Every business leader and entrepreneur should adapt their business flow and management to the changing times. That’s the secret of tapping into untapped markets, convert online viewers to customers, expand the business to new domains, make profits, and incremental progress. Every era brings with it a few core changes in business philosophy that a company should absorb to operate smoothly. Today, the 21st century business era demands that business leaders and entrepreneur’s welcome digitization to their organization. It will help them survive irrespective of the changing economic and business crisis and fluctuations.
Technology is key – Boris Wolfman
The conventional business models used manual processes. Companies and businesses that don’t say yes to the latest technology trends eventually witness existential threat. And it’s a possible security issue for companies who are yet to embrace the digitization trends. If you are walking the Boris Wolfman way, you have nothing to worry about! Wolfman is a man whose brand is involved with several industry verticals, from manganese and coal to agriculture. As a business leader, he could clearly visualize the future of his business scopes and have welcomed new-age technology in mostly all parts of his business empire.
Entrepreneurs should realize the significance of technology. It can provide a brand, business leader, and entrepreneur a competitive edge than the rest. It also helps to explore several business territories with your various services and products that will promote fast business growth. Boris Wolfman could manifest all these for his company and business verticals because of his innovative thinking. He successfully and seamlessly inculcated an innovation culture in his organization, which gradually became the guiding force for his brand success and constant growth.
The relevance of innovation
Innovation assists to mechanize and enhance the business processes in your company. It helps business leaders to strengthen effectiveness, profits, business growth and also addresses the supply chain activities to make sure that the consumers get full value for their money. Technology is available in every business stage, i.e., from processing, growing, and transportation, so that customers get high-end products and increased customer delight. Additionally, Wolfman also ensured that the Citrus fruit and Canola oil suppliers and growers enjoy investing or counting on Israeli technology innovations.
Every organization with a rock-solid brand reputation has made use of an innovative approach similar to Wolfman’s company. He resorted to high-end technology, which in turn ensured increased crops as well as yields for the growers. It inspires other start-up entrepreneurs to welcome an innovative approach while thinking of product launch, customer engagement, online reputation management, customer relationship management, and many others to build and retain business supremacy. Through an innovative approach, a business leader can attain far-reaching impact that otherwise, they possibly can’t.
Understanding innovation correctly and leveraging it
However, to get there, it is essential for business leaders and entrepreneurs to understand innovation clearly. That will help them to leverage the power of innovation and drive positive changes in their organization.
Entrepreneurs and business leaders should stay aware of the forms of innovation. They are:
- Disruptive innovation
Innovation isn’t just about coming up with brand new ideas because of any compulsion. Neither is it correct to consider it as a disruption, despite the fact it tends to bring disruptive effects at times. One of the unique elements of innovation is that it presents leaders and entrepreneurs with game-changing capacities by offering positive outcomes. The change might result in significant disruptions of current industries and also pave the path for emerging brand-new business verticals. We have come across the advent of new mp3 formats that have created a stir in the music domain. Such technologies have a high-impact and make their presence felt across a large section of the customer base.
At times, the impact might seem sudden and abrupt, which makes it appear like “disruptive.” The word merely defines its force and the capacity to seep through multiple layers to create a positive change.
- End-to-end innovation
It refers to continuous or ongoing innovation. It comprises the innovative approaches that a company knows will bring positive results and keep working on it on an ongoing basis. The impacts of this innovation are available more frequently. Even though gains from this innovation are much lesser, it secures a brand or organization to keep on with their innovative activities with the necessary caution. It helps a business to expand and also promises favorable returns. The addition of movies, recorded media, television, and music with any live streaming channel is one of the ideal examples of continuous innovation.
Organizations and entrepreneurs need to know the advantages of end-to-end innovation. The following pointers help:
- If you check the innovations that are led by Boris Wolfman’s brand, you will know what it exactly means to stay invested in continuous change. Once you commit to this process, you will witness significant benefits that will help you grow exponentially.
- Any organization that depends on end-to-end innovation can create an innovation culture that can enhance the organization’s capacity to bring on more innovation. Gradually, it becomes a way of business expansion for everyone.
- The small innovation brings small stakes to a company, and that motivates more innovations. The organization can attempt to take baby steps towards its success. When a company wins the small bets, it provides increased confidence in creating new products, enhancing efficiencies, expanding market share, and bring more seamlessness to the business procedures.
- The end-to-end innovations are a company’s stepping stone to higher success. A company should know at which stage it can attain disruptive and high-impact innovation that will lead to exponential growth and profits. The small innovations create a momentum which triggers the path-breaking innovations.
Innovation and leadership
Business leaders and entrepreneurs who drive innovation and revolutionary thinking make way for strategic thoughts and activities. Its success depends purely on true leadership. The enterprise leaders who generate innovation should know and understand that the factors which result in the successful execution of the projects. So, how does one begin in this path? Business leaders and entrepreneurs need to create an innovative goal and know that it’s feasible and attainable. And once that gets done correctly, it is essential to communicate the same to all the employees, concerned team leaders, managers, and staff.
The next step is crucial, as well. An innovative goal needs an expert team. For this, entrepreneurs and CEOs need to recruit and appoint the right employees in the team. It’s time to assess people based on their creative talents, innovative thinking, expertise, and experience. Leaders should build a competent team with members who are free to work innovatively and bring new ideas and progressive thoughts to the table, along with the strategy.
That’s not all! The leaders need to balance their daily activities to ensure that the project spells innovation and enhancement. That’s how they will be able to make a difference.
A few challenges to expect
Business leaders and entrepreneurs who are a catalyst for change and innovation often come across several challenges. It’s essential to walk through that and look towards the best business solution. If you want to generate revolutionary thoughts, actions, and innovation in business, it is necessary for business leaders, team managers, CEOs to get involved in during the multiple stages of change. It could be a part of their KRA (Key responsibility area) or a specialized task created and entrusted to attain a project. However, most leaders should get ready face to opposition from within the organization as well as outside, to manifest an innovative project. The task is to carry on despite every hurdle and keep the focus on the goal intact.
The innovation projects and business assignments are usually high-profile, which is often very demanding for managers and leaders. Additionally, there’s a set of uncertainties that follow as well. One of the most prominent difficulties is that the result of the innovation project is uncertain, but the same holds for the overall innovation process. The entire project might fail or not go the way you intended.
Innovations come with a certain amount of risks. During the project execution time, there can be severe turmoil because of frequent business problems faced by a team. An innovation project walks in an entirely new path. Hence, there’s no reference to any other project for comparison. And that is both risky and beneficial. The risk is that no one can estimate its movement and outcome. The benefit is once the project is successful, there’s no measuring yard. Motivation is an essential aspect here so that the team members stay motivated to pursue the goal set for them.
In essence, a business leader and entrepreneur should also be an ace motivator who can train and lead their team through both theory and practice. He/she should know the cite the correct examples so that the team members, employees, and other staff have faith and trust in the innovation project and accomplish new goals and tasks. They should learn from minor failures and stay motivated to apply their learnings to the next project.