Have you ever heard someone pitch an idea about a new product or service and said to yourself, “Wow, that’s very interesting and unique, but i couldn’t see myself having a need for it?” Perhaps you just weren’t part of the target market that the product was aimed at. Perhaps you think that the service is overpriced, or could use some tweaking. However, it is much more likely that the product was executed in a way that did not appeal to as many consumers as possible, and the entrepreneur is at fault for this.
If you can grab the attention of the audience with your idea, then we already know that you could talk the talk, and don’t need to go over simple empathy techniques to make your product more enticing to potential consumers and investors. However, what we still need to do is make sure that your idea is being implemented in a way which will make people think, “This could really have a big impact on my life.”
Most firms share the common misconception that creativity is the same thing as innovation. In his article Creativity is not Innovation, Vijay Govindarajan talks about the differences between successfully innovative companies and non successful ones. He has even gone as far as making a formula for innovation, which can be defined as creativity x execution. His theory is that companies often do not put enough time and resources into the execution of an idea, which is what he claims is the more rigorous and demanding part of the experience. The creative idea itself is just the fluff, while the way that the idea is implemented is what will determine whether it will stick around in the industry.
In the article, Vijay also mentions a quote from Thomas Edison as follows; “Innovation is 1% inspiration and 99% perspiration.” This is something that really hit home for me, and I want you to take a minute to think about what this really means to you. While my other posts talk about inspiration as a very powerful tool that drives innovation, one of the most highly renowned inventors in the world made a statement that clearly says otherwise. My interpretation of this famous quote from the legend is that if you have a great idea, and you don’t work hard to pursue it and put it into action, then that’s all it will ever be; just an idea. However, if you have the motivation to try things without fear of failure and put in the dirty work that others aren’t willing to, then you may find yourself at a place where no one has ever been before. You might just turn that innovative idea into an innovative enterprise.
Image retrieved from Biography.com