Unexpected scenarios like economic recession can create an environment of unrest within the organizational climate, thereby making its employees incompetent with identifying the right opportunity and applying their creative skills to change the situation. The answer lies in coming up with innovative products and services, which keep the interest of customers ignited, thereby ensuring that they remain surrounded by the brand, even in times of uncertainty.
It is very important to have a focused approach when designing a strategy for achieving organizational objectives. Focus always has to be on the future. Being a visionary helps one to anticipate risks and opportunities, thereby formulating solutions (in the form of products and services) on a continuous basis.
An excellent example of this mindset can be seen in the decision of Apple CEO, Mr Steve Jobs, who did not choose to turn his back towards on IT industry, when it witnessed the downfall of many firms, as they opted to downsize their business. Instead, he had the courage to believe in the potential of his R&D team and inspired them to continue their efforts towards bringing new and improved products. As a result, Apple had an entirely new product in the market by the name of iTunes, which was used as a platform for downloading songs by a large number of people, worldwide.
Change is never abrupt. It is advisable to adapt on a continuous basis by formulating flexible policies that guide the workflow in an organization. These policies should be able to accommodate minor and slow changes, along with giving a room to professionals within the organization, for learning new strategies of coping up with these changes.
It’s all about being ambitious and finding ways to grow and fulfill the unmet needs of your customer. Innovation is an investment that might not seem relevant when market timing is bad, but it’s one definite solution to boost the business of any organization, if it makes a relevant contribution in the lives of its customers.
In the era of Great Depression, which saw unemployment as one of its features, a magazine named Fortune was launched. Although it seemed a pricey investment due to its exorbitant price, an annual profit of $500,000 (by 1937) spoke volumes about the relevance of the decision taken by Henry R Luce, to explore the lives of those who survived the economic crisis.
Perspective – It is an important determinant of the ability of an organization to survive during times of crisis. Disruptive innovation is an approach that successful organizations employ to climb the ladder of customer expansion. His network grew rapidly, and in 2011 he made a loan every 17 seconds. Kick Start is another nonprofit, that helps people create cheap irrigation systems for farmers and makes soil blocks for building houses. Entrepreneurs from Africa buy these kits and build their small-scale business. These are some of the accomplishments of DIY innovators, and their impact can be felt at all levels of the pyramid.
Failure is important to generate new ideas. Baba Shiv studied neuro-economics and divided humans into two categories when he considered a risk. A group of people is afraid of losing; the second group is ashamed to make mistakes.
Mistakes and failures open opportunities for innovation. A person cannot be successful if he does not prepare to take big risks. Many of the great innovations were created by young people before they were thirty years old.
Thinking outside the box is our only way to reach abundance. Since developing technologies for abundance means thinking big and taking big risks, the first thing to do is to prepare individuals to take a risk, and not be afraid.
Ratan Tata told The Economist, “Failure is a gold mine. If we can learn from our mistakes, then this is not a failure.” He then narrated how his company gives awards for the best unsuccessful idea. Another idea to overcome our fear of failure is to make a quick prototype of an idea so that we can know where we are headed.
Michael Schrage, an MIT researcher, created the 5 * 5 * 5 method. Five teams, five people, have five days to create five business plans that cannot cost more than five thousand dollars and five weeks of work. This methodology makes use of two very strong concepts to bring innovation: small groups and the power of constraints. This method is used by companies trying to move forward in particular areas.
Four things control change: the desire to learn something new is the first stimulant. Fear is so much stronger and allows you to do extraordinary things.
Making money is the third motivating power. And finally, our ultimate motivator is the desire for self-realization. To speed things up, incentives can play an important role.
The problem with large organizations is that they have a lot to lose and can not risk. Hence, small groups have a greater chance of reaching the impossible.
Go The Philanthropic Way
Techno-philanthropist is a new type of philanthropist who has the potential to use technology to change the world. Today, techno-philanthropists have realized that problems in one part of the world affect people in the other as well since we all share the same ecosystem.
What is the best way to spend your fortune, if not to help humanity? Bill Gates and Warren Buffet had the idea of giving half of their fortunes to charity after and before death.
Why should we wait for a change to happen when we are well equipped with the tools for abundance? We do not need the support of government and corporations. Individuals cooperating and sharing ideas on a mutual platform is enough for a change.
Abundance is only possible if we believe in it. Once our dreams become our thoughts, the thought becomes our actions and actions can bring the changes we need.
So the first thing to do is to change how we look at things. Be optimistic about the future and plan for abundance. Only then can we achieve what we have long wanted: abundance.