Innovation is Key!
Innovation may be the only competitive advantage in a crowded market. The iPhone is a great example of a new technology having a major impact on seemingly invincible multi-nationals.
The challenge is to turn good ideas into successful innovation. This requires a tolerance for risk and a willingness to accept failure as part of the process. If you are too averse to risk, you could end up enjoying the “harmony of the graveyard”. Read “Dangerous Minds“, BOSS Financial Review, February 2010. www.arfboss.com.au.
According to a six-year study of 3,500 CEO’s by the Harvard Business School, BYU and INSEAD in December 2009, innovative CEO’s spent 50% more time on five key skills than less creative counterparts. These skills are:
- Question – ask a lot more questions
- Observe – watch how customers experience a product
- Experiment – take apart a process / product to see how it works
- Network – connect with others to find and test ideas
- Associate – connecting ideas generated by all four above
There is an on-line assessment and free 24-page report on your level of innovation, created by the authors of the study.