PRINCIPLES OF INNOVATION

PRINCIPLES OF INNOVATION


Entrepreneurs need to realize that Principles of Innovation do exist.
These principles can be learned and when combined with opportunity can  enable individuals to innovate.

According to Kuratko and Hodgetts (2007) principles of Innovation are:

—  Being action oriented:
Innovators always must be active and searching for new ideas, opportunities or sources of Innovation.

—  Make the product, process or service simple and understandable:
This means that people must understand how the innovation works

—  Make the product, process, or service customer based:
Innovators must keep customers in mind, the more he does this, the more the greater the chance the concept will be accepted and used.

—  Start small:
The innovators should start small and then build and develop, allowing for planned growth and proper expansion in the right manner and at the right time.

—  Aim high:
Innovators should aim high for success by seeking a niche in the market place.

—  Try, Test and revise:
This should be the motto of all innovators. This helps work out any flaws in the product, process or service.

—  Learn from failures:
Innovation does not always guarantee success. More important failures often give rise to innovations. 

—   Follow a milestone schedule:
Every innovator should follow a schedule that indicates milestone accomplishments. Although the project may run ahead or behind schedule, it is still important to have a schedule in order to plan and evaluate project.

—  Reward heroic activity:
This principle applies more to those involved in seeking and motivating others to innovate.
    Innovative activity should be given and rewarded proper amount of respect. This also means tolerating and, to a limited degree, accepting failures as a means of accomplishing innovation. Innovative work must be seen as heroic activity that will reveal new heroic activity that will reveal new horizons for the enterprise

—  Work, work, Work:
This is simple but accurate principle of innovation. It takes work not genius or mystery to innovate successfully.

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