Don't Just Compete.......Innovate
Starting a business in order to compete with an existing business or having an existing business that is competing with several other similar businesses, is a difficult way to survive or to grow a business.
Let's take a look at a recent failure, Solydra; this solar firm recently declared bankruptcy amid a lot of controversy about lost dollars. The item that caught my attention was the money that the federal government is now going to give to all the employees that lost their jobs.
It appears that there is a "law" that states that if people lose their jobs due to foreign competition, they are entitled to compensation, courtesy of us, the taxpayers. In my opinion, Solydra, with the millions of dollars it received from us, should have been careful with it's growth and should have invested the money in developing new "solar technology". If its purpose was to compete with the Chinese market, the inevitable happened, they failed.
This is an important lesson for of us that are in business or are planning to start a business. Innovation is the key to growth! Take a look at your business and answer the following questions:
Let's take a look at a recent failure, Solydra; this solar firm recently declared bankruptcy amid a lot of controversy about lost dollars. The item that caught my attention was the money that the federal government is now going to give to all the employees that lost their jobs.
It appears that there is a "law" that states that if people lose their jobs due to foreign competition, they are entitled to compensation, courtesy of us, the taxpayers. In my opinion, Solydra, with the millions of dollars it received from us, should have been careful with it's growth and should have invested the money in developing new "solar technology". If its purpose was to compete with the Chinese market, the inevitable happened, they failed.
This is an important lesson for of us that are in business or are planning to start a business. Innovation is the key to growth! Take a look at your business and answer the following questions:
- What opportunities exist for innovation in my industry?
- What am I doing that sets me apart from other similar businesses
- What are my plans for continual innovation?
At Strategic duck ( www.strategicduck.com) we have developed an innovation planning session which will help you focus on this important aspect of your business.
Please visit our new web site and register to received our blog directly in your e-mail and also for our in depth newsletter.
______________________________________________________________
Linus Pauling
Have a successful today!
Posted by Nick Petra at 11/27/2011 11:28 AM 
Categories: income vs profit, branding your business, system development for small businesses, change your small business direction, Management, Business Planning, Organization, New Business Opportunties, Marketing:building value, Coaching for small Business owners
Tags: innovation the key to growth
Categories: income vs profit, branding your business, system development for small businesses, change your small business direction, Management, Business Planning, Organization, New Business Opportunties, Marketing:building value, Coaching for small Business owners
Tags: innovation the key to growth
Comments