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Find the next Steve Jobs or Elon Musk.
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Attract the top graduate talent to your business
Research and Enterprise Conference
Small Business Charter award : Assessment and reassessment workshop
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- Ideas without mechanisms
The thing that most companies dream of is to be like Google and innovate their way to success. But the problem is that not all organisations work on the same foundational superiority. Google allows its employees to innovate for about 20% of the total time that they work for. But the fact of the matter is that Google has mechanisms to take these ideas forward and make an actual implementable impact. Google translate for starters was a side project, which has now grown into a global phenomenon. Most companies ask their employees to replicate this, but the problem arises when the organisation doesn’t have any sort of mechanism to take it forward. In the end, you are left with a long list of possible innovations that never see the light of day.
- Constraints and creativity
The problem brews when people think that freeing people from constraints will make them innovative and entrepreneurial. But the fact of the matter is that, unless there is a problem to solve, there can’t be good ideas emerging. Constraints need to be in place to ensure that people are trying to solve a problem in an environment where it is implementable and not in one that is ideal in nature. With complete freedom, executives attain ideas that cannot be implemented due to its overly fragmented nature and one that was built for an entirely different environment than the one that they are currently in. So if you want your employees to innovate for the company and its growth, then giving them real-time constraints along with the problem can be a world of difference to the outcome.
- Playing it safe
You can’t have a culture that promotes risk-taking and one that undermines failure. What organisations fail to understand is that, by saying you are allowing risks; you are also turning around and saying that it is okay to fail. But executives then throw around the term risk-free quite callously, and this promotes employees to play it safe. Let’s get this straight, a company that is rooted in the stigma of failure is not going to attain innovative and entrepreneurial ideas because of the cloud that will appear over a person’s head, if he or she were to fail at something that others would consider as risky. The other important thing to consider is that initial risks in innovation need to be understood and not undermined because you have a higher chance of making it work if you allow organic growth.
A common myth is that people believe entrepreneurs love taking risks and that is far from the truth than anything else. Entrepreneurs don’t take any more risks than a normal businessman would because he or she knows that a high-risk can either be a great idea or one that could cost them a lot as a result.
At the end of the day being an entrepreneur is someone who wants to take a challenge and influence the growth and financial capability of that challenge. You can be an entirely cautious person and still be an entrepreneur. The other fascinating aspect is that entrepreneurs understand that they don’t have the backing of corporate vaults to sustain them or see them ride a loss. So a good entrepreneur would assess all the possible outcomes before taking a risk. There is no point going down a road unless you are ready for the challenges that may arise as a result of your decision. The key is to know which business deals to take and which ones to avoid and that can only be learnt through experience. So entrepreneurs would end up playing it safe for a considerable amount of time, just like their traditional counterparts.
- University Entrepreneurship
There is this outlandish myth that entrepreneurship is an art and that not everyone can become like Picasso. Some people take it up a notch and say that entrepreneurs are born and not made. All that is just a horde of bullshit. Entrepreneurship is something that you can learn and change about yourself to stand apart in a crowd that says that entrepreneurship is a silver spoon that one is born with. If anything, it is quite the opposite of what these people believe; entrepreneurs need a substantial amount of experience in the field of business, innovation and idea generation to take things forward. But the fact of the matter is that people associate one-time wonders who made it big with one day to the broad spectrum of entrepreneurs. We as a society need to understand that entrepreneurship is something that we see every day; it is the ability to create impact, take up a challenge, influence growth and find a solution that no one knew existed. And who are we to say that an experienced individual who studied the nuances of business, innovation and entrepreneurial skills cannot achieve those very things.
Hi, I'm Tamsin and
I'm the Director
I'm Matthew and
I'm an Account Manager
I'm Sam and
I'm an Account Executive