Innovation is Always New
The only way to make money is to create it. This is true because money is an off-shoot of value. where does value come from? value is created by man. So, money can only be created through certain processes. I believe you want to know the processes.
let's consider what Peter Drucker said about a business's success. He said innovation and marketing makes money for a company, other operations are cost. Innovation is the process of creating new value while marketing is the science and art of marketing the value.
why did Peter Drucker had to mention innovation to be one of the two main factors of a company's revenue generating capacity? well, i want you to think deeply about this and leave your mind-blowing comment in the comment section below.
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Here is my reason, it is because of the concept called change. Innovation is very necessary because every component of a market undergoes change.
lets see the two components that experience greater changes. They are;
- Consumer behaviour
There is a theory called consumer behaviour in economic science. This theory deals with the behaviour of consumers in relation to some factors such as price level and budget constraints. why that theory is very important but consumer taste changes in the modern world. Due to constant changes in the taste of consumers, businesses have to keep pace with the changes. This calls for innovation.
A typical example is an iphone user who uses iPhone 6 may have a change of taste. He may now decide to use a product greater than the iPhone 6 which is higher iphone version. This is why a product should change faster than the consumers taste. The rate of change of product features should be faster than the rate of change of consumer's taste.
A business that seeks to be a market leader should not neglect competition. The reason why you should always innovate is to be ahead of the competitors. For instance, an iphone6 user change taste and wanted to upgrade to a more fancy phone, if there are no higher version of iphone product he will switch to Samsung or Gionee product. This means Apple has lost customers to competitors.
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What is innovation?
let's consider an authority in economic science definition of innovation and my own meaning of innovation. The two will give you a glimpse into understanding the important concept.
Joseph Schumpeter's Meaning of Innovation:
Joseph Schumpeter is christened as the father of entrepreneurship. He defined it as a new policy that an entrepreneur undertakes to reduce the overall cost of production or to increase the demand for his product. As economists usually do, he took into account cost and revenue of a business operation. So, whatever activities, strategies, designs introduced to reduce cost of production and to increase revenue is innovation. When this happens, the profit of a company increases, which translates to a business or an entrepreneur making money.
Progress Ibrahim's Meaning of innovation:
Innovation is the process of introducing new strategies, products, new product features, Ideas and creativity that makes a business to always stay ahead of the competition and to always increase its products demand.
When you visit our ecommerce site - https://3srules.com/, we recently added innovations to the site and the book. you will really understand what i mean by innovation when you see the new outlook of the site. Always remember that innovation is always new.
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3S Rules Innovation Principle
All you need to do is to write this 3S Rules Innovation principles down and apply it to your business. It works like applying a kerosene to a fire.
- The first product of an entrepreneur must not be perfect but should be good.
This is because at this stage of product development, you only understood little of the actual problem of the market target. So, your mvp should be good so that it can create enough value to create money.
2. The second product of an entrepreneur must not be perfect but should be better.
At this stage you now have the feedback required to develop a product that solves the actual problem of the target market, which they can pay for with eagerness. The second version of 3S Rules is great because it has been updated with feedback.
3. The third product of an entrepreneur must not be perfect but should be best.
At this stage an entrepreneur should introduce new things-innovation into his products. The product should have new features that will create greater value for the target markets.
This article is to announce to the general public, entrepreneurs, CEOs and leaders that 3S Rules's second edition has officially been published. Write to me if you have bought before, you will be given the second edition for free. If you’ve not order then dont be told to do so, just order today. The book sample is also available to everyone for free.
you will find very interesting new features such as;
- The video explainer
- The new chapter on Sasai Super App: the African technological breakthrough
- Testimonials from international business leaders and more
These new changes are on these platform
I'm sure you have comments to make about this subject or you have questions to ask. You can comment below using your facebook account, google account etc. let's discuss.
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