Many true leaders have become great because they were willing to learn from others. However, most people aren't willing to learn and that is why they fail at becoming a good leader. They think they know it all. Anyone can benefit from leadership skills like the excellent tips that are presented in this post.
"WE LIVE IN the age of the entrepreneur. New startups appear out of nowhere and challenge not only established companies, but entire industries. Where unicorns were once mythical creatures, the word unicorn now refers to the startups that have a value of at least $1 billion, and there are more than 370 of them worldwide. In 2018 alone, 53 unicorns were added to the list.
Established organizations of a certain size and age, sometimes called “legacy organizations,” are stressed by the entrepreneurial successes. Their greatest fear is no longer their closest competitor, but the startups which, although they live in metaphorical garages and have hardly taken off, have an innovation power that established organizations can only dream of possessing.
Still, no matter what great strides the innovative startups make or how much airtime they’re given by the media, innovation in startups is completely different than innovation in established organizations.
The bad news for established organizations is that innovation for them is much more difficult than it is for startups. The most important job for startups is to focus on their (probably one) product and to subsequently scale up. Established organizations have to entertain many more considerations with their complicated product portfolios and business structures.
The good news for established organizations, however, is that nobody is more likely to succeed than they are in their innovation efforts. Unlike startups, established organizations have tremendous resources. They have money, customers, data, employees, suppliers, partners, and infrastructure — which put them in a perfect position to transform new ideas into concrete, value-creating, successful offerings.
The Three Tracks of Innovation
Many established organizations commit the mistake of engaging in innovation as if it were a homogeneous process. But innovation in established organizations must actually be divided into three different tracks: optimizing, augmenting, and mutating innovations. All three are important. There’s no one singular type of innovation that’s better than another. And, unlike the startups, established organizations must execute all three types of innovation at the same time.
1. Optimizing innovation: Improving the past. Optimizing innovation makes up the majority of what established organizations already do today. And they must continue doing so. Optimizing innovation is, simply put, the metaphorical extra blade on the razor. When the razor manufacturer launches a new razor that has not just three, but four blades, to ensure an even better, closer and more comfortable shave, only to announce one or two years later that it’s now launching a razor that has not only four, but five blades, that is optimizing innovation. This is where the established player reigns.
No startup with so much as a modicum of sense would even try to beat the established company in this type of innovation. Continuous optimization, both on the operational side and the customer side, is good and important — in the short term. It pays the rent. But it’s far from enough if the established company wants to continue to be a leader three to five years from now because there are limits on how many blades a razor needs. Each additional blade generates a bit less value than the previous one.
Essentially, optimizing innovation improves upon the past. But startups are inventing the future. To match their entrepreneurial innovation power, established organizations must also prepare for the future and, ultimately, learn how to invent the future.
2. Augmenting innovation: Preparing for the future. To prepare for the future, the established players must engage in innovative augmentations. The digital transformation projects that more and more organizations are initiating can typically be characterized as augmenting innovation. It’s about upgrading the organization and its core offerings and processes from analog to digital. Or, if organizations were born digital, they may have had to become “mobile-first.” Perhaps they’ve even entered the next augmenting phase, which is to become “AI-first.” These augmentations are not small matters. They require great technological conversions. But technology may, in fact, be a minor part of the task. When it comes to augmenting innovation, the biggest challenge is most likely culture.
Where startups have the advantage in building cultures from scratch that fit the times in which they originate perfectly, established organizations, who have had decades or even millennia of history, typically have created cultures in which there’s a preference to maintain the status quo. But if they hope to match the startup innovation power, they will need to transform their cultures to ensure their employees all thrive in constant change.
3. Mutating innovation: Inventing the future. Finally, established organizations also need to invent the future through mutating innovation. The business that maintains or exceeds its level of success 10, 20, and 30 years from now will have mutated. Whatever is currently at the core of the company today, making up the majority of the top and bottom lines, won’t remain the same in the long run.
Mutating innovation requires a bold focus on experimentation into what isn’t yet understood. This is where the successful startups have excelled — taking what exists and challenging it to either create something new with more value or open up to new target groups. For established organizations, this innovation track is difficult because it essentially challenges their identities. Therefore, mutating innovation cannot thrive inside a company’s core, but needs to be taken outside to the core organization’s edges."
Always handle emerging issues with transparency. Good leaders don't want to hide problems with their business. Want to know why? There's a lot of ways the issues can surface because of all the communication built into our modern lives. The truth will come out either way. Why not control the message that comes out, instead of reacting? Great leaders make sure to do this.
"Ask yourself, who is the best boss I ever worked for? If you were asked why they were the best, you would probably say things like: “She was so positive.” “He made me feel appreciated.” “She took the time to know me and coach me.” “He listened carefully.” “I felt like she would do anything […]
The post Who is the Best Boss You Ever Had? What Makes a Great Boss? appeared first on Teamwork and Leadership Bloggings with Mike Rogers."
"Take away the telephone and you’d have a tough time doing business. Is this sales tool so vital that you take it for granted? (Read more…)
The post Watson, come here. I need you to help me make a sale. appeared first on SalesFuel."