Have you ever taken a good look your business heroes? They might look like they just stepped off the runway of a modeling agency, or they might look like a windstorm dropped them in a rumpled and mismatched heap.
Madam C..J Walker exemplifies the essence of success and innovation. She demonstrated her innovativeness and entrepreneurial skills in the 1900's by inventing hair conditioning treatments, improving on the straightening comb and marketing these products to earn more than three million dollars annually (in today's money). Madam C.J. Walker was one of the first self-made female millionaires in America.
Appearances and personalities don’t define the perfectly successful businessman, but there are a few things they all have in common. One of the most outstanding characteristics that is most noticeable is innovation.
What exactly is innovation? There are a lot of different ideas of exactly what innovation means, let’s say it means the ability and guts to come up with a brand new idea, develop it, and make it sell.
Why Work at Developing Innovation?
1. To Recognize Market Needs and Opportunities
How many gaps in the market have gone unfilled for generations? At first you might scratch your head and say, No way, everything that can be marketed, has been. The best place to start is with you. Take a look at things that you wish you could change. Brainstorm different ways to meet those needs and ways to market them to others who are just like you.
2. To Capture Potential Value
You might be surprised at what putting a brand new spin on a ho-hum product can do.
3. To Develop New Products and Services
A sharp eye for undeveloped customer needs might put you on point for a brand new product or service that will put money in your pocket.
4. To Gain Market Share from Competitors
Anything new is exciting, and Americans have to try it out. Whether it turns out to be a passing fad or a market that will make a permanent place in society, there’s a buck to be made. Don’t forget that passing fads make a comeback. The Hoola Hoop and Slinky are examples of innovations on the rebound.
Developing innovation and getting your creative juices flowing may take some time and energy, but the payoff could just be your pot of gold.