“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” Peter F. Drucker
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As an employee, business owner, or self-employed contractor there is a critical success factor for staying ahead of your competition.
It’s called innovation, the art of introducing something new (as per dictionary.com). Our customers, internal and external, are starving for new, fresh, and different. And if you can deliver new ideas, others will recognize you and reward you as a thought leader.
Jim Carroll is recognized as one of the world’s leading global futurists, trends & innovation experts – with a massive global blue chip client list. He gave a keynote speech in Chicago, sharing some key success factors that set world-class innovators apart from the pack. You can use these same success factors to propel yourself forward and ahead of your competition.
“What is it that world-class innovators do that other organizations don’t do?”(And what is it that you can do that your co-workers or competition cannot do?) Read on:
1. Innovation Success Factor: Be Relentless in Your Pursuit of Growth
World class innovators have a relentless focus on growth: Says Jim, “I deal with a lot of CEO’s at a lot of organizations, and in almost every instance, they’ve engaged me because my message of future growth opportunities resonates with their own attitude. In my view, there are unprecedented opportunities for growth in almost every industry.”
- What free education does your employer offer to you? Are you taking advantage to the fullest of this education to sharpen your personal growth and development? The more you learn, the more perspectives you expose yourself to, and the more information you have to draw from and create from.
- Read top industry business magazines, blogs, and journals. Inc., Fast Company, and Entrepeneur.Com are some examples that come to mind. There are a host of excellent business blogs on the internet. Subscribe to them and start learning. Feedly.com is a great place to aggregate and share all your online content.
- What books are you taking advantage of through your local library?
- What audio programs are you listening to?
2. Innovation Success Factor: Make Change Your Only Constant
Top companies and employees have an aggressive and positive view of change. The rate of information and content being disseminated across the globe is astounding. Either go with the flow and ahead of it, or you will soon be outdated and stale.
Application: How can I be intentional about taking a new risk or taking on a new project today, this week, or this quarter?
3. Innovation Success Factor: Anticipate and Create
“A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” Wayne Gretzky
Here are some questions to ask yourself, reflect on, and create solutions for:
- What are your boss’s most pressing problems? What solutions can you provide to help her/him?
- What are your customers’ most common complaints? What creative solutions can you come up with to WOW them ahead of time, before they are even aware there is a solution
- What are some key trends you can take advantage of to “provide a constant flood of new, irresistible innovations for our customer base?”
4. Innovation Success Factor: Put ideas into action early, often, and continuously
- Are you taking time, at least one time a week to generate ideas?
- Once you generate ideas, are you implementing those ideas?
Great companies are the ones that are constantly implementing new ideas. Google’s Buzz product and Google voice came out of the expectation that 20% of all employees’ time is to be spent on experimenting with and creating new ideas and products. It is that kind of commitment to innovation that has made Google as great as it is today. But if it ever stops innovating, there will be a competitor hot on its heels!
5. Innovation Success Factor: Apply CANI (Constant and Never Ending Improvement) for Long Term Gains
- As you go through your day, either as an employee, contractor, or business owner, identify a problem, waste, defect or something that is not working. Write it down.
- Take time to generate at least 20 ideas as solutions. If the solution comes to you more quickly, and it seems like a good one, suggest it to your supervisor.
- Put your idea into action immediately.
- Review and reflect on the solution. Is it working? Is it helping? If so, make sure that you write this down on your personal list of accomplishments for your personal career record for the year. If you are a contractor, you may want to ask politely for a testimonial from a satisfied customer. If you are an employee, you can utilize your track record to politely make your case for a raise.
6. Innovation Success Factor: Connect and Collaborate
- Be on the lookout for friends, customers, and other parts of the ‘competition’ that you can joint venture with.
- Seek to help them succeed. No one wants to feel they are just part of your agenda. Genuinely look for ways that you can help the other person.
- If you are an employee, look for another sharp co-worker who may want to collaborate on an innovative solution to boost your department’s performance. Upper management will welcome this like a breath of fresh air, since they are always looking for engaged employees.
- If you are a business owner, are you networking with other sharp business people both in and out of your industry? How can you help them solve their problems? How can you work together to create something bigger than either of you could create together?
7. Innovation Success Factor: Think Big and Bold
Making incremental improvements every day is essential, but it needs to be balanced with a big and bold vision.
Create a BHAG for yourself! That stands for a Big, Hairy, Audacious Goal! This can be an exciting process, because so few people every raise their heads from the feeding trough of mediocrity to look around them at the big blue sky and mountains beckoning them to more! Stop scratching around in that barnyard, and start making the journey toward excellence.
