Dr Kaviraj Sharma Sukon
Chairperson of MRIC
Successful Entrepreneurs Innovate Continuously
Young entrepreneurs must understand that entrepreneurship is all about taking risks, thinking outside the box, and continuously driving growth. In order to achieve success, entrepreneurs must constantly be on the lookout for new opportunities and ways to innovate their products, services, and business models. As the famous businessman, Steve Jobs, once said, "Innovation distinguishes between a leader and a follower." Entrepreneurs who fail to innovate will quickly fall behind their competitors and struggle to grow their businesses.
Innovation also allows entrepreneurs to identify and capitalize on unmet needs in the market. As Peter Drucker, the father of modern management, states, "The best way to predict the future is to create it." Entrepreneurs who are able to identify and create new markets are often the most successful.
Moreover, innovation is the key to staying ahead in the ever-changing business landscape. Henry Ford once said "If I had asked people what they wanted, they would have said faster horses." Entrepreneurs who are able to anticipate and adapt to changes in their industry are better positioned for success.
Innovation also helps entrepreneurs to increase their efficiency and reduce costs. By introducing new technologies and processes, entrepreneurs can streamline their operations and increase their bottom line. As Michael Porter, a leading business strategist, explains, "The essence of strategy is choosing what not to do." By focusing on innovation, entrepreneurs can eliminate unnecessary activities and focus on what is most important for their business.
In addition, innovation opens up new opportunities for growth and expansion. Jeff Bezos, the founder of Amazon, once said, "If you never want to be criticized, for goodness' sake don't do anything new." Entrepreneurs who are willing to take risks and try new things are often rewarded with new opportunities for growth and expansion.
Furthermore, Innovation is crucial for staying ahead of the competition. As John C. Maxwell, a leadership expert, states, "Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth." Entrepreneurs who are able to innovate and differentiate themselves from their competitors are more likely to succeed.
Innovation is essential for entrepreneurs to grow their businesses. Entrepreneurs who are able to anticipate and adapt to changes in the market, increase their efficiency, and differentiate themselves from their competitors are better positioned for success. As Thomas Edison, the inventor of the light bulb said, "To have a great idea, have a lot of them." Entrepreneurs should always be open to new ideas and opportunities for innovation in order to achieve success. Good luck to all entrepreneurs.
Dr K S Sukon
Chairperson of MRIC