Understanding innovation Equation

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What exactly is Innovation Equation ? There are many such equations out there but this is artificial level that can be used to help organizations add some content to the abstract concept. Please note that this is a model to help understand and not equal living real numbers associated with innovation output.

Very briefly always so innovation is a function of Creativity and Know-how that is multiplied by the constant alpha and raised to power n where

  • Creativity is simply a means and a framework that we use to generate new ideas and knowledge
  • Know-how is what we already know, for example, Company History, libraries, employee skills
  • Alpha consists of two parts, the desire or need to innovate and resistance. This can make the results negative!
  • The power n is a representation of the maturity level framework have been put in place to exploit innovation.

This equation is simple but profound. It says that innovation is simply a combination of creativity (coming up with new ideas), Director of know how (what we already know) and the framework we put in place to help this process. Note that I have not mentioned research and development, high technology, science or any keywords both business and governments want to use in their policy documents. Advanced R & D is simply applied creativity focusing on ‘R’ during product development uses some creativity but used the ideas and know how. Production is simply a physical manifestation know how. This may not suit those who have a drum to beat, but it does keep things nice and simple.

This equation also helps to show that it takes a number of different types of people to make innovation happen. We are talking about innovation system rather than a group of innovative people. After all, a truly creative person is the last person you might want to look after your company accounts! On the other hand, just because a company accountant is your logical, what system you have to capture and manage good ideas may not prevent them from making a donation.

Other key ideas to take away from the Innovation equation are:

  • Try to bulldoze through changes in company and production can go down
  • The more mature and refined innovative framework will be, the more benefit you will derive from them
  • Innovation is mainly about people not technology
  • Innovation can be measured directly

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writer by Derek Cheshire

Lessons From HGTV: Structure Supports Success and creativity

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I am fascinated by HGTV shows the make up. I love to watch what looks like a rundown property has been transformed into a beautiful and stylish home. As I watch the “Property Brothers” and “income property”, two of my favorites, one lesson I’ve learned is if there are problems with the foundation, it can spell disaster. The house can eventually fall down, and the problems, though expensive need the right fix and must be done first. This is true in business as well. If the foundation is not solid, you stand a good chance of crash and burn business. And if you’re doing well in your business, in other words, you are making money and growing — if you do not evaluate and fix any foundational issues, you will get into more expensive problems later. The support structure, the foundation must be solid long-term success.

If you’re like most business owners, you have a brilliant mind that produces great ideas, make decisions, create new products and solutions, allowing you to work and be productive and makes you life. Sometimes it is like a machine bouncing ideas, thoughts and activities beyond a single transaction so other then you bounce from thing to thing. You might get a few things, but there are often unfinished projects or experience too busy or never get anything done. This is worse for people than others, but it’s probably part of it for us. And those of us who own our own business, especially if it’s a small business or the early stage of growth may have this issue in spades. Small business owners, especially in the start up or early growth stage wear many hats and treat every little and big thing.

Success and creativity in business are built on this solid foundation. To ensure a solid foundation, you must create and use good structures. Let’s talk about some factors that will support you in having the foundation.

Lacy is a small business owner early stage of growth. (Her company has revenues of over 1 million, several employees and they are growing steadily). When we met, it was operated as it was on a bungee cord- jumping from one activity to another, exhausted at the end of the day, taking no time to enjoy life and experience overwhelming.

Lacy and I sat down and looked at her schedule and installations and support. What we discovered is it’s a diary, but was not really pinpoint the day of its relevant and not use the calendar used. We also discovered she had little in the way of structure or support. It was like she was at the base of this mountain, trying to climb and get rocks thrown at her every time she made any progress! When we went over this, just listen, I was ready !!! So together we created some structures that are the solution to support its success.

I know a lot of people, especially those who consider themselves “creatives” pass structure restricting or suppressing. However, I found that most people, even the ‘creative’ people, when they incorporate the actual structures, find it to be quite the opposite. When you do not have to worry about anything you need to get done will not get done or trying to remember everything that you are doing or promised someone to do, your mind is actually freed up to create.

What kind of structures can be created to support you? Structures that you create will be something you embrace or you will simply not make them.

Calendars- calendars are great if you use them and if you use them appropriately to support you. Now I’m not going into all the many different programs or ways you can use them (Franklin Covey and others have created a fabulous system if you want to find and use them). I simply want to address a few points

  1. Program everything. Schedule time for emails, phone calls, breaks, lunch, dates, meetings, research. Do not simply try to fit it all-which is like firefighting and it’s not productive or satisfying.
  2. Schedule blocks of time and if there is something that disturbs you (necessarily, as an urgent matter) move this time around.
  3. Have start and end time. Seriously, for a business owner, if you do not end your work, your life will be your work. Wearing! Not why you are in business. (And have a dedicated space that your employer does not entirely living space!)
  4. schedule weighed you must enjoy life, or why be in business?
  5. Agenda ‘breakdown’ life time — This one has revolutionized many people. If you schedule time (minimum 30 minutes per day) for cars, you can move other things around you will not feel the pressure you need to continue to work! If you do not use it, it’s bonus time for you to do as you wish.
  6. And the most important: Use calendars you create! Honor it. Honor yourself by honoring infrastructure to support your success.

Some other structures to support you

  • Accounting applications: If you still have to do all of your own bank and accounting, do yourself a favor and get one of the many tasks (Quick Books, Wave, FreshBooks, etc.) that align with your bank on line and plan to regularly distributed times to keep accounts up to date. Or … hire a bookkeeper or assistant collections.
  • Know your numbers. Your numbers, your profits, losses, expenses give you a picture of what is happening in your business. I can not tell you the number of business owners I work with are not on top of their number. Experience is almost always some version of having to drive themselves because they do not have enough. So when they make their numbers, for the most part they get surprised by how much money they have or where they are wasting money and could be profitable. It is impossible to grow anything without a clear understanding of what is so. If you find that when Lacy really understand the company money, she went to get more creative and was able to get more profitable through new income stream and enhancement of its capital. My Success Money Mindset program also supports her to change her vision of money so that she could use her business finance as a tool to achieve success.
  • goals, plans, and task: You must know where you are going, what you will get and easy ways to measure performance and adjusting as needed. I know that sounds obvious, but what I find is that many, many new business owners shoot from the hip. Make sure that the dates in this program. Plans with no notice when are simply fantasies!

This is far from Comprehensive list of all the structure you need to support your success. However, if you take a little time to put the database that you can truly build your dream business and benefit from your work!

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