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Archive for September, 2018

The Secret to Business Survival is Constant Innovation

Although all entrepreneurs have their own recipe for success, there is one element that seems to be common to all prosperous business ventures. That element is constant innovation, and in this article we are going to describe the reasons why constant innovation is a pre-condition to success, along with some examples that attest to that fact.

Old Problems Require New Solutions

Einstein’s famous phrase “we can’t solve problems by using the same kind of thinking we used when we created them” sums up one of the main reasons behind the need for constant innovation. The concept of innovation itself is closely linked to problem solving, and for many successful entrepreneurs, they are in fact one and the same. It must be noted that in the business world, the link between innovation and problem solving can be seen in practice at four different levels:

- Problem or challenge solving

- Problem prevention or risk management

- Continuous improvement or incremental innovation, and

- Future creation or the development of solutions that represent a breakthrough

In all instances, only business owners who engage their visionary ability with a focus on constant innovation are the most likely to survive in a sea of ever-increasing competition.

A Constantly Evolving World Read more »

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