The Private Business Owner

An Online Publication by Generational Equity

You are here: Home / Archives for Innovation

Balancing Risk and Innovation for Market Success

By

innovation vs riskBusiness owners tend to be conservative, particularly where innovation is concerned. Why should you encourage innovation with its inherent risks?

According to the National Center for the Middle Market, significant innovation in the form of new products, services or processes provides significantly greater rewards:

“… companies that invested in new knowledge in existing markets reported an average initial investment of $1.6 million with a return of $5.2 million in revenues and $2.7 million in profits for their last completed innovation project. Per dollar invested, that’s 100% more revenue and 125% more profit than companies received when they innovated more conservatively.”

Here are a few tips to help you capture those extra profits. [Read more…]

5 Things Successful Entrepreneurs Do

By

successful-entrepreneursFive out of 10 small businesses (companies with less than 500 employees) will survive to see their fifth birthday, according to the Small Business Administration. Successful entrepreneurs that make it to that milestone will have most likely done so because of their ability to apply the following key strategies to their businesses.

No matter what the industry, these traits are typically found in small businesses that survive and thrive beyond their fifth anniversary. As you review these, think about how you are applying them in your world. [Read more…]

How Great Leaders And Companies Inspire Action [Video]

By

A colleague recently sent me a link to a TED talk by Simon Sinek named “How Great Leaders Inspire Action.” In less than 20 minutes, Simon succinctly conveys how great leaders inspire those around them and how companies’ marketing departments can do the same.

In a nutshell, inspirational leaders all start with why.

I’ve crafted a summary of his presentation below, but if you have 18 minutes, I encourage you to listen, as Simon is a great storyteller and teacher. [Read more…]