This article first appeared on July 26, 2011.
Innovation is the fuel that drives start-up businesses. It’s something that every entrepreneur must focus on to propel their business forward.
However, don’t think of innovation as coming up with totally new products, ideas or offers.
Sometimes improving on an existing idea or product – by refining it, adding to it or merging it with other complementary products – can be just as powerful and profitable.
Google wasn’t the first search engine on the market and Facebook wasn’t the first social network. Apple didn’t pioneer personal music players or laptop computers.
But by watching what first movers had done, these companies were able to hit the market with newer, better products.
Can you do this in your business? Is there something that a competitor is doing really well that you can improve on or refine in some way? It might be as simple as adding an additional service or complementary product to your range to give you a more complete offering.
Get SmartCompany FREE to your inbox every weekday
The point is, while ideas are great, profitable ideas are even better.
Get it done – today!