How many of you are getting tired of all the copycat businesses popping up every other day? Or seeing a stretch of stores all selling the same thing, within the same vicinity, to the same market? There are many entities to blame here – zoning, permits…etc. This article is not aimed at criticizing these entities, but rather – to criticize the business owners.
I am not sure why anyone in their sensible business state of mind would think it was a sound investment to put up their entire savings (or worse, take out a loan) for a business idea that is an exact replica of the idea next door!
So, ladies and gentlemen – please be innovative. And innovation is not a word to be feared. On the contrary, it is simply defined as the process of bringing fresh ideas to life. Do not mistake it for invention, because that is a whole different ballgame.
But in business, trying to stand out through creativity will make you do just that – stand out. And this is what you need amongst the dozens of cupcake shops, abaya boutiques, and nail salons.
Constant generation of new ideas, ongoing development and tweaking of products and offerings, and marketing methods that raise eyebrows and are etched into the minds of the consumer – these are the innovations that drive business.
Innovation can take several forms, but two are applicable to startups. Incremental innovations are small changes or improvements to existing services and offerings. These innovations extend a product’s lifecycle, and generally add that “zing” to your service offering.
The second form of innovation is the exact opposite of incremental – disruptive (or radical). This innovation wipes your existing (replica) offering or product and replaces it with a better product or offering. So for startups, go for the former. For current businesses that find themselves replicated, opt for the latter. And stand out.
Creativity is the most important part of being innovative, as it initiates the process. Creativity is about generating new ideas, and the process of innovation involves making those ideas a reality. Creativity is wasted if there is no process in place to take ideas and turn them into something that has market potential.
In the yesteryears, businesses were able to sustain their existence and survive with little or no innovation. But today, with globalization, media, and competition, and trends even economics struggle to understand – the consumer has high expectations. Innovation can actually help business owners manage these expectations and, in most cases, meet them.
Customers are more sophisticated now; they are informed and they will not accept mediocrity or imitation. To be innovative, you need to make sure you have the right team on board. Your team (or even just you, if you are solo) needs to be adaptive in order to implement innovative ideas and creative approaches. Assess your competition’s innovation, and oust them.
So gather your resources and flaunt your innovative idea.
