Entrepreneurship

Three Effective Functions of a True Leader

According to Parker Follet: "The power of integration is the power of leadership. The leader brings out the best in us, bringing together and concentrating what we only feel gropingly and shatteringly. He is a person who gives shape to every man's uncoarctate vitality. The person who has the greatest influence on me is not the one who performs great deeds, but the one who makes me believe that I can perform great deeds."

There are many sources such as podcasts and books available suggesting the effective characteristic of a great leader. However, leaders are made and not born. With proper mentoring and hands-on experience with an added daily dose of leadership knowledge, you can become an effective leader for any organization.

True leaders work side by side with the people they lead to get to know and care about the people they lead. Leaders may lift and encourage their teams by working alongside them. Teaching people involves people management. Team members follow a leader with his instructions and as a role model, and his management style should include the following:

ENGAGE PEOPLE

A true leader can bring people together. They do not want division. Thecommunicate and coach subordinates for optimum performance of a variety of tasks assigned. The mother of contemporary management, Mary Parker Follet, felt that management was the art of getting things done via people. A true leader should engage people in a team. These involve listening to employees' feedback, responding to show empathy, using positive communication between the group, and finding the right solution to a given problem with team effort. Managers and supervisors are leaders where the success of the business is in their hands.

Understand that people you lead want to be valued and challenged.

ENABLE PEOPLE

Companies should have leadership that will enable the full potential of others. Helping people to develop to their full potential is ideal for the success of a business. Leadership is about allowing others to reach their best potential; this is a crucial characteristic of a strong leader; they understand how to get the most out of others. Great leaders become one as great top leaders have mentored them.

ENERGIZE PEOPLE

People may get tired in the daily routine of their job. It is essential to tap on what inspires them, reward their achievement by appreciation, show respect, listen to them and lead by example. Make their daily work energizing. Help people leap from what is impossible to possible. As a leader, be enthusiastic and encouraging with your people. Before implementing some company plan or changes, let the people think out of the box. The people's suggestions and ideas can spark their flame of passion for work. People will get great enthusiasm with the compelling vision from an enthusiastic leader.

INCREMENTAL INNOVATION: STEPPING STONES TO SUCCESS

As a business owner or a leader, you should find granular growth possibilities and enhance performance by innovating products, services, corporate processes, and business models as you create and consistently improve your businesses. Both innovation and growth in the pursuit of corporate stability are necessary for long-term success.

What Do The Executives Say About Innovation?

According to McKinsey Research, there is a significant gap between CEOs' desire to innovate and their ability. Although 84% of executives think that innovation is critical to their growth plan, only 6% are satisfied with their innovation performance. Organizational structures and practices, it claims, are not the answer. Furthermore, while executives recognize the value of innovation, they are frequently dissatisfied and unsure of the problem and how to solve it. 

What is Incremental Innovation?

A sequence of minor improvements and changes to a company's existing products and services that can also include processes and tools referred to as "incremental innovation." In general, these low-cost enhancements help a company stand out from the competitors while also enhancing present goods, services, processes, and tolls. 

These minor adjustments aim to increase its products and services' productivity, performance, efficiency, and user experience (UX). By using incremental innovation, companies can save money and differentiate themselves from competitors.

Businesses can employ incremental innovation to strengthen their market position over time and attract a larger audience to the new and better product features.

GOALS, BENEFITS, AND BEST PRACTICES OF INCREMENTAL INNOVATION

According to Harvard professor Clayton Christensen, the primary driving force behind the release of new products rushed to the market is the rising consumer demand for new products and better results. In reality, new products fail 95 percent of the time. 

By establishing the below three defined goals, incremental innovation can protect against business hazards:

1. Growth of Sales or Profits - Companies may keep their products aligned with current trends, cultural moods, and evolving wants within their market by focusing on modifying the functionality and features of existing products and services.

2. Preserve the Existing Business Models - This method may not offer the same significant returns as other types of innovation. Still, it is a low-risk strategy that reinforces its current position.

3. Create New Business Models To Enhance Existing Models - Incremental innovation has a significant cumulative impact on a company's internal processes and efficiency. This method yields consistent efficiency benefits, allowing you to stabilize existing business models before launching new ones. It also aids in discovering and nurturing fresh ideas used in conjunction with the current business.

Below are the Benefits of Incremental Innovation:

It Reduces Risks: Managers are frequently preoccupied with balancing risks and market share. It is always possible to use an incremental strategy, such as making minor but continual advancements without jeopardizing its budget.

Familiar Products with Upgrades: Consumers are more willing to acquire well-known products with new features. This strategy can help the organization increase its product line while also catering to the tastes of its customers. This can also help keep its cash flow steady as they work on more groundbreaking concepts.

Maintain Your Competitiveness: By keeping top-of-mind in the industry with another update or a new feature, organizations may maintain their market share and current consumers using this incremental innovation strategy. 

Presence in Existing Market: Companies can pitch their ideas for upgrades and unique features into the existing market with less uncertainty and risk, knowing that they'll still be able to provide clients with a high level of accessibility.

Low Budget: An incremental plan will not break the bank because it is cost-effective and allows a company to make tiny improvements without investing significant money.

Best Practices of Incremental Innovation:


Know Your Customers: You won't get far in any business if you don't understand your target market. If your current product does not match your customers' expectations, even a minor update can cost you revenue and client loyalty. Before making any changes, you can undertake surveys, customer feedback, or reviews. As you interact with clients, you'll be able to gather more feedback and learn more about their concerns regarding your products and services. These insights will assist you in determining how to create your models following their desire to enhance the user experience.

Decide Where to Focus: This strategy allows faster outcomes, encouraging more individuals to join the innovation campaign. This momentum has the potential to help eliminate doubts. The difficulty is determining where to concentrate your efforts, as there is always a myriad of incremental innovation ideas.

Collaborate: You may construct predictable pipelines for incremental innovation by spreading the task and making it a collaborative effort. In larger firms, this method is necessary because a single department cannot foster innovation across the entire organization.

Wrap Up: Take Advantage of Incremental Innovation

Incremental innovation refers to a gradual change in a company's products, services, or operations that can take many forms. Incremental innovation is critical to a company's success because it allows it to expand and evolve in response to customer and employee feedback and shifting market conditions. 

Incremental innovation is always a vital component of the most successful businesses. A business culture that encourages continual improvement with low risks is the cornerstone of long-term corporate stability and sustainability.
























Being an Authentic Leader

Being an Authentic Leader

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What drives you?

What are you proficient in doing? What are some areas for you to develop and grow?