by Change can be successfully exploited by talented entrepreneurs and turned to a major opportunity for generating ideas and practices for the development of different products and services. The most innovative creations have come to life as a result of change or seeking of change as a way to improve, solve a problem or prevent one from occurring. Entrepreneurs must always look for the opportunities that inspire innovation as a great way to grow their businesses, make a difference and become the leaders in their niche.
The real entrepreneurs create businesses that are built on innovative ideas and provide products and services different than the rest available on the market. Innovation is what separates the true entrepreneurs and the business owners of new ventures that are also taking risk, but are not doing anything that hasn’t been done before. Existing companies must embrace the change of the business environment and adjust and gear up to these changes in order to not only survive, but also grow through innovation.
The value
It is important for entrepreneurs to understand the difference between innovation and creating new products. Novelty is not always enough if you are not creating products and services that truly make a difference and bring value to the customers. Changes are great source of opportunity to do new things, try different approaches and be creative, but, most importantly, it brings great opportunity to understand better the need of the customers and deliver to them the products that they want to have or even better the products that they don’t know they want yet. By bringing value, you are making a difference and making a difference is what separates successful startups from the unsuccessful ones.
The power of forward thinking
Entrepreneurs must look hereafter and lead their companies in a way that encourages innovation that will change and shape the future. If the entrepreneurs focus solely on their current business situation and linger to innovate, they are doomed to fail. The power of forward thinking and leadership that inspires innovation is what can shape the future of a company. You fail to innovate you fail to grow and eventually your business becomes obsolete.
The strategy
Entrepreneurs, who are looking forward and believe in the power of innovation, believe in strategizing as they understand the importance of having clear vision about the future of the company and detailed action plan, dedicated to the development of innovative products. The business world is constantly changing technology is disrupting almost every industry and businesses that are here to stay must create strategies to help them bring value to the customers, stay competitive and grow.
Observation + solution + vision
The entrepreneur is observing a real need or problem, creating the solution to solve this problem and imagining a changed world for the better.
He or she is born with or develop a special set of skills and abilities: perseverance and passion for long-term goals, courage, risk taking, shaping the future while encouraging diversity.
The entrepreneur’s passion is the engine pushing him through challenges, setbacks and struggles to achieve his purpose and to change the world according to his vision.
Secret to turning change into opportunity?
See into the future
WMACs are better able to anticipate change, and the opportunity that comes with it. They think ahead and embrace change when it inevitably comes. A strong guiding vision helps them seize only the right opportunities, so they don’t lose focus or spread themselves too thin.
Move fast, change faster
These organizations need to respond quickly to market opportunities so they can get there first. They anticipate what skills they’ll need in the future, and rapidly respond to fill in any gaps. This future-facing, responsive strategy is designed for innovation and efficiency, regardless of size.
Get flexible
WMACs think in terms of skills rather than positions. Dynamic, cross-functional teams put the right expertise in the right place at the right time, with everyone aligned to a common purpose. This flexible working style creates flexible thinkers, people prepared to make bold decisions.
Take more chances
Promoting and sustaining a culture of agility depends on how an organization responds to failure. It pays to be bold, even in the face of inevitable setbacks. By empowering people to take risks without fear of adverse consequences, WMACs drive innovation, learning, and development.
Your industry is changing, increasingly fast. That’s either a risk to your organization, or an opportunity to be seized. It all depends on your approach. Korn Ferry provides end-to-end support to organizations that want to transform their business. We can help guide your business through each critical step towards your growth and evolution.
The World’s Most Admired Companies [WMACs]. One thing that many of these highly successful organizations have in common is their ability to change, despite their size. This organizational agility gives them an unbeatable competitive advantage. For them, success doesn’t happen in spite of change, it happens as a result of it.
WMACs are engineered to evolve. Their adaptability is driven by their readiness to take risks in order to seize an opportunity. These are businesses that say ‘yes’.
