Innovation as a Business Stratergy

Almost all the people have an idea to start-up their own business.But do they execute their idea ?
No,though the people have entrepreneurial and innovative ideas they are afraid of executing them.They are afraid of failures. Sometimes the "Failure" is the key towards success.
Out of them some have started up their own businesses.But the success of a business depends on various factors.Out of them successful exploitation of new ideas is crucial to a business to improve its processes, to provide improved products and services to the market,to increase efficiency and most importantly to improve its profitability
Marketplaces - whether local,regional,national or global -are becoming highly competitive.Competition has increased as a result of wider access to access to new technologies and increased trading and knowledge-sharing opportunities offered by the internet.
It is important to be clear about the difference between invention and the innovation .Invention is a new idea and the Innovation is the commercial application and successful exploitation of the idea.That's what Steve Jobs did.He wasn't an inventor but an innovator.(Morgan, 2015)

Fundamentally, innovation means introducing something new into your business.

This could be:

• improving or replacing business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services
• developing entirely new and improved products and services - often to meet rapidly changing customer or consumer demands or needs
• adding value to existing products, services or markets to differentiate the business from its competitors and increase the perceived value to the customers and markets

Innovation can mean a single major breakthrough – e.g. a totally new product or service. However, it can also be a series of small, incremental changes.

Whatever form it takes, innovation is a creative process. The ideas may come from:

inside the business, e.g. from employees, managers or in-house research and development work
outside the business, e.g. suppliers, customers, media reports, market research published by another organisation, or universities and other sources of new technologies

Success comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them.

Introducing innovation can help you to:

• improve productivity
• reduce costs
• be more competitive
• build the value of your brand
• establish new partnerships and relationships
• increase turnover and improve profitability

Businesses that fail to innovate run the risk of:

• losing market share to competitors
• falling productivity and efficiency
• losing key staff
• experiencing steadily reducing margins and profit
• going out of business (Infoentrepreneurs.org, 2019)

Innovation in your business can mean introducing new or improved products, services or processes.
To move forward with innovation do a market analysis and identify the opportunities and execute the the idea with a proper plan.










References

1. Morgan, J. (2015). What's The Difference Between Invention And Innovation?. [online] Forbes.com. Available at: https://www.forbes.com/sites/jacobmorgan/2015/09/10/whats-the-difference-between-invention-and-innovation/#41005d0a70f4 [Accessed 13 Mar. 2019].Infoentrepreneurs.org. (2019). Use innovation to grow your business. [online] Available at: https://www.infoentrepreneurs.org/en/guides/use-innovation-to-grow-your-business/ [Accessed 13 Mar. 2019].