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How to think innovatively and grow your business

Innovation is a word that gets tossed about a lot in business. But what does it mean to you? What is innovative thinking? This is a question that many entrepreneurs, business owners, and CEOs ask themselves when they are trying to grow their companies. What creative thinking skills are required to grow your business?

Innovation is often defined as “new ideas or methods.” It requires thinking outside of the box. Innovation can also refer to new products, technologies, research findings, solutions, or anything that offers something different than what already exists.

Yet, what does it mean for your company, specifically, to be innovative? What are the benefits of being an innovator in the marketplace? What personality traits make you a good candidate for entrepreneurship and innovation?

In this article, we will discuss how you can innovate as an entrepreneur or CEO of a business to help increase your company’s growth.

Phrase about innovation written on chalkboard

What is innovative thinking?

Innovative thinking is when a person has the ability to come up with new ideas. Like design thinking–simplifying user experience–creative thinking adopts an abductive approach to develop viable solutions. In logical reasoning, an abductive approach makes speculations based on existing data.

As mentioned previously, it can also refer to new products, technologies, research findings, or solutions–anything that offers something different than what already exists.

How to respond to change

Every day, new and improved ideas are taking over the world. For instance, many services can make your life easier, such as Tesla’s self-driving vehicles, virtual reality, and even enhanced versions of voice assistants like Siri and Alexa.

How can you help this progress?

Innovative thinking is a way to move with the times and respond to change. It can help you find your breakthrough moment. You can pinpoint the areas where your contributions have the most significant impact, from sustainability and ethical business practices to leadership. Then, through unique and innovative problem-solving skills, you can effect relevant changes of your own.

How to think innovatively

Much of innovative thinking is dependent on how an individual prefers to think. For example, although innovation may be a buzzword in business, it is a natural process that we all engage in, whether we are aware of it or not.

As the old proverb goes, “Necessity” is the mother of invention. We will find a way to accomplish something when we are truly desperate. We are natural innovators. But how do we do it? It’s all about creativity. It is creativity that is the key to innovation. When you aren’t connected to your creative inner self, innovation becomes difficult.

Moreover, the way you think about problems influences your ability to develop new and exciting ideas. Therefore, understanding your preferred method of thinking can help you to engage in relevant innovation.

Ways to think innovatively

Innovation is not always about big ideas happening at a macro level. This perception is only partially accurate. The other half of innovation is incremental, smaller changes that can lead to new innovations.

To get the innovative juices flowing, try some of the following.

Creativity in groups

Group creativity fuels innovation by increasing exposure to different perspectives. The most important thing about this type of brainstorming session is that it should be collaborative. All participants must share their thoughts without criticism or judgment so they can contribute freely and come up with better solutions together.

Change your environment

Imagine if you kept your workstation the same, day after day. What would that do to your creativity? Not a whole lot!

But some people have found that changing their environment can help them think more creatively and give them fresh perspectives on problems. For example, some design studios have been known for their “design sprints,” where they hop from location to location in order to come up with new ideas while seeing how each place influences what’s possible through prototyping.

It might not be practical or cost-effective for all companies, but it shows that even small changes like this can make big differences when it comes to insights and generating great solutions.

Gather more information

Gathering more information can inspire innovation because it helps your brain to have a fresh perspective on the problem. Information from other sources or people may spark new ideas that you hadn’t considered before and provide different ways of approaching the issue at hand.

Group creativity inspiring innovation

Wrapping up

It is essential for a business to be able to successfully exploit new ideas, improve its processes, bring better products and services to the market, and increase its efficiency.

Indeed, it is vital to increase its profitability.

The competition is fierce in marketplaces, whether they are local, regional or national. The increased access to new technologies and the increased Internet trading opportunities and knowledge-sharing possibilities have led to increased competition. Thus, there’s the need for innovation.

Recall that you have many options to generate new ideas for your business. Suppliers, business partners, and business network contacts can all contribute to the creative processes while providing support and encouragement.

Finally, remember to celebrate success if you want to encourage innovation. Truly innovative ideas can arise with the help of your employees. You merely need to foster creativity and create an environment that encourages free thought. The right incentives can be a key factor in motivating staff to think creatively.

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