February 27, 2021

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Business mantra: Entrepreneurs should be innovative and not stagnant

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Innovative ideas are key to keep a business running and compete among its equals. The ingenuity of the entrepreneur is what keeps the firm going no matter the situations. As an organisation is growing new challenges arises, seeing the big picture and providing solutions through innovations are key to success. And it is an important business mantra. Being stagnant, on the other hand, can be dangerous. What is innovative? How can entrepreneurs be innovative? And what areas a business needs innovation? This is discussed below:

Meaning of Innovative

To be innovative means to proffer cutting edge solution to a particular business challenge.

It also means to provide creative ideas and methods that are easy, less expensive and time saving for solving arising issues within an organisation.

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What you should know

Innovation is all about groundbreaking ideas and solutions. This makes task simple and less stressful within a company. Having this as a mantra can save a business from potential failure. For example, a firm may have issues attending to customer complaints.

Failing to meet up with this type of challenge can pull a business down. As unsatisfied customers may not returned to patronize the entity nor will they recommend the business to their friends and relatives. However, if the entrepreneur sees this problem and proffer innovative solution it may not loss its customers.

Of course, most cutting edge solutions are technology base. And in modern times, the internet, computer and mobile phones are a great medium of providing inventions to solve business problems.

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How can Entrepreneurs be innovative?

Innovation is necessary for the critical success of every business. Creativity doesn’t come by just having the sense of it. It comes as a result of a trigger and seeing the big picture. The stages of innovation are:

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Observing areas of issues: The first stage is to observe the various areas in the business for potential challenges or triggers. Such observation may be partially impossible without the use of data. Instead of waiting till when an issue arises, it is best to look for potential areas where innovation can be applied in the entity.

Identifying a need: Next, is to identify a need. Here, you have observed the business and came to the conclusion that there are areas where improvements are needed. The entrepreneur may have identified that the way goods are distributed to customers can be improved for quality service and convenience.

Do Research: Immediately a potential need has been identified, the next stage is to research. This includes asking customers how to serve them better. In the case of the entrepreneur above, she will need to research better ways to deliver its products to customers. She may decide to use a logistic company. If so, she needs to understand the various logistic firms, their charges, and whether to incorporate the cost to customers among others.

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Proffer cutting-edge solution: After thorough research, the next part is to decide on a solution that works for your customers. This is where innovative ideas will ensue. Using technology enabled services may help with a breakthrough method that will solve the current challenges.

Test the solution: Before the new solution is applied fully, there is always a need to test the method agreed as a solution. This will help see areas of improvements.

Commence Usage: Finally, the entrepreneur applies the solution to its business. While on this stage, regular updates are necessary. Also data collecting is also important here. This will help see areas to improve on the method currently applied.

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Areas of innovation

There are several areas an entrepreneur can apply innovation to its entity. Five of these are listed here:

Accounting processes: This requires innovative ideas. A more efficient accounting process reduces errors and is more accurate. Therefore, the information provided is more timely and reliable. Accounting software can be used to improve the process.

Human resources: A better human resource management will keep track of employees within the organisation. It can reduce ghost workers and staff benefits can be prepared with ease. Also, it will be easier to monitor key performance indicators (KPIs) of each employee. Human resource software can be utilised to achieve these.

Customer services: Customers are the most vital people in every firm. It is said that customers are kings and queens. Attending to customers’ needs at the right time is of utmost importance for their retention. Using social media, instant messaging applications and emails can improve the way customers and entities service their customers.

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Marketing: This is different from customer service. Here, the aim is to reach more active and potential customers with the firm’s product or service. Digital marketing is the new frontier in the marketing field. An entity can capitalise on digital marketing tools to grow its customer base. These tools includes emails subscribers, social media, websites and instant messaging apps.

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Data management: Data is an important business resource. Managing business data is vital for growth and development of an entity. Innovative ideas here can place the entity in a better footing among its peers. In addition, data administration software can be used in achieving effective and efficient upkeep of data.

Conclusion

Entrepreneurs that are innovative and not stagnant know that oil can grease a firm among other similar organisations. New innovation brings about flexibility, effectiveness, efficiency, and of course convenience. And these should never be overlooked.

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