Tag: Innovation

Building Your Dream Company

by Bright Osadiaye, posted in Health & Well-Being, Improve Academy, Leadership, Management, Personal Development, Workplace Learning
Photo by Kindel Media on Pexels.com

‘Your chances of success increase significantly when you are passionate about your work. Pay attention to what gets you excited and engaged. Is there a subject you can’t stop talking about?’

‘Keep your options open and understand business model basics. You may start with services, and then see the potential of products. Try to remain flexible enough to evolve and avoid traps.’

‘Attention is a powerful asset. Experiment with ways to earn attention and be ready to convert it into a business opportunity.’

‘Look for opportunity to create something useful and solve a problem. Quick income schemes come and go. Utility endures.’

‘Be yourself, even if it means looking like amateur for a while. A lack of polish can make your work relatable and unique.’

‘Circumstance is an amazing teacher. Get started quickly and solve problems as they arise so you’re not wasting time or worrying unnecessarily.’

‘If you have demand and are unsure of how to price your work, raise your prices with each new project until you find a ceiling.’

‘Time is the new wealth. Starting today, you can decide to make it grow.’

‘Be prepared to pivot. Just because a business model works doesn’t mean it’s the only path. Keep your options open and look for models that align with your values.’

‘The people who are interested in your work are a source of innovation and opportunity. Listen to them and ask them what they want or need.’

Source

Lee LeFever (2020). Big Enough: Building a Business That Scales with Your Lifestyle

‘How To Spot Inflection Points In Business Before They Happen’

by Bright Osadiaye, posted in Health & Well-Being, Improve Academy, Leadership, Management, Personal Development, Workplace Learning
Photo by AlphaTradeZone on Pexels.com

‘Snow melts from the edges. The changes that are going to fundamentally influence the future of your business are brewing on the periphery. To avoid being taken by surprise by an inflection point, you need to be exposed to what is happening at the edges.’

‘An inflection point happens when a 10X change alters the basic assumptions upon which a business is built.’

‘Start defining your arena by asking which pool of resources- typically revenues- your business currently relies on. What other players might be trying to grap those same resources, even if they don’t make or offer products and services similar to yours.’

‘Practices that displease or even enrage customers can create an opening for a disruptive player to come into your markets and cause customers to defect.’

‘Even when you see an inflection point on the horizon, it can take a lot longer than you think for it to actually arrive.’

‘Creating a plan for fast learning is something successful serial entrepreneurs do almost by instinct.’

‘Good ideas are … important, but the initial ideas that innovators pursue are seldom the ones that make it to market.’

‘We tend to imbue CEOs and senior leaders with supernatural powers when they succeed and with damning deficiencies when they fail.’

‘Internal friction and competition can undermine even the correct response to changing times. Managing politics is a key task for any would-be change agent.’

‘Big changes are often signaled by seemingly small and incremental shifts that nonetheless release a constraint in an existing model, opening it up to an inflection point.’

Source

Rita McGrath (2019). Seeing Around Corners: How to Spot Inflection Points in Business Before they Happen