Innovation: How This Separates Great Business Leaders From The Rest

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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.

Filling in the Gaps: Education as a Capital Asset

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The world of business is both amazing and perplexing. While well-educated tycoons mostly dominate it, the business world has also been shaped significantly by entrepreneurs who have not even finished college. But regardless of whether they have an impressive academic background or are college dropouts, they will still have some areas where they struggle to be a master of. That is why business education becomes crucial as it enables entrepreneurs of all types to fill in what was originally not there.

Knowledge is primarily what formal education provides to business professionals. For a person to do his job excellently, prior knowledge on what to do and not to do is essential. On hand knowledge can also give the person a sense of preparedness for the upcoming tasks. With preparedness comes confidence to do the job well.

In this age of information and high technology, acquiring knowledge has become much easier than it was several decades ago. Sufficient know-how in certain fields has become a necessary capital asset. Education is also a gauge on how qualified a person is for specific roles. It is held as an important indicator by most employers of the person’s abilities. Lastly, entrepreneurs who undergo formal education will be able to benefit from the networking opportunities that it can offer. Coffee tables or lunches in seminars and conferences are great places to expand one’s network. Networks provide a sturdy support base that helps businesses succeed over the long term.

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Patrick Dwyer of Merrill Lynch believes that education is a key to building strong skills that are crucial to many aspects of life: personal values, business, social relationships. For more insights, follow this Facebook page.