Stuck? 5 Ways Entrepreneurs Can Gain a Fresh Perspective

(Note: This article was originally published by Entrepreneur Media, Inc. at http://www.entrepreneur.com/article/238166 Copyright 2014 by Entrepreneur Media, Inc. All rights reserved.)

Innovation is important to entrepreneurs, whether they are starting a new venture or expanding an existing business, as a new or improved product can provide a competitive edge.

Innovations may include a completely new product or improving an existing one that provides a more valuable experience for the consumer. The new or improved product can provide a competitive edge that makes the business stand out from the crowd. Innovative ideas are valuable to entrepreneurs in all industries and for businesses of all sizes.

Yet many entrepreneurs, do not fully utilize innovation or understand how to ignite it, causing them to miss out on potential ideas that could have a significant impact on the success of their business.

For those struggling, here are five ways entrepreneurs can start identifying innovative ideas that can rapidly accelerate their business.

1. Recognize innovation opportunities

Many innovations are developed to solve problems or enhance existing products or services. To determine what needs to be disrupted, develop a habit of noticing problems in your own business, your competitors’ businesses and in your entire industry. If your customers are not satisfied with your existing products, you have an opportunity for innovation. Use these problems as “seeds” for brainstorming innovative ideas.Continue reading

Leveraging Failure To Produce Innovation

Based on my experiences with over a thousand innovators during the past 20 years, I understand that innovation includes both success and failure.  Many good ideas are difficult to implement or are “too early” for public acceptance.  In some cases, the development of an idea into a working product is a lengthy process.  This process typically includes multiple tests and a significant number of failures.  However, successful innovators learn from these failures to modify their approach and prepare another test.

I recently read an article that reminded me of Thomas Edison’s many attempts to create a working light bulb.  Edison did not view his thousands of experiments as failures.  Instead, Edison Continue reading

5 Tips for Developing Valuable Ideas for your Business

My family and I recently vacationed along the northern coast of California. This picture was taken during that visit.

Spending time along the ocean is one of my best innovation environments. Although I was not working during this trip, just spending time in that environment created dozens of new ideas for my business.

The spot where I took that picture is 900 miles away today, but I can recreate that innovative environment right now by visualizing the experience of walking along the Pacific Ocean. I can recreate the images, sounds and the smell of the ocean breeze whenever I want to stimulate my creative energy.

Here are five tips I use regularly to identify and develop new ideas for my business.Continue reading

Growing Your Business From The Outside

Many businesses rely on internal personnel to generate ideas and procedures to grow the company.  While internal people are critical to the success of any business, an innovative business will seek ideas and input from individuals outside the company to strengthen the business.

Unfortunately, many business leaders fall into the trap of believing that the company founders and other business personnel are best suited to identify all ideas related to growth of the business.  In many situations, these business leaders fail to seek (or simply ignore) input from people outside the company.  However, people outside the company’s day-to-day operations typically have a different perspective.  They are not Continue reading

The Key to Innovation Success

I have seen too many business leaders say that innovation is important, but fail to take action in support of their statements. This situation confuses employees and destroys a company’s ability to create a culture of innovation. By missing out on potentially valuable ideas, these companies have difficulty distinguishing themselves in the marketplace.

Education is an important step in developing an innovation strategy for any company.  This innovation education is important at all levels in the organization. To successfully create a team of people who are actively developing innovative ideas, the company’s leaders must support creative activities and understand how to encourage innovative thinking. Continue reading

6 Common Innovation Myths

Many entrepreneurs and business leaders do not leverage the power of innovative ideas in their business. Here’s a list of common myths about innovation I have encountered from many leaders, and the facts about applying innovative ideas today.

1. Only for Technology Companies. Many people believe that innovations are only for technology-based companies. Although technology businesses develop plenty of innovations, any business – regardless of size, location or industry – can develop innovations. These innovative ideas may relate to the company’s products and services as well as internal business procedures.
2. Just for Scientists and the R&D Department. Business leaders often leave the company’s innovation activities to the Engineering or Research & Development departments. However, this approach can fail to identify many valuable innovations. I have seen numerous examples Continue reading

Road Blocks To Innovation

Every business must manage different types of obstacles to continue growing. An important activity that drives business growth is developing innovative ideas. However, innovation “road blocks” can stop even the most promising business venture. During the past 20 years, I have seen many companies fail to identify and apply innovations capable of significantly improving the bottom line. It’s disappointing to see the collapse of an organization with huge potential, especially when a failure to innovate likely contributed to the breakdown.

Increase the success of your own business by learning to identify and overcome innovation “road blocks.” I have identified many such road blocks encountered by numerous companies. Here are several of the most common issues that hold back business innovation.Continue reading

7 Reasons Why Every Business Must Innovate

My first job after graduating from college was working as an Electrical Engineer for a small start-up company in Ann Arbor, Michigan. At that time, the company had a single scientist (Don) who was responsible for the company’s innovations. He was very bright and an expert in his field of imaging technology. Since Don was the only person expected to create innovative ideas, the rest of us never really thought about innovation. And, the company only discussed innovation with respect to Don’s work in creating new high-tech inventions. In hindsight, I see that this was a serious problem for the company.

Yes, innovation is critical for companies that are developing new, cutting-edge technologies. However, innovative ideas cover much more than just the latest technology. Since my first job, I have worked with hundreds of companies and entrepreneurs who have a broad view of innovation that can benefit any type of business (not just high-tech companies).

Here are seven of my favorite benefits to help you expand your business by leveraging innovative ideas:Continue reading