Why Innovate?

| June 11, 2018 | 0 Comments

“Innovation distinguishes between a leader and a follower.” ~ Steve Jobs

“Innovate or Die…”

You might guess I am pretty old school!

This quote, “Innovate or die.” from Peter Drucker, the management guru of all management gurus, says it all.

Point…

Kodak invented the digital camera. It didn’t commercialize this invention because it wanted to protect its film business. The Company had what is called the “FDH” syndrome. It was Fat, Dumb, and Happy with its success in film.

It looked backward instead of forward.

As Bill Gates is fond of saying, “Success is a lousy teacher. It seduces smart people into thinking they can’t lose.”

To be innovative, you cannot be afraid to obsolete your own products. If you are, others will obsolete them for you. That is what happened to Kodak and many others.

When you take a walk around the clock to the right, you see all 10 business-critical functions neatly laid out in front of you.

Our BizIQ Stress Test helps you determine where you are weak and strong… which areas of your business you must address sooner rather than later.

No question, to turn your business into a Gold Mine you must get good at all 10 over time.

Look at the clock closely.

Clearly, MISSION is the energy that drives the hands around the clock.

And what is at 2? That’s right, INNOVATION.

Right BETWEEN Mission and Talent Management.

FACEBOOK FOUNDER, Mark Zuckerberg says, “There are different ways to do innovation. You can plant a lot of seeds, not be committed to any particular one of them, but just see what grows. And this really isn’t how we’ve approached this. We go mission-first, then focus on the pieces we need and go deep on them and be committed to them.

Both the short term, as well as long-term success of your business is dependent on two huge words: Invention and Innovation. Innovation is really about inventing the future… your future filled with success and prosperity.

Innovation Management is the second Function of business success because once you have set course to pursue your MISSION, you must — for forever and a day — stay just ahead of your customers wants and needs.

Your mission sets all the underlying strategies for your success and defines your unique Comparative Advantage.

The first visible element of your mission is how to convert your VISION into products and services people naturally want to buy… giving you an unstoppable Competitive Advantage.

Innovation is the key to building a business that stays fresh and relevant to a fickle consumer who is constantly on the hunt for the new and different, and a competitive field of other companies who are trying their best to steal your customers away from you.

Leaders in highly innovative companies are comfortable with and committed to ongoing experimentation that leads to “Creative Destruction,” because they know that this is where future revenue opportunities and the potential for growth resides.

“Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow.” ~ William Pollard

A Word About Creative Destruction…

Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. It was coined by Joseph Schumpeter (1942), who considered it ‘the essential fact about capitalism’.

Think of all successful businesses. They are not the same as they were 5-10 years ago.

To prosper, you must destroy the old and market the new.

Take Intel, for example.

How many times did they reinvent their product line… virtually destroying the market for their old products?

Or Apple?

Or Applebees?

Or McDonald’s?

Or Starbucks?

Yes, the mandate from Drucker is harsh but true…

Innovate or die.

Where is AOL? MySpace? Toys R Us, Blockbuster, Kodak, Polaroid, These companies were titans of success and innovation. Now, they are left behind. This is because management and their staff failed to recognize the dynamics of a free market, failed to provide their customers what they want. They failed to give clients what they desire for a price in a manner and mechanism that is user-friendly, cost-effective, and can reach a large audience.

From USA Today…

The Limited Stores file for bankruptcy. The Limited, which has already shuttered its once ubiquitous stores, took another major step Tuesday toward fading from the retail landscape by filing for bankruptcy protection. Jan 17, 2017

These folks had it all and now all they have is Kodak Memories…

Fail to innovate and you face certain death.

But do it faster, better, and with greater aplumb, the rewards are priceless.

Plan to WIN.

PLAY to WIN.

E.R. Haas

 

Innovation Strategy For Small Biz  On Sale…

 

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Category: Business Growth, Featured

About the Author ()

E. R. Haas is CEO of the TQ Smart family of web sites including ThinkTQ.com, IntentionalExcellence.com, MyBizIQ.com, MyBelieversGuide.com, MarriageWithPurpose.com and hundreds of others. E. R. is a "serial entrepreneur" and has created over 20 different businesses in software, manufacturing, finance, publishing and many other areas. He is married to Jan Haas who shares his interest in model railroading, gardening, and traveling by train. Together, they have 5 grown children, 9 grandchildren and 5 great-grandchildren.

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