Small businesses and Innovation

What we should see while innovate?

See beyond the product or service 

Rather looking for the product or service, you must see the function of the product and services and that should be your core business, I would be inappropriate to say that my business is of selling cars because you are actually tunnelling your vision, I think as a business owner we should see the function of the product that is making an individual life easier, in this case I would rather say that I am in the business of providing a better and comfortable transportation options to the user.

Say in case of spice people tend to put the mission like that we are in the business of selling the quality spices but it would be more appropriate to say that we are in the business of enhancing the taste and flavour of the food.

Look for frustration and Pain 

To innovate business of yours you must see is the pain and frustration, as some one says 

"Need is the mother of innovation" I will rather say that pain and frustration of the user is the key to innovate. Look for the most polarized customers either they overwhelmingly like your product or service or hate it. A costumer who hate your product and service most might prove the best one to make your product better, because he go through the suffering from your product.

Look for the free resources 

No doubt Internet emerges as the one of the biggest mine of resources, use it if you don't know how to use it learn it beside that go for the community libraries etc. They can also provide you a lot of input that will help you to innovate your product.

One thing you must consider, for enhancing your creativity you must go through various subjects as it will help you to look out side the box, just don't stick to business section, go for literature, science, fiction etc..... 

Innovation is not for me

"I am a small business men, Small entrepreneur innovation is not my cup of tea"

"Hey You can innovate products and services only when you have annual budget of millions of dollar"

These are the most common phrases which I hear most of the time when I am talking about innovation, most of the people misinterpret innovation with invention which in reality is totally different thing. 

If we are talking about the definition 

Invention: It is some thing like of creating some thing new which is previously non exists in the society. Most popular example of it " Electric Bulb:

Innovation: It is said to be creating something new by changing the prospective of others and/or of owns to create a new, using existing things from the society.

I don't remember but some economist once said that Businesses can't earn abnormal profit for long period until and unless they create bridge to support the abnormal profits. In this case innovation is the bridge to you and barriers to other players which will also ensure that you will earn a substantial amount of profit.

Small business can also innovate as it is nothing to do with money or funds, it is more towards businesses owners pro activeness to see the problem in the market and to provide solution of it either in the form of product or services..... 

Akhil