I truly believe that there is no eternal business. The world is changing constantly. It is causing the market changing so there is no reason why the business has to stay the way it is. Change or die.
As business leaders we need to realize that failures are normal and natural part of the innovation. Companies that succeed in launching new products have 35% failure rate. The leader has to be wise enough to accept, understand and be brave to take risks in order to achieve new success.
They need to identify the existing problems with the current products and develop a new approach to fix the problem before we decided to bring out a new kind of product. Accept customer complaints and protests. Process the input to creatively bring out a new output solution.
The leaders need to allocate the money to fund the research and development department with no hesitation.
They need to be proactive and implement positive attitude towards the early failures in the development.The leaders also need to design an incentive based program for those who manage to bring real results and bring profits to the company. Fair portion and bonus preposition is essential to stimulate the employees entrepreneurship.
All of the efforts will be useless if the management do not have the commitment to innovate. They are the one who need to set examples and lead the innovation of the company from the inside out. If all the elements fulfilled then it is time to reap the result.
Jaxky Lim wants to share his knowledge about home appliances. Based on real life experiences, his Black and Decker blender parts site is created to share those resources so men and women all around the world can benefit from it.