Our businesses are the products of the choices we make every day. Whether we choose to spend an hour with a client, an hour on paperwork or an hour cleaning up the office, each option has an impact.…
Tag Archives: Innovation
One trait that determines success of your entrepreneurial ecosystem
Though most everyone agrees on what the basic components of an entrepreneurial ecosystem are, it is a myth that simply having those components will result in game-changing innovation.
For example, think about Silicon Valley, the use case for all innovation ecosystems; why and how does it sustain innovation? Sure, culture is one component. But, what distinct behaviors drive that? I believe the most important one is a “paying it forward” attitude. …
Timing: The single biggest reason why startups succeed
Why do startups like AirBnB, Uber, Space X succeed while other fail? Is it the team? Funding? Timing? Idea? Business model?
You, and most people, will think it’s all about the idea, the team and execution. It’s neither. According to serial entrepreneur Bill Gross, it’s all about timing.…
Deadly innovation sin: Depend on customers to tell you what your next product / service will be
English: Logo of Ikea. (Photo credit: Wikipedia)
Want to know why innovation is so hard?
Though the vast majority of companies do some kind of market research, it isn’t enough because whatever insight is gleaned from it is lagging by the time a formal report is made. Instead, companies need to go deeper and step into customer’s lives. A good part of why most new products and services fail is because people don’t understand how it fits into their lives; which stems from an organization’s lack of understanding of people unarticulated needs.…
What does it take to change people’s minds?
Most companies, as well as individuals, suck at innovation because they suck at change. Why? First and foremost, succeeding at change requires open mindedness because if you aren’t open to new ideas how can you expect others to be open to yours. …
A simple piece of advice on how to disrupt yourself
40% of today’s Fortune 500 companies will be gone in ten years:…
The Difference Between Customer Needs and Wants
Understanding the difference between a customer’s wants and needs is a major key to succeeding in a retail merchandising business. Often what a customer wants is diametrically opposed to what they need. As a businessperson, your job is to give the customer what they want. Helping them to understand what they need is also important. However, it’s not your responsibility to convince customers to get what they need. Businesses make money by satisfying their customers. Often it’s easier to sell them what they want than what the need. So that’s where businesspeople should primarily focus their energy.…