innovationSuccessful people come in a variety of shapes and sizes. 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.

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 out standing characteristics that I’ve noticed is innovation.

What exactly is innovation? I believe it is the ability and courage to come up with a brand new idea, develop it, and make it fill a need.

It truly does work in today’s market place. Unfortunately there’s no magic wand that will give you instant innovative skills. It must be practiced, and developed with painstaking care and diligence.

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. A few examples are: artists using saw blades to create rustic paintings, or even the Vietnamese using thrown away rubber tires to create sandals.

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 money to be made. Don’t forget that passing fads make a comeback. I’ve recently noticed that Cabbage Patch dolls and Strawberry Shortcake are 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.

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