“Innovation distinguishes between a leader and a follower.”
Most of us have heard and read much about the world successful entrepreneurial leaders, such as Steve Jobs, Mark Zuckerberg, Elon Musk and many other. And we also know, they are successful because they are able to serve something new and innovative to the market which have distinctively change consumers perspectives toward the product. But do you ever wonder about what made them able to generate such an innovative ideas, how long it have taken, how they were able to communicate their idea to other and made it available for real. We may not be able to find right and accurate answer for it. But we know it is highly influence by their innovative mindset matching with their leadership style and quality they possess.
At the time businesses are dynamic then ever and innovation has become the mainstay for the successful organization. The nature of global economic growth has changed by the speed of innovation, which have been made possible by rapidly evolving technology, shorter product lifecycle and a higher rate of new product development. This is adding more complexities for the entrepreneurs to align their purpose, performance and principles along with innovation. Looking it from other side it have also created opportunities for the evolving and existing entrepreneurial leaders to in cooperate and adopt innovative driven leadership style.
I have talked much about the entrepreneurial leaders, their success with innovations. Now let’s talk about the different perspectives through which business leaders can develop an innovative mindsets and they can support and encourage innovation in their organization with in their leadership. To get better understanding I have included various perspectives and ideas of different scholars by going through their articles related to leaderships and innovations.
As we all know, to stay ahead of competition, companies must constantly enhance the way they do business. But many performance improvement and new innovative programs failed than succeed because many leaders don’t realize that sustainable improvement requires a commitment to learning (Garvin, 1993). There are five essential points for that entrepreneurial leader should in cooperate to build a learning organization. First point is solving the problem systematically with the help of data and procedure correctly not in the base of assumptions. Secondly experimenting, it include simple small test to new knowledge. Third one is learning from past experience, failure and success in organization of past can give a great lesson. Fourth is learning from other, organization can learn from other companies and their own customer. Lastly transferring knowledge, when knowledge is shared broadly it give a better result. Continuous learning process add on value to both leader and organization.
While a leader is creating organization which will enhance and support the innovation, he/she should understand the importance of knowledge management in the innovation. Having a knowledge of customers, markets, competitors, technologies and others can generate the deep understanding in field. Knowledge management have great role in innovation process. It can help to gain competitive advantage through knowledge sharing and collaboration in innovative ideas with other companies, different complexities and problems in product development and decision makings can be reduced that can be obstacles in innovation process through the proper knowledge resources. And integration of knowledge through proper knowledge management facilitate in organization learning, development and innovation.
Entrepreneurial leaders should think as the designer who can enhance and transform the way and approach of creating and developing the product, services, processes and even strategy. Design thinking is an iterative process in which we seek to understand the user, challenge assumption and redefined problem in an attempt to identify alternative strategies and solutions that might not be instantly apparent with our initial level of understanding. Leader now look to innovation as a principal source of differentiation and competitive advantage; they would do well to incorporate design thinking into all phase of the process (Brown, 2008). Design thinking approach can help to get lead in the market by enhancing the innovative ideas and product design.
Talented human resources are more productive and give more efficiency to the organization. It is essential to retain and attract the talent because they are scarce. Leaders should have best team that can understand leader vision and add value to it. Throughout the research it is seen that most of the companies and their leaders are poor at recognizing, attracting and retaining the talents properly. While attracting the talent companies should be aware of how 5% of talented human resources can give 95% value to their company, so company and its leader should be more magnetic in delivery, not be unreal and distinctive, advanced technology and new innovative ideas should be adopted. Talents can be retained by aspiring, assessing, acting, architecting and advancing in the organization for them. Talent matters, because its high value and scarcity and difficulty of replacing it create huge opportunities when companies get things right (meaney, 2017).
As we have mentioned some of the ideas on how business leader with innovative mindset can be generated and what, how different aspect can support an organization to be innovative and lead in competitive market. In today’s time it is very essential for leaders to think in an innovative way and build an organization which help to generate and support innovative ideas. Building a learning organization, knowledge management and innovation, design thinking and lastly attracting and retaining the talent can help organization and leader to develop good innovative environment and gain competitive advantage. Different innovative ideas, design of product, using the talents, knowledge and data effectively and transformation and many other activities can help organization to achieve a goal.
Brown, T. (2008). Design thinking, 1-11.
Garvin, D. A. (1993). Building a learning organization. building a learning organization, 1-16.
Jobs, S. (n.d.).
Meaney, S. k. (2017). attracting and retaining the right talent . attracting and retaining the right talent, 1-10.
Mulally, D. R. (2017). how to become game changing leader, 1-11.
plessis, m. d. (2007). the role of knowledge management in innovation, 1-10.
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