7 principles of innovative business

Service Business

Nowadays, when everything - including markets - changes very smoothly, it is worth thinking about