Don’t let fear destroy small businesses innovation

01 July 2020 | Business

Innovation is the development and application of ideas that improve the way things are done or what can be achieved. It can help your business grow by improving productivity and efficiency. Your ability to innovate will also help your business to remain competitive and respond to changes.
“Being innovative takes a lot of hard work and a little bit of risk. But, if you want to thrive and stay ahead of the game, it’s an essential part of being a business owner,” says Mike Anderson: NSBC Founder and CEO
There are many sources you can use to help generate new ideas for your business. Suppliers, customers, employees, and strategic alliances can all make valuable contributions to the creative process, as well as providing support and encouragement.
“Your employees are a vital asset in generating innovative ideas. To get the most from them, you need to create an innovative environment and encourage creative thinking. Most ideas never get off the ground because business owners are afraid to take a risk and fail, and employees are not allowed to try new things and take some risk. Those who have achieved real success have overcome the fear of failure and often risked the most to get there.”
Anderson says to succeed, you have to move out of your comfort zone, continuously challenge the status quo and innovate. “Always be on the lookout for new ideas and new ways of doing things that will improve your business. Winners always look at the bigger picture while losers cannot go beyond the way things are at the time. If it doesn’t work you can always go back to the drawing board. This is far better than not trying and doing things differently.”
He adds that author John Maxwell asks why so many people work so hard without ever achieving or making an impact, while fewer who don’t seem to work hard achieve so much. “The reason is simple –conformity. Research shows that only 5% of the people in the world are able to achieve their life goals. Why? Because the remaining 95% are conformists who go through life accepting the way things are.”

Success-boosting tips
• Get your team on-board. Have them involved in the entire innovation process, such as solving problems during a meeting and providing a suggestion box. Reward innovation and celebrate success.
• Make innovation a routine. Schedule an hour or so each week to brainstorm and exercise you and your team’s creativity, and establish goals that encourage you to improve your business.
• Encourage suggestions. Ask or survey your employees, customers, and even, suppliers if they have any suggestions on how you can improve your business.
• Create a supportive atmosphere in which people feel free to express their ideas without the risk of criticism.
• Encourage risk-taking and experimentation. Don't penalise people who try new ideas that fail. Remember, fear destroys innovation.
• Stress that people at all levels of the business share responsibility for innovation, so everybody feels involved in taking the business forward.
• Look for imagination and creativity when recruiting new employees. Remember that innovative thinkers aren't always those with the most impressive list of qualifications.
• You don’t have to reinvent the wheel. Keep innovation simple by improving your existing products or services, trying out a new marketing strategy, or finding a supplier that is offering you a better rate.
• Invest in innovation. Purchase technology and equipment that can improve your business operations. Also, invest in developing new products and services
• Educate yourself. Continue to learn new skills or information by attending workshops, webinars, conferences, local industry events, and reading everything from blog posts to books.

Similar News

 

Risk management training for NSI staff

24 minutes ago | Business

The NAMS/ISO 31000:2019 Risk Management Standard was officially gazetted as a Namibian Standard in January 2020. In response to the announcement that Namibia accepted ISO31000...

Bulk data transmission in the blink of an eye

1 day - 04 August 2020 | Business

MTN Namibia and The GridOnline signed their first commercial contract for bulk data transmission services provided by the latter – a fibre optic broadband service...

Covid business survey underway again

1 day - 03 August 2020 | Business

The Namibia Statistics Agency (NSA) has begun a second survey to determine the effects Covid-19 on businesses in key economic sectors. The survey is aimed...

Second life for waste beer

2 days ago - 03 August 2020 | Business

BEE Energy Efficient recently took delivery of around 30 000 litres of waste beer from ABInbev Namibia’s Welwitschia Brewery in Okahandja, which will be used...

Here’s how your agent earns their commission

5 days ago - 30 July 2020 | Business

On average, for every hour that a real estate agent spends with the homeowner of the property they are selling, they will spend around nine...

Money talk at Vintage

6 days ago - 30 July 2020 | Business

Windhoek • [email protected] If you don;t have anything planned for tonight and you could do with some tips and tricks on moneymatters during these trying times,...

Workshop for young entrepreneurs

1 week ago - 28 July 2020 | Business

The One Economy Foundation recently hosted the first part of its Covid-19 Survival Kit workshop for young entrepreneurs to discuss challenges they currently face.In a...

Mashare berries in your local supermarket

1 week ago - 23 July 2020 | Business

The Government Institutions Pension Fund (GIPF) announced the first large-scale Namibian commercial blueberry harvest, produced by the Mashare Berries project, which forms part of the...

Okahandja's woodcarvers struggling to survive

2 weeks ago - 20 July 2020 | Business

Woodcarvers and vendors operating at informal markets in Okahandja said the ongoing Covid-19 pandemic has robbed them of their livelihood, due to a lack of...

Young entrepreneurs' DREAMS realised

2 weeks ago - 15 July 2020 | Business

Seven young women have launched their own tailoring business thanks to support from the US government-funded DREAMS project.Along with this, the young entrepreneurs delivered 300...

Latest News

Ondersteun Huis Maerua en wen...

46 minutes ago | Art and Entertainment

Windhoek • [email protected] ekonomie druk en almal klou vas aan hul laaste sente, maar met ’n oop hart en beursie en ’n bietjiegeluk, kan jy...

The D’s of a post-Covid-19...

1 hour ago | Opinion

Windhoek • Floris BerghHave we seen the bottom? It appears so.The National Statistics Agency (NSA) released a set of six sectoral indices with data to...

Buying a house on a...

1 hour ago | Life Style

While many might think it impossible to purchase real estate on a single income, Lightstone Property reports that single females make up the largest portion...

Fleet upgrade for city cops

3 hours ago | Local News

In the past 5 years, the Road Fund Administration (RFA) has allocated N$177.2 million to the City of Windhoek towards road maintenance and traffic law...

FirstRand appoints Kapeng as Treasurer

3 hours ago | Banking

FirstRand Namibia announced the appointment of Selma Kapeng (pictured) as the new Group Treasurer and member of the FirstRand Executive Committee, effective 1 October 2020....

More medical equipment for MoHSS

21 hours ago | Society

The Capricorn Group affirmed their commitment to supporting government and more specifically, the ministry of health and social services (MoHSS) in their fight against Covid-19,...

Chapman to head RMB Namibia...

21 hours ago | Banking

RMB Namibia announced Philip Chapman (pictured) as their new chief executive who will also serve on the FirstRand Namibia Executive Committee, subject to regulatory approval....

Another repatriation flight this month

21 hours ago | Local News

Another repatriation is being planned by the German embassy in Windhoek and Lufthansa, to fly German citizens in Namibia back home. At the moment, Lufthansa...

Wondering what to do this...

22 hours ago | Tourism

If you head to the south, you will witness first-hand the mesmerising winter landscape that has unfolded at Klein-Aus Vista in the form of the...

Load More