Smart entrepreneurs pave the way by creating innovative solutions to real issues.

Photo by Alexandra Hraskova

If you are an entrepreneur, then you understand the importance of forward and creative thinking. While money is always essential in the corporate world, smart entrepreneurs know that they should focus on much more than just their bottom line. Instead, these entrepreneurs contribute to the rest of the world by paving the way and creating innovative solutions to real issues.

Innovation in Entrepreneurship
The most successful entrepreneurs know how to use their businesses to make products or services that solve problems in new and creative ways. Since companies have to make a profit if they want to continue, most entrepreneurs cannot be impractical when it comes to money and planning. Instead, they must make products and services that are functional and made to be cost-effective, so many people will see it as viable and purchase it.

Let’s look at the world’s first computers to offer an example. Initially, the first computers were made to function in both university and government settings. Later on, an entrepreneur adapted the concept of computers into a type of product that had massive appeal while still being practical and cost-effective.

Similarly, governments can mandate environmental standards and require both businesses and people to create a certain level of sustainability. However, when entrepreneurs are hard at work and make appealing products because they offer a real-world environmental solution, that idea would get much more attention.

How to Use Innovation
An innovative idea is only useful in the business world if it is replicable, affordable, and resolves a particular problem. Innovation works by offering something original and also helps produce efficiency. 

For instance, the United Kingdom’s Hampshire County has developed a new way to handle road maintenance and repair. Previously, highway maintenance workers had to go to individual production plants before they could begin road repairs so they could first gather up fresh, hot asphalt materials. This step wasted valuable time and also created wasted material because of preset temperature restrictions.

To approach this issue, the innovators developed a mobile unit that mixed necessary road-surface ingredients at any site or location, ultimately creating more efficiency in the overall process by cutting costs and saving money and time. Also, the essential repairs happened much sooner, which also makes the residents happier.

You don’t need to create the next Google or Microsoft to have an innovative idea. Take, for example, a quote from CIO Magazine from an article titled “What Makes Something Innovative?” That quote says regarding innovation,

“Sometimes, it’s those quiet achievers who can make just as big an impact without having to be ostentatious about it.” 

Just because you see some idea of making the front-page news, it may not have much more impact on the world than your idea. There are existing companies, products, and ideas that revolutionize different parts of our lives quietly. 

For example, Sense-T is an intelligent farming initiative that uses particular sensor data to help create more efficient farming operations. If you haven’t heard of them, you aren’t alone. They have been one of those quietly performing companies working in the backgrounds of our lives. 

Another example of a quiet company offering creativity is WeWork. WeWork is an innovative idea that gives entrepreneurs a place to work when they need something better than a Starbucks or a public library. This company offers 174 office locations throughout 46 major cities across the globe. 

Feed Supper is another vital company that can turn a regular dinner party into a philanthropic charity event. The company’s goal is usually to raise money to purchase millions of meals every month, providing food to economically disadvantaged children across the globe. 

Why Innovation Is Important
Innovation is important for an entrepreneur because it can make their company gain an edge in the market faster. Also, innovation offers the opportunity to make better connections to developing markets, which can lead to some amazing business opportunities.

Innovation also helps formulate original ideas while offering the innovator a confident and proactive attitude so that they will willingly take risks to accomplish specific tasks.

If you can create an innovative culture within your company, you’ll quickly grow your business. While the process of creativity isn’t always easy, it’s essential to try out new things.

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