Innovation means to design a concept that is novel and refreshing. We all know this, but how does it relate to entrepreneurship. It not only relates to entrepreneurship but it is closely interrelated. Yes, innovative ideas are those that shall separate you from the rest. An entrepreneur does not have a goal to build up an average startup. Thus to create an outstanding product, strong brand name, loyal customer network, and increased sales at the tail end, one needs to innovate.
Innovation often also means to mend, restructure, change, improve, and re-present a certain thing or service for your customers. Thus any such amendments and innovative ideas will make your startup competitive.
Speaking and simplifying with examples can make the topic simpler for you.
A normal next lane halwai shop evolved into Haldiram’s is a true example of innovation into the packaging and standardizing the product with a deeper penetration in rural and urban markets. The product of namkeens and other savories were produced and sold by many. But Haldiram’s innovation of packaging, branding, and marketing locally revamped the product and its sales.
On other hand, Prem Ganapathy, the kind of Dosas. He innovated on an age-old south Indian dish of Dosa by presenting it in more than 100 varieties. His Dosa Plaza has turned into an international brand selling dosas world-wide.
Similarly, Ramesh Babu, a middle-class barber re-invented car rental services by renting out high-end luxury cars to the general public. He vouched on the emotional concept of the common man’s dream to travel in luxury cars.
Innovation may not be grand, it needs to have the power to hit the right chord at the right time. And only then the idea or the concept sells like hotcakes. Thus entrepreneurs are aware of the fact that only innovation can scale up their venture. You need to work on knowledge, creativity, and willingness to challenge what is established as a known truth. Only then, a venture becomes successful.
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