Since man’s early beginnings, the entrepreneur has taken on many different roles and characters to address the various needs of the marketplace while helping to improve the society in which they live. One of these roles is that of the innovator. The entrepreneur/innovator exploits new concepts and methods leading to the birth of new products, services, or processes. However, their more important contribution is in the actual introduction of these innovations in the market.
In other words, the entrepreneurs' creations eventually result in new products, services, or processes that add value or enhance the quality of life which benefits people and society as a whole.
Four major types of Innovation:
- Product Innovation – pertains to the creation or introduction of new or considerably improved products or services.
- Process Innovation – refers to the development or creation of a new or a greatly improved delivery or production methods.
- Supply Chain Innovation – happens when innovators implement or introduce a system or device that significantly improves the chain of processes from raw materials to finished products.
- Marketing Innovation – means the discovery and implementation of new marketing methods that highlight improvements in promotion, packaging, product-design, or pricing. It reflects how a specific industry is adapting and changing in the face of new technology and communication media. This type of innovation is aimed at retention of existing customers as well as attraction of new customers.
No business, no matter how small, is immune from the need to train employees. If you want to provide your employees with the essential skills required to deal with changing technologies and to make them more productive, then you need to train them regularly.
The quality of employees and their skills are vital components in determining the long-term success of a business. Focusing on your employees' skills development is a wise investment. That’s why successful companies participate in high-quality training programs that boost their overall productivity and help them to maintain a competitive edge in market.
With the increase in competition the need to train employees has increased more than ever before. However, training employees the conventional way can be a problem for small businesses as they cannot afford to have employees away from work even for a few days, not to mention the additional costs they incur for the actual training material and instruction.
The good news is that more and more high-quality online business training is now available through the Internet. Online learning, often referred to as e-Learning, is not only more economical and less time consuming than conventional training, but it can also produce better results.
The following are a few of the benefits that you can derive from online e-Learning:
Often businesses spend as much time and effort gathering new customers as they do on anything else. New customer acquisition is one of the most costly functions of doing business. Therefore, it’s critical that you don’t lose existing customers that you have spent so much time, money, and energy to acquire. And, since it costs much less to keep existing customers instead of constantly trying to replace your existing customers with new customers; it just makes good business sense to do what it takes to keep your existing customer coming back.
Regular communication with your existing customers lets them know how much you value them and the business that they do with your company. The best way to demonstrate to your existing customers just how much you really care about them is by offering them a steady stream of valuable information. Information in the form of tips on how to utilize your products and services more effectively, event announcements, information on upcoming new products and expanded services, and special discounts on your regular products. Or, you can just reach out to them, and simply say thank you to them for their valuable business.
Every organization needs to ensure that business deals are attended to promptly. Writing effective business messages not only includes connecting with customers and clients, but also with employees within your organization.
A carefully-written business correspondence plays a crucial role in the day-to-day operations of your business. Every person in your organization regardless of rank or job description should know the fundamental concepts of effective business writing and communications.
Responding to problems within your business organization via written communiqués should be done promptly, clearly, and concisely. This is particularly important when dealing with employees since false assumptions based on mixed or ambiguous messages are more likely to create problems down the road.
Building your credibility and reputation is a must if you want your clients’ trust and confidence. There’s no better way of closing this gap than through effective business writing.
Last week, in Part # 1, we defined Mind Mapping and talked about its nature. In Part #2, we will discuss how to use Mind Mapping to help you start a new business, generate new ideas, or revitalize your business.
Whether you are thinking about starting a new business or revitalizing an existing one, visual Mind Mapping techniques can be an ideal way to bring life to your business ideas.
Business innovation and creativity are the results of effective brainstorming within a group. Getting a group of people together to brainstorm ideas is not always easy or practical. For those inopportune times, individual, hand-drawn Mind Mapping can be a great way to generate ideas on your own, and to develop a variety of great solutions for your small business problems.
Take a moment to focus on the ideas that you want to further develop. Then, follow this brief outline so you can begin leveraging the process of Mind Mapping for the success of your business.
Take advantage of free Mind Mapping software
Effective Mind Mapping cannot be overstated. It might be a good idea to begin Mind Mapping with free software like, Xmind and open source FreeMind. Once you have gained some experience using free versions, you can test drive some of the commercial ones such as, MindMapper and MindVisualizer.
One of the first Mind Mapping exercises you could attempt is to brainstorm how to acquire new clients for my business.