How to Stop the Common Innovation Mistakes from Occurring

How to Stop the Common Innovation Mistakes from Occurring

Implementing innovation is necessary across all organizations. Getting it right, however, is a lot more difficult. There are some very common mistakes made with innovation management software SaaS tools, but these are mistakes that can be avoided. By building your awareness of them, you may be able to not fall into their traps either.

Two Key Mistakes

There are two key mistakes that almost everybody makes when it comes to innovation:

  1. They think they know what problems their customers have that need to be solved.
  2. They immediately try to solve the problem.

If you think that there is a problem that your customers have, you need to find out whether you are right about that. Do not, ever, make any assumptions. Speak to your customers, listen to them, and conduct proper research. You may be surprised to find that what you believed was a problem is not a problem at all. Or, at the opposite of the spectrum, that the problem you had identified is just the tip of the iceberg. Either way, it is likely that once you truly know what the problems your customers are facing are, you will have to move in a completely different direction in terms of idea generation.

The second mistake is that we are all far too solution-driven. Naturally, the ultimate goal is to solve problems, but because of our drive, we take the wrong approach to this. Most notably, when one of us believes that we have found a solution, we think it is the only thing that will work. We love our own solutions. We forget that the goal was not for us to take the glory with a solution, the goal was to solve a problem. It is hard to make that distinction, but it essentially means that you let go of your solution and allow others to tinker with it, until it actually becomes something that works – and that is not necessarily attributed to you.

How to Avoid Mistakes

Keys to avoiding these types of mistake from happening are:

  1. Make sure that everything you do is customer-centric. You don’t need to force the newest craze or coolest technology onto your customer if they are not interested in it. Rather, you must identify their problems and frustrations, and resolve those, together.
  2. Never, ever, assume anything. You must head out onto the streets, speak to your actual customers, listen to what they have to say, and don’t go into defensive mode. You are there to find out what it is that they need, so that you can find a way to offer them exactly that.
  3. Do not go into solutions mode. Come up with possible solutions and then open source them. Crowdsourcing software can help with that, whereby everybody collectively takes ownership of an idea.
  4. Don’t implement a possible solution until you have gone back to your customer and spoke to them. In fact, involve them in your overall innovation process.

How To Turn Your Business Idea Into Successful Reality

How To Turn Your Business Idea Into Successful Reality

As a business owner I am frequently asked how someone can turn their acorn of an idea into a great success. Usually insinuations such as these I will refer them to my friend Chase Rubin, a far more successful businessman than I am and someone who loves nothing more than a challenge. On the few occasions that I do sit down with someone, I am always surprised to hear that shortly afterwards, they have decided that the world of business is not for them, and they have let their idea go. This must happen each and every day and it makes me sad to think that so many great ideas end up in the graveyard. If you ever stumble upon an idea which you think could become a success then here is what you need to do.

Attitude Adjustment

When you first have the idea you will sense excitement, shortly afterwards you will hear a number of voices in your heading telling you why it will be impossible for you to turn your idea into a business. This is not your own voices but the voices of those around you who you think will meet you with negativity. In order to turn that idea into a business, you should list the reasons which your head has told you as to why you cannot make this business work. Once you have this list, it is time to start finding the answers as to why they are wrong.

Business Plan

Once you have the answers to the doubts which you had, it is time to start formulating a business plan. This model should involve how you will make your product, how you will market it, who you will sell it to and how much money each unit will cost and make by way of profit. The ideas don’t have to be perfect and there is a lot of business help out there for you.

Finding Funding

Every business needs the sufficient funding to get it off the ground and once you have an idea for how you you will operate the business, it is time to go and look for some funding. The first place to start is the bank, they regularly offer business loans to start ups and they will not only help you financially but they will give you a business specialist who can walk you through your early stages in business.

Go Ahead And Do It

You could spend weeks, months, even years trying to work hard on preventing any problems which may occur in your business but this will only be time lost. The best approach once you have a business model and funding in place is to just go ahead and do it. Much of business is learned on the job and once you have put yourself out there in the market, you will find that you learn pretty quickly, lose the fear and go in with both feet!