Here are some thinking points:
- Imagine that you are on a hero’s journey. This is the starting point, and you are going to be traveling to the top of Mount Everest (representing your BHAG). What will be some of the equipment you will need? How will you need to train to get into shape? Are there some skills you will need to develop? What are some boulders/obstacles you will encounter along the way? How will you overcome them?
- Here are some examples of Big, Hairy, Audacious Goals:
‘One of my clients was proud of his BHAG, about transforming an industry; it was indeed a stretch, and a big and bold one. (from the Tom Peters Blog) ‘
‘I have also set a big goal of running a marathon in April 2010, and I want to finish under four hours for sure but my BHAG is to qualify for BOSTON’. — Discussion Forum – TuDiabetes – A Community for People Touched by Diabetes
‘In the next five years, by this date, ___________, our church will send 10,000 wheelchairs to the poorest of the poor in five selected countries. ‘
In writing out my own personal mission statement recently, I realized that, too often, I think too small: about my gifts, abilities, legacy, desires, goals, and capacity for creativity for innovation. The world needs what you have to offer: so think Big, not small!
The world, your customers, and your company is desperate for fresh ideas and fresh content. I challenge you to add this skill to your personal career development: the success factor of innovative thinking. One of the best resources I have read in this regard is John Maxwell’s book, Thinking for a Change. I encourage you to check it out at your library or buy it for your own personal library: then apply the methods within!
photo credit: Casey David
Which of the innovation success factors is most pertinent to you now? How are you going to apply this in your personal or professional life this next week?
Hey Stephen, great article with LOTS of good information! You know, I first heard the term “BHAG” here in Maui several years ago at the annual Writer’s Conference and I just loved it and use it to this day. What I like best about all of your great tips and ideas is that they are backed with “action” and that’s what is so often missing. It’s really not that hard to come up with innovative ideas – the problem is that they so often never get acted upon. Thanks for the inspiration!
marquita herald recently posted..Do You Suffer From the Need to Please?
Marquita, thank you for your support. Knowing the action steps and doing them are two different things for me. I learned about the concept of a master list, monthly list, and weekly/daily list recently, and I’m going to transfer some of these action items on to my master list so that I personally don’t forget them
Twitter: hollyfulfordjef
says:
Wow this article is full of pertinent information. I can relate in many ways as I use my entrepreneurial spirit to move forward.. These are great questions and I am going to copy them down so I can make sure that I ask myself and answer them. I am anticipating and creating right now.
Holly recently posted..Bet You Have Never Had a Light Bulb Moment!
Holly, copying down those questions and next actions is a great way to keep innovation in front of you. I think I need to copy your example !
Twitter: prfuller
says:
Stephen
One day I would love to hear Jim Caroll speak live.
He wrote an article recently”Don’t wait to innovate” that was featured in my profession’s CA Magazine, and he is a fellow Canadian and CA.
Small world
Peter
Peter Fuller recently posted..How to obtain the Entrepreneurial Mindset
Interesting, Peter! I’ve really enjoyed reading your latest articles as well. Thanks for all the innovative work you’re introducing to us.
Well my goodness Stephen, I don’t know where to start!
You laid out golden nugget after golden nugget and I agree with them all!
I make it a point tom feed on self growth in the morning, first thing because it sets the tone for the entire day! With so much junk out there it’s important to stay fed daily!
I like how you mentioned to put together a list of solutions, Oh yea! I often say there is no problems only solutions. We get what we focus on so why focus on the problem?!
Thanks for my morning dose of inspiration.
Roshanda Gilmore recently posted..How To Master The Art Of Communication and Become A Magnetic Social Butterfly
Roshanda, I’m interested in hearing some of the personal growth materials that you read in the morning: I’m always looking for good material.
Stephen,
Thinking small keeps you neatly in your comfort zone. When you’re in your comfort zone you don’t stretch, you don’t expand, you just don’t do. As my wife are working our way into a new business we have to think big because small has kept us treading water. Eventually you drown.
Thanks,
RICK
Rick Lelchuk recently posted..Happiness Is The Key
Hi Stephen,
Many thanks for this post. I really like the way you stress the important of innovation which is so important in these uncertain times. To keep our business fresh and vibrant and offering that extra value to our customers by innovation and problem solving skills. I will be back to your blog. All the best Rosemary
Rosemary O’Shaughnessy recently posted..Everyone who has a iPhone or Android Should want this GENUINELY FREE App ??? For Free Calls local or International
Twitter: shreddel
says:
Wow Stephen, great article with lots of relevant and actionable ideas for bringing innovation to your business. No need to recreate the wheel when so many other smart people have shown us the path to success. Thanks!
Thanks, Sue! To your point, the more we read high quality material, the less we will have to re-invent the wheel
I frequently feel that my new ideas are my biggest enemy. I love change. I love doing new things. But sometimes you have to stick with what you are doing, otherwise nothing gets done. So, you see, I am at the complete other end of the spectrum than most. Probably why I have had so many entirely different careers…
Thanks for the article. As always, you provided a ton of great suggestions and presented it in a way that is easy to digest. I will have to think about how to use some of them to help me with my problem – too many ideas and not enough time to implement. Thanks. Much appreciated.
karin recently posted..Social Media Strategies
Karin, thanks for your feedback. I’m like you: I have gotten involved in many, many projects over the course of the last few years. But recently, I am starting to change my focus to what is Essential. I’m currently reading through Leo Babauta (of Zen Habits) ‘s Power of Less. Focus on less, focus on the essential, in order to accomplish more of what truly matters in the long run.
Hi Steve!
This is an inspiring article loaded with ideas! My favourite is #1-Be Relentless in Your Pursuit of Growth.
The IM industry is a perfect example of ongoing learning platforms from which information can be drawn or created to feed our growth and development. It also provides ample opportunity to be innovative. It’s impossible to run out of ideas along its many pathways!
Innovation is really an art in itself which certainly encompasses anticipation, constant change and creation. It also involves the “art of collaboration” to gain support for persistently moving forward to the goals we set.
Jim Carroll’s key success factors are powerful, inspiring reminders to keep our intentions set on goals that positively change the world, our lives, and our businesses… as well as zap the competition!
Loren Greig recently posted..Time Management and Project Management Tools for Success
Loren, thanks for your comments. I’ve enjoyed reading your series of posts on search engine optimization, so I know that you are continuously learning. It’s great to be in touch with other entrepreneurs who are on the same page!
Again an amazing post, Steve! We don’t have to be Steve Jobs to change the world. He also started on his own without having his name known. For me, thinking big is one of my biggest challenges. But I found it very important. Some of my dreams already came true and I’m working on the next ones. The biggest challenge with big dreams is that you have to persist for longer than 3 monthe. 3 months are easy, 6 months are more difficult and for 9/12 months goals the mix of persistence and passion can be a challenge.
Thanks for bringing up the subjsct and show that other people share the same challenges!
marc van der Linden recently posted..The three levels of understanding anything – the mechanic, the engineer and the master
Twitter: JupiterJimFLA
says:
Stephen,
Absolutely great post. Lots of time and effort. As you know there is just too much to comment on in it’s entirety. I am focusing on steps #1 and #6 right now. Like you said we need to keep current in our field. Lots of free blogs, lots of free books in the library, lots of CD’s we can buy or borrow from the library about our field and leadership and more. As for #6, I am now in a phase of my business where I am collaborating more. I am a part of 2 local networking groups, I am soon joining a great woman in her network marketing company and I just joined an online Tribe of fellow bloggers and entrepreneurs. Keep up the great content.
Sincerely,
Jupiter Jim
Jupiter Jim@Thesis Tutorial, Thesis Theme, WordPress Tutorial recently posted..WordPress Tutorial: How to Create a “Better WordPress Google XML Sitemap” to improve blog SEO
Hi Stephen,
I am first time visitor here. Your post title attracted me into this blog post. And I ended up reading up whole post (quite enjoyably).
Your all points are definitely pointers for succeeding in innovative thinking. Point # 4 i.e put ideas into action is something I practice and most of the time, it has proved right and I have enjoyed the benefits of the same.
Naveen Kulkarni | planetnaveen recently posted..Featured on UnLockTheDoor.net
I like how you provide a spot on analysis and advice on innovative thinking. Thinking big and bold is what I like most for dreams and goals should be limitless. Thank you for sharing this.
You’re welcome, Brian!
Twitter: lizkimeria
says:
Great Post Stephen:
I like the point of putting our ideas into motion. Some times people suffer from information overload. They do not take the time to put together anything constructive with all the ideas in their heads. Thinking Big may sound a cliche but it really is what keep a lot of people working towards their dreams and goals. Thinking small does not do anyone any good. A quote from Marianne Williamson’s Poem ” Our Deepest Fears” says it better
” Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you.”
Liz K : Success From Home Trainining recently posted..Can a Little Guy Battle the Gurus in the Game of Internet Marketing?
Liz, I’m so sorry I’m late in my response to this comment. I have to agree with you that thinking small does no one any good: That Marianne Williamson quote is one of my all time favorites! Thinking Big is one of my biggest challenges as well: but when we develop the faith and believe to do so, it’s an exciting Adventure that pulls us forward!
Steve-Personal Success Factors recently posted..You Don’t Have To Be Steve Jobs To Change The World