Ways to Become an Innovative Entrepreneur
by Sumona Entrepreneurship 25 November 2021
A creative mindset lies at the helm of innovation and entrepreneurship. Creativity lays the foundation for innovative ideas, encouraging entrepreneurs to apply their problem-solving skills to breed innovation. Those who aspire to become innovative entrepreneurs must begin by assessing their skillsets and prioritizing their professional growth.
Before you embark on the entrepreneurial journey, take a good look at your resume and accomplishments. It’s crucial to maintain a holistic and impersonal approach to evaluate your skills, expertise, and experience. Do you believe your journey of personal growth and professional development has culminated?
Do you have the necessary skills and experience required to start a business? Those who believe their journey is complete are advised to abandon the entrepreneurial dream. And those who have identified ample room for professional and personal growth are advised to keep reading.
1. Prioritize Continual Learning & Academic Advancement
Why did we encourage highly skilled and professionally accomplished aspirants to abandon the entrepreneurial dream? It’s simple: the entrepreneurial journey demands continual learning and development. It’s a process of continuous improvement and identifying skills required to embrace industry trends and technologies.
So, if you don’t have a learner-centric mindset, entrepreneurship is not the right corporate calling for you. In contrast, if you’re an enthusiastic learner, you can achieve your dreams of launching an innovative startup with continuous skill development. Entrepreneurs wear many hats, and the first step is to pursue your master’s degree.
An MBA is a crucial undertaking to support your entrepreneurial dream with in-depth knowledge of global corporate ecosystems. Full-time professionals can pursue an AACSB online MBA no GMAT requirements before starting their own business. You see, an MBA will help you cultivate a well-rounded skill set and leadership acumen.
An MBA offers real-world exposure, building upon the theoretical knowledge of an undergraduate degree. It will help you navigate the corporate sector with professional integrity and specialized skills.
2. Harness your Problem-Solving Skills
Why did Alexander Graham Bell invent the telephone? Or, for a more recent example, why did Mark Zuckerberg create Facebook? Essentially, both the inventors identified a problem and set about solving it with an innovative solution. Alexander Graham Bell was occupied with the invention of a device that could help people communicate without traveling long distances. And Zuckerberg wanted to create a platform that allows college students to connect socially.
Problem-solving lies at the heart of both innovation and invention. If you don’t identify the need for a more efficient solution, how will you invent something better? All business models revolve around innovation and invention and an underlying goal to offer something better to their target audience. This endeavor demands a savvy problem-solving mindset.
What problems do you intend to solve with your innovative business idea? Perhaps, you intend to offer an efficient and hassle-free cleaning service to your community. Or, maybe you’re working on developing an app that allows people to compare rates offered by various tour operators? If you haven’t cooked up an innovative business idea, don’t rush into the process.
Instead, focus on harnessing your problem-solving acumen through the incredible process of brain neuroplasticity. This term means the development of new neural connections in the brain by exposing the mind to new information. Research and learning can help you give birth to an innovative solution that solves problems and offers unmatched utility.
3. Focus on Developing Digital Competencies
Entrepreneurs wear many hats and juggle numerous responsibilities to ensure sustainability and survival for their startups. An entrepreneur cannot focus on one skill as they have to perform multiple tasks. For instance, you will find yourself managing finance and accounting matters alongside advertising your business. So, focusing on one core competency is a terrible mistake.
Most business owners hesitate to embrace digital competency as IT-specific skills don’t overlap with their expertise. Now, that’s a narrow-minded approach as digital competencies support and add value to every skill and job. Suppose you’re an advertising expert gearing towards starting your own firm after years of working in the industry. In that case, it’s wise to explore certifications in data analytics and digital marketing.
Building digital competencies will empower you with IT knowledge, making technology acquisition easier and straightforward. Essentially, it will allow you to harness emerging technologies to reap corporate advantages and minimize costs.
If you want to distinguish yourself as a corporate innovator, you must expand your skills and prioritize knowledge acquisition. Research and professional development will help you identify gaps in the industry that your rivals haven’t yet explored. Your skills can set you apart from your competitors, allowing you to succeed where they fail.
Rome wasn’t built in a day, and your entrepreneurial journey demands a sizable investment of time, energies, and efforts. Start with a thorough self-reflection to identify your skill shortages, and set priorities to develop your entrepreneurial acumen. As long as you remain committed to the progress, you will see results every day.