Turning ideas into profit through innovative thinking

Turning ideas into profit through innovative thinking

Faith Ocampo Published on October 1, 2015

businessman-with-bright-idea-pointing-to-light-bulb
Do you think “innovation” is an overused word? We hear it everywhere, all the time. In education, it’s a word people use to refer to new technology. In business, it’s being thrown around casually—as though we all understand what it means.
But do we really?

Every enterprise started out as innovative ideas. But brilliant as they may seem, these business ideas will remain concepts if not fueled by the right kind of thinking. An out-of-the-box perspective keeps things moving and makes way for breakthrough discoveries.

If you find yourself or your enterprise stuck in a repetitive phase, it’s time to change the way you do your tasks. Here’s how you can develop powerful ideas and transform them into profit.
 

1. Embrace your unique talents.

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In business, being educated doesn’t translate to success. Great thinkers have an edge in this aspect. And if you combine that capacity with your unique talents, you have almost everything you need.

Before you can use this to your advantage, however, you need to do a little self-reflection. What sets you apart from other entrepreneurs? Where should you improve upon? Embracing your inner potential will naturally open your mind to innovative ideas.

 

2. Be on the lookout for threats and trends.

surprised-male-business-executive-looking-through-magnifying-lence

Where there are rich business opportunities, there are also massive threats and plenty of trends around. The ironic thing is that every threat comes with big opportunities, while trends provide you a chance to differentiate yourself. But you need to step back a bit and avoid being too engrossed in little details. That might just kill your passion for business innovation.

 

3. Look at things from the outside.

hand-writing-on-notebook-with-light-bulb

Adopting an external point of view will help you identify opportunities. If your aim is to please customers, spend time with them to find out where they’re having problems. Then, your next business ideas should be designed to solve this. It’s a more productive way of achieving customer satisfaction than devoting all your efforts into thinking of a new product to launch.

But that doesn’t mean you can forego your function to produce something new once in a while. You just need to find the balance between your customers’ interests and yours.

 

4. Learn from other disciplines.

crumpled-yellow-paper-as-lightbulbs

You’ll never find inspiration if you keep looking at the same places over and over. When you’ve played with an idea repeatedly in your head but couldn’t find something new in it, try looking at it from a different lens. How can your knowledge about a different discipline help you come up with new innovative ideas and solutions? Perhaps that will let you add a new spin on seemingly overused concepts.

 

5. Stretch your limits.

turned-on-light-bulb-surrounded-broken-off-bulbs-in-blue

Every company has its own core functions, and they define both what the organization can and cannot do. But don’t let these limit your decisions. Continuously work on your weaknesses and find ways to enhance your strengths. The path of planned organizational development will present new business opportunities you’re not going to find anywhere else.

 

You’ll never run out of ideas to inspire business innovation in your enterprise. It’s not so much about where you’re looking for as it is about your perspective. How you look at things will ultimately affect the way you see them. Remember to use your unique strengths and expertise and work collaboratively to fuel your entrepreneurial spirit!

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.

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