Importance of innovation

Written by Harish Rao on Tuesday, 03 October 2017. Posted in Career and business

80% of business fail within the first 5 years. 80% of the remaining 20% fail by the 10th year. That means, only 4 businesses out of every 100 businses that are incorporated, survive the 10th year. Let’s say you are a business person and let’s say that you survive 10 years in business, what does that make you? A SUPERSTAR!

 

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How are superstars created? Do they have separate genetics than the rest of us? Do they imbibe a secret potion a la Asterix the Gaul? Get ready! The secret potion of all successful people, whether they are successful people in business or some other endeavor is “INNOVATION”.

So, what do I mean by innovation? Let’s commence defining innovation, first.

Merriam-Webster Dictionary defines innovation as follows:

  1. The introduction of something new
  2. A new idea, method, or device: NOVELTY

My interpretation of the above goes as follows:

Let’s take the example of business. In business, every 2-4 years, we must reinvent the way we do business. How do we do this? Keeping the advances of humankind in mind, we must introduce new ideas. We must also introduce a new way of doing business as the old ways may not be relevant anymore.

Let’s take the example of Walmart. Walmart is a behemoth launched in 1962. It employs 2.3 million people and ended the last fiscal year with a market cap of USD 297.8 billion in revenues. The company is a mini country by itself. In fact, Walmart’s revenue is larger than most of the islands in the Caribbean. Walmart has been replaced by Amazon as the company with the largest market value as of December 31, 2016. In fact, the market value of Amazon is more than the market value of Walmart, Costco and Target combined. The market value of Amazon stands at USD 355.9 billion on December 31, 2016.

What happened here? Walmart failed to evolve fast enough! That’s what happened!

Amazon, on the other hand, was launched to sell books. Now they not only sell millions of products other than books but also manufacture their own tablets and phones. They have also launched into subscription-based services for audio materials and video materials. If you look closely at what happened. Amazon never rested on its laurels. It reinvented itself frequently to evolve into the company that it is today.

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The funny thing is this reinvention/ innovation principal holds good for us people too! Jim Rohn often said “Work hard at your job, you make a living. Work hard on yourself, you make a fortune”. What did he mean by this? He means that we cannot be standing still. We must evolve. The more we evolve, the more successful we become.

I led a life of zero or minimum growth until 2011 and it took me nowhere. The moment I commenced evolving to a better human being, I commenced growing as a person, life changed!

So, please don’t stop evolving! Please don’t stop reinventing yourself. Please don’t stop innovating with and in your life!

The simplest and fastest ways innovate is by:

  1. Reading books
  2. Watching educational and relevant documentaries
  3. Attending workshops and seminars

If you want to learn more on this topic, attend our seminar on innovation on November 16th.

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