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Friday, April 19, 2024

How to help your company grow by becoming a more innovative manager

Today’s companies need managers who are more innovative and take a business to the next level. Find out six traits to become a more innovative manager.

More innovative managers, who are also called intrapreneurs, help a business grow by promoting innovative product development and marketing. According to research, intrapreneurs are the source of 70% of society’s most important ideas.

An effective intrapreneur identifies new opportunities, assesses and selects which ones to pursue, acts independently, and mobilises resources.

Here are six qualities you need to become a more innovative manager: 

1. They are creative and look for fresh techniques and answers rather than sticking to the tried-and-true methods.

This is the most significant feature, according to David Schonthal, clinical professor of innovation and entrepreneurship at Northwestern University and writer of the upcoming book The Human Element. According to him, your ability to detect openings and new paths, particularly at times of constraint, will always be a persistent competitive advantage.

2. Before anyone asks or tells them, they take action on their own. The successful intrapreneurs people see challenging occurrences instead of hurdles. It is not that these people can’t see the difficulties, it is that they see greater opportunities.

3. They keep an eye on their competition, consumers, and the industry as a whole, and they are driven to help their company succeed.

Ram Charan, a world-renowned business strategist, author, and speaker, notes “Business leaders are constantly asked three questions: What are the prospects for the future? What do [customers] require? And what exactly do they lack? They determine where to spend their attention and where to take risks after re-evaluating and discussing their options.”

4. Internal innovators are very deliberate in their risk-taking. They are skilled at assessing their surroundings and then taking measured risks. They are prepared to risk their capital and reputation on the inventions they believe in, just as Elon Musk sold PayPal and invested nearly all of his wealth in launching SpaceX.

In one of his book David Schonthal offers advise on persuading corporations to take risk in one of his books. One method for overcoming ‘fear of the new’ (risk) is to reduce the scale of the task at hand. He tells the story of Public Digital, a consultancy firm based in the United Kingdom that helps huge, legacy organisations become modern. How does a company such as Public Digital convince older enterprises to modernise? Their strategy is to begin small. Rather than asking businesses about their aims for ‘digital transformation,’ which implies radical change, Public Digital consultants question them merely about the next most essential thing they want to do.

5. According to a study, effective internal innovators see political challenges as an exciting element of the problem-solving process. Tendayi Viki, an author and corporate innovation specialist, warns against taking a disruptor or rebel strategy. He recommends keeping things simple: make something customers like and sell the concept.

6. Even the most talented internal innovators will confront considerable challenges along the way. 

To pursue their ideas, successful innovators rely on their passion, purpose, and drive. Lindsay McGregor, a performance specialist, divides an employee’s “whole motivation” into three direct motives. Focus on these three areas to raise your motivation score.

These six qualities may not be immediately apparent, but they can help you become a more innovative manager. These characteristics make or break an employee’s ability to produce and execute their finest innovative ideas. To increase your chances of success, thoroughly assess how much you embrace each of these attributes and where you can improve.


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