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Innovation is the ability to adapt to the changing climate while still being able to predict future trends. While there are many ways to define innovation, this is the simplest when discussing business success. Aspiring entrepreneurs should always seek to improve themselves by reviewing other successful business people. Dozens of business studies conclude that a single defining characteristic among financially successful people is their ability to innovate.
Yet, many people still confuse the concept with creating new things. This is not necessarily the case. Innovation in terms of new products or services only make sense in certain industries. Instead, economic professionals further define innovation as the level of adaptation with creativity. Innovative people are those that constantly look at current procedures and protocols and compare that with KPI and KRA (Key Performance Indicators and Key Results Areas, respectively). Regulations that are not in line with the business person’s goals are either removed or changed. This is not enough, however.
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Successful entrepreneurs are also those that have imagination. Their adaption of rules are also projections of trends. It is best to compare this to a chess game; where every move is thought of five steps in advance. Innovation allows business people to stay ahead of the game while still continuing relative comfort in the present.
This, of course, requires striking a delicate balance between what is workable right now compared to what could be in the future. Starting entrepreneurs should not be daunted by the prospect though; with enough education, practice, diligence, and persistence, innovation can be learned.
Patrick Dwyer from Merrill Lynch understands the importance of constant education in gaining financial and business success. To learn more about him, view this LinkedIn page.
