Typically you need Space and Time to Think if you want to come up with great ideas.
The process needs to incorporate elements of exploration and exploitation.
In this article we will consider ten things learnt from start ups, that can help us with developing our businesses and how innovation and doing it differently can have a significant impact.
10 Things We Can Learn From Start Ups
- You have got to be 100% committed to the business – all in is the only option
- Haters are going to hate. There are always going to be people who don’t believe in what your doing. Nothing anybody else says must detract you
- Get a lawyer. When you start a business its best to get all the legal elements sorted at the earliest stage. It will ultimately be beneficial in the long term if the business dynamics change
- You always need to be looking for opportunities its a 24:7 operation
- Be decisive and be prepared to live with the decision
- Always be meeting – the business wont develop if you stay in the office / factory, so get out there
- I’m not particularly good at anything “Why don’t you explain to me like I’m fine”
- You need to be able to take the “ups” and “downs” – celebrate the highs and reflect on the lows and move on
- When you start up a business all your friends will think you are really rich
- Make sure you have the funds for growth
Innovation – Doing It Differently – embracing the smart phone
- In 2007 we went to a rock concert and listened to the band play. In 2017 we go to a rock concert and record ourselves and send pictures to friends and post them on the internet within seconds on our smartphone,
- The average amount of time spent on a smartphone per month is over 70 hours
- There are now more Google searches conducted on mobile than desktop
- On an average day over 100,000 products added to Amazon
- Perhaps in the future we will take a pill that directly sends information of our health to the doctor
- Improved education, with a smart phone a child in a third world country can access as much info as a student at Harvard