Great entrepreneurs have a unique insight into a solution that challenges conventional wisdom. They simply see things differently. They surround themselves with people that can make their vision a reality and the result is an innovative leadership company that changes what people thought was possible.
Take blur Group as an example, CEO Philip Letts founded the company in 2006 and set about recruiting a visionary team. Today blur Group is a technology company reinventing how businesses do commerce. Its Global Services Exchange delivers services differently: a new way to buy, manage and pay for core services. Over 40,000 businesses in 145 countries have adopted this s-commerce platform and changed the way they work. Its this ability to see things differently and inspire the resources to challenge the status quo is the mark of a truly innovative spirit.
Its this innovation that fuels business growth. The ability to keep on generating winning ideas for new products and services is one of the keys to business success. Entrepreneurial companies know this; their natural understanding of innovation is what makes them unique. Lets look at what they do differently:
Make innovation a strategic priority
Innovation needs a strategic focus. Entrepreneurs recognise that their ability to get innovation right is key to their future success. Around half of entrepreneurs struggle to integrate innovation into their strategic priorities though. Perhaps because entrepreneurs feel that as innovation is so integral to what they do, there is no need to reference it explicitly in their business goals, But there is a risk in taking sustained innovation for granted. Successful entrepreneurs embed innovation into their strategic priorities.
Look for Innovation everywhere
Innovation is about more than new products and services. Entrepreneurs understand that innovation can take place in the “back office” or support functions too, and identify ways to nurture this channel. Creating the right environment and leading by example, entrepreneurs empower their staff to innovate, challange the norm and identify new ways of working. If you want to grow, you need to innovate around what you do and how you do it.
Innovation needs to be part of your business culture. Entrepreneurs recruit creative people, people who think outside the box, who question why something is done a certain way and how it could be improved. Entrepreneurs foster an environment of possibility, whilst at the same time communicating that failure is ok, its all part of the journey. If you want to grow, you need to build a culture of innovation.
Find a structured approach
Innovation needs to be a measurable, focused activity. There is nothing wrong with innovation “for the sake of it”; many of the best ideas emerge that way. But to sustain its growth a business needs to find ways of making innovation a managed process. Entrepreneurs establish a pipeline of innovations, and establish a scaleable process for developing and exploiting new ideas.