“Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is – his good, pleasing and perfect will.” – Romans 12:2
Last week’s column fleshed out “The Power of Positive Thinking” solution to the Emotional Well-being challenge, the second of eight challenges, as we commit to working smarter towards the benefits of holistic prosperity and happiness in 2018.
This week we propose “The Innovation Systems” solution to Challenge # 3 – New Ideas.
I am continually amazed at the quantity of high quality ideas which emerge from the interactions between entrepreneurs, shepherds, financiers, marketers and other stakeholders. We pose the hypothesis that innovation systems are more effective and efficient than to conform to the business pattern of this world.
In business, there are five systems where we must continually engage lateral thinking. We must think about innovative ideas to: (1) generate new and diverse concepts leading to the value proposition for a business; (2) design new financial systems which support the needs of the entrepreneur; (3) conceptualize new ways to identify and satisfy the needs of the consumer so as to efficiently increase the rate of revenue growth; (4) conjure up new paths to increase operational efficiency and the rate of profit growth; and (5) create a virtual office environment as the operational domain of the business where a significant proportion of the team uses technology to perform their work at home.
Here are some innovative solutions. (1) Not every product or service arising from a business concept will result in an opportunity for export. A sensible innovation is to develop and support relatively large businesses to export globally and earn necessary foreign exchange, develop and support medium-sized businesses to supply products and services to the large businesses and develop and support small businesses to supply products and services to the medium-sized and large businesses. This is called an innovative economic gearing system.
(2) In his budgetary proposals in July 2008, the late Prime Minister of Barbados, David Thompson, under the caption “Innovation”, proposed incentives to establish the Barbados Quick Response Seed (revolving) and Equity Capital Funds to meet the needs of entrepreneurs. This innovative financial concept was initiated but has still not been consummated.
(3) The foundation of the marketing mix traditionally consisted of the 4Ps – Product, Price, Promotion and Place. Since then, 5Ps were innovatively added People, Process, Physical packaging, Productivity & Quality, and Payment.
I would be bold enough to innovatively add another P – The art and science of Public Relations – which is traditionally included under Promotion but which, given the advent, importance and wide spread adoption of social media marketing, deserves to stand on its own.
(4) The innovation of Shepherding, a personal advisory relationship between Shepherd and Entrepreneur, encompasses both business mind-set change, to inspire positive affirmations of abundance, and motivation of the entrepreneur to effectively and efficiently grow business by enhancing the management of business systems philosophy.
(5) the creation of the virtual office innovation, where meetings of various sub groups of the business team can be held at a moment’s notice via smart phone and conference bridge, Skype, Go to Meeting and other communications facilities, saves travel and minimizes the need for business dress and other associated services.
These examples uphold the hypothesis stated above. Innovation is the key to success, keep those ideas coming!
Let us all interact, cooperate and benefit from the synergies of various innovation systems to create a new fabric of products, services and processes which will profitably satisfy the needs of a constantly changing market place.