only on the new, but also on the benefits of innovation. The aim is to develop new and improved products, new business models or new processes to bring more advantages to the company. This is why you need to regularly sharpen your way of thinking to hack innovations.

Source:
Dewald, Jim. Achieving Longevity: How Great Firms Prosper Through Entrepreneurial Thinking. Toronto, Canada: University of Toronto Press, 2016.

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