Millennial Archives – Theodore Henderson

How Innovation Leads to Success in Business By Prof. Theodore Henderson The Wisdom Man In an ever-changing world, the business game remains unpredictable demanding flexibility and innovative thinking. Sticking solely to the way you have always done things, to what you only currently know, and refusing to change business models ultimately kills innovation and could spell disaster to your small company or entrepreneurial venture. Growth and success are the two main reasons why your business needs to innovate. To keep up with your competition, you have to implement new ideas, create new products, and use emerging technology to run your services. When a business design does not work or match your mission and vision, it's time to take note of more innovative ideas and see which ones can be realistically implemented. No matter what industry you're in, innovation in business always leads to sustained success because it underscores three key elements: efficiency, convenience, and effectiveness. Even small companies can take risks and identify gaps in products and services, and see what has not been thought of and produced for the market. In other words, the innovative entrepreneur mind. The Importance of Innovation in Business 1. Innovation sparks creativity. One importance of innovation in entrepreneurship is that it allows the team members of a company to become creative thinkers and invent new ideas and approaches. Creative thinking can significantly solve problems and seek out areas that used to be foreign territory. 2. Innovation saves time and money. New technologies are invented to make your business transactions smoother and faster. Automated email services, for example, have changed the game in information transfer. Instead of consuming so much time emailing people manually, you can use an application to send emails to hundreds of people in a list with just one click. Click The Gold Button For Free Case Study - Monetize Your Skills Click Here For FREE Case Study 3. Innovation improves productivity. Through technology and new ways of tackling a problem, your company and your team can do more. Innovative approaches increase your presence in the market, helps you create more unique products, and efficiently work on critical and complex tasks. 4. Innovation improves your brand's value. It is an excellent way to pit yourself against your competitors. Inventing new ideas and marketing strategies can raise awareness about your brand, and create a lasting impression on your target clients. 5. Innovation knows no age limits. Yes, that is correct! According to a recent study by the Kaufmann Foundation, Baby Boomers are twice as likely as their younger Millennial counterparts to be planning to start a new business. The foundation also uncovered in their 2016 Startup Index that 24.3% of new entrepreneurs fall between the ages of 55 and 64. In other words older workers who aren't going to retire. Don't misunderstand Millennials are in the game however Millennial entrepreneurs makeup about 25%, strangely however what is most significant about these numbers is that the Millennial percentage has been steadily declining, while the Baby Boomer percentage has been quickly going up. USA Today called wrote a great article on this phenomena called "Small business: Boomers' role in entrepreneurship is, well ....". Apple: A Leader in Innovation You cannot think of Apple without being reminded of Steve Jobs and how he changed the game of IT and brand building. Among the myriad of Apple products that changed over the years – iPod, iPhone, iPad -- only one remains the same: the Apple logo. Steve Jobs, Apple's late CEO, was a role model for innovation. His ideas are not limiting; he encouraged his team to recreate Apple's products to suit the needs of their clientele. Indeed, leadership and innovation are inseparable. Most often, innovation begins at the top and then trickles down to the bottom of the organizational chart. The benefits of innovation in business are universal. As long as your company knows how to use the various types of innovation to your advantage, you are sure to succeed and stand out in the competition. There are so many examples of business innovation models that you can study and use as a template for your company. Don't be afraid to make the first step towards innovation and consulting today. Click The Gold Button For Free Case Study - Monetize Your Skills "The Successful Independent Consultant" Click Here For FREE Case Study About The Author Theodore Henderson works with business owners, entrepreneurs, and corporate professionals. He is an Amazon best-selling author, a Certified Career Coach, a Certified Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA. In addition he is the author of the business program “Launching Your Great Business Idea,” as well as the author of the following books; “The Wisdom Compass: Your 31-Day Journey to Wisdom-Filled Living”, “9 Simple Strategies to Becoming a Strong Leader” and the Security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals" aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, etc. He is available for keynotes, seminars, and workshops. He may be reached through www.TheodoreHenderson.com.