Innovation In EntrepreneurshipAre you an Entrepreneur?
If yes, you might know that having a successful journey is never the end of your entrepreneur journey. You have to keep moving, keep innovating and keep learning new things. If no, you must have read, seen, listened or would have always felt, How entrepreneurs are such restless species who keep working on new projects even after tasting so much success. If you wonder why an entrepreneur can’t stop working and enjoy their hard-earned wealth then it is simply because entrepreneurs can never hang their hat on past accomplishments and sit back. Doing so would prove fatal to their worth because in this Digital era things keep changing and putting yourself to rest may put you out of business soon. You need to keep working and be innovative to keep yourself in the game.
The law of life says,
Anything which is at rest is either sleeping or dead.
Anything which is alive should be always in motion.
You may owe a successful business and you may have the reputation of turning coals into diamonds and stones to gold but that is not enough to keep moving ahead and make a mark. Living on your past accomplishment is a dangerous thing to do. Your process may get stale, your product may become outdated, your business may go out of the market. The perils of putting your efforts to rest are many.
Ask Anil Ambani and you will realize how being non-innovative in the telecom sector pushed Reliance Telecom out of the market and paved the way for Reliance Jio – the very ambitious project of his elder brother Mukesh Ambani that disrupted the whole telecom sector. As Reliance Jio takes a huge leap and is flying to greater heights, Reliance Telecom is spiraling downwards at a fast pace.
The biggest reason why Reliance Telecom failed is that they failed to innovate. They failed to see a digital revolution, they failed to tap into the powers of 4G and carried on with their 2G and 3G plans when the world was latching onto 4G.
Richard Branson says,
To be a real entrepreneur you always have to be looking forward. The moment you rest on your laurels is the moment your competition overtakes you.
This is where Reliance telecom as a business failed and paved a way to one of the greatest telecom disruptions of all times- Reliance Jio.
It is the power of Innovation that empowered entrepreneurs like Elon Musk, Steve Jobs, Bill Gates and Richard Branson. Entrepreneurs as Innovators seek solutions to the needs of people. In the needs of the people lies the opportunity to innovate and create a business. Giving solutions to the problems and building products for bettering the lives of people is what it takes to create a business. Evolving those solutions and updating those products is what is required for the longevity of a business. For that to happen, entrepreneurs must keep themselves updated with current trends and demands.
Innovation not only gives longevity to your business but also gives you an edge over your competitors. It pushes you to create something better for your customers. You have to keep rebuilding yourself, your brand, your product as the market keeps changing. So does the preference of customers.
An idea is always what starts a business but it is constant innovation that turns them into huge business empires, be it Google, be it Facebook or be it Amazon. You need to keep diversifying, you need to keep growing. Observe the path of founders of this great empires and you will see none of this companies are stagnant rather they are diversifying themselves. Elon Musk still works 100 hours a week, Mark Zuckerberg is still working on Facebook to make it even better.
Learn from great men how to be great and then you too shall land up in the big league.
Innovation keeps you alive as an Entrepreneur.
