8 Mental Strategies that Innovators use

Enterpreneurs that mastered exponential technology nowadays scale up like never before! Small groups can give huge impacts. A handful of passionate innovators can alter the lives of billions in no time. But , what we call innovation? Innovation is any process that starts with an idea that is developed into a new set of technologies, activities, products and services.

The mental strategies that you have to master in order to impact the world are the followings:

1.Risk taking: Also means to take action quickly, make your own decisions, think and act. Risk taking is also synonymous to entrepreneurship. You must be ready to donate your time, to spend an amount of your personal capital, to trust people that work for you and so on. Running a strartup means that you must be prepared for the risks that you have to undertake. Investors are often asking from you to make quick decisions on  obstacles that may rise, deadlines and in most cases the time that you have is much less than it is required.  When we are talking about risk taking we mean that the risks are calculated in detail.

2.Ceaseless experimentation: Rapidly iterate and experiment until things are right. Experimentation might be costly and risky but the rewards are significant. New services and products can occur through experimentation. Consumers preferences change and and you have to keep track by experimenting innovations and observation.

3.Curiosity: Be curious about  why things are the way they are. Curiosilty as a state includes memory, attention and learning. Cultivate your curiosity and remain open to new experiences that will plant new ideas!

4.Refuse to accept what the majority things about your idea:  Innovators barely talk about their thoughts or future plans and when they do it, they choose the right people that are positive and not judgmental. Negative people are never around risk takers. Any other opinion is respected but has no power to alter any stage of the plan.  So, surround yourself by like minded people that they only going to lead to higher.

5.Discover your purpose in life: You have to create and maintain a strong purpose in life that generates attitudes of discipline. Try to stay focused on your purpose no matter what the obstacles are.  Sometimes, you might lose your courage or the obstacles might seem insuperable but keep in mind that there is always a solution. Drive your mind to thing about a second plan and approach every aspect of the problem that you have to solve.

6.Create your future  not just observe it :People coming up with new ideas because they prefer to ‘build’ rather than to observe other doing things.  They rarely take time off as they trully engage theirselves with everything they create.  In other words, try to combine information and create new needs.

7.Scale innovation to a level that can affect many: Meet the challenge of creating a strategy that will scale up successful innovations that will  truly make and impact on a large number of consumers.

8.Believe that anything is possible: Begin a new business under the mindset that everything is possible. People that act with that in mind they do not fear about failure and obstacles and they are confident, which means that most of the times they achieve their goals and their ideas are innovative.

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What is crowdsourcing?

Crowdsourcing is the practice of engaging a crowd or group for a common goal. It is a core element for adapting and maintaining a innovation strategy. Crowdsourcing can take place on many different levels and across various industries.

The idea of crowdsourcing is based on a practice that nowadays is very popular, rather than relying on a few experts to solve specific innovation problems, you open up the process to the crowd. A common practice that companies follow is to post the problem on a web platform and invite for solutions, sometimes these companies offer back a significant prize. Another very common practice is the open source software projects, in which volunteers contribute to developing a product or a system.

The advantages of crowdsourcing are many. By inviting a large number of people to solve a specific problem or to undertake a task, most of whom you probably could not have found on your own, you increase the probability of developing a novel solution.  New technologies and social media support crowdsourcing so that start-ups and companies have now access to new ideas, solutions, opportunities, deeper consumer engagement in a  very low cost.Internet and social media have brought companies closer to their stakeholders.

“Crowds are a hit. Millions of people, connected by the Internet, are contributing ideas and information to projects big and small. Crowdsourcing, as it is called, is helping to solve tricky problems and providing localized information. And with the right knowledge, contributing to the crowd — and using its wisdom — is easier than ever.” -The New York Times

 

We have also to keep in mind that crowdsourcing works better for some kind of problems than for others. For instance, it requires fast and efficient ways to test a large number of potential solutions. If testing is very time consuming an costly then you need some other approach.

Another practice is to involve consumers in the innovation process. Some people in the business world believe that close collaboration with customers reveals insights that can lead to novel offerings. But others say that working to closely with customers will blind you to opportunities for truly disruptive innovation.  At the end, everything comes to strategy matters and the goals that you are trying to achieve.

This new way of doing things – crowdsourcing, crowdfunding, co-creation, collaboration, and open innovation – is challenging business models and workings of organizations across the board, offering an immense opportunity to rethink and reinvent conventional processes.

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Tips Before Launching your own Start-up

1) Solve a real world’s problem that people care about and they don’t have yet a solution

Make sure that your start-up or your new application is really solving a problem to a big amount of people. We know that you may think that small incremental changes to existed solutions, will make the difference and this could obviously happen. But most of the times the incremental changes, are not the ones who will give you the ultimate power to the entrepreneurial world. You need to think that you will solve a problem of the big mass and this will unlock your opportunity to success and let you enter the market dynamically. Think what others have don’t, and solve a millions customers’ pain.

2)Focus on sustainability

The first thing you need to think about when becoming an entrepreneur is sustainability. Sustainability is the only indicator who will make your business last over time, and if you don’t have sustainability you will lose all the investors who will maybe be interested for your startup. Sustainability starts with a profitable business model that generate cash, sales, marketing, customers support and loyalty, legal and finance.  As a startup it is sure that you may not have achieve all these from the start, but you need to have a clear roadmap in your mind that you will succeed all these in some point of time. As clear as to be able a third person to know and see in front all your steps which will lead you to this goal. Before building something at its final version, ask your potential customers if they would pay for that and how much. This is your driving test, as if the customers are not willing to pay, you need definetely do something differently. After you determine how much are your customers willing to pay, you need to consider how much do they cost you your services that you are going to launch (i.e. your cost of goods sold). Do you achieve a positive gross margin? Benchmark with your competition in order to see how much you will need to spend in order to acquire customers. Do you need to have any legal resources on place before going live? Such as terms and conditions and privacy policies who are the most common ones.

3)Masterize your self in making decisions and take actions

An another characteristic that you need to have as an entrepreneur is the ability of making the decisions at the right time. As you go along with your startup, the voices around you become more and more, from your co-founders, your friends and supporters, but at the end some decisions need to be taken. Make sure you do recognize the most important and not get comfused by the crowd. Do your research, write down on a paper the pros and cons, ask other entrepreneurs and have experience in this journey of entrepreneurship and create a balanced and diverse board. Don’t be afraid to challenge the different point of views, but at the end be sure that you kept the best one.

4) Cash must be your priority

Any startup seems successful if it hasn’t achieved to gain some cash flows. We hear it over and over again from investors, angel investors, venture capitalists and people in the entrepreneurial world, that a business is as important as its money that generates. So now do you imagine why your cash flows are a very important indicator? If you have built a perfect product but you haven’t secured your cash flows or how they will come to you, then nothing else matters. At the end, you need to bring something sustainable in the market, that will generate revenues and could make a positive impact to society.

5) Calculate and Measure

An another secret of your success will be to have the total control of your startup and what’s going on. This may happen by always MEASURE, MEASURE AND MEASURE. Take control of your progress, set clear targets and milestones, calculate your conversion rates with your visitors who become customers, your daily visits or downloads in your application, the bounce rates and who are the reason behind them and many more. Having numbers on hand and being organized, is the only way to tackle any obstacles on your way, or solve any future problem by knowing how it started, what is the reason and how you can solve it.

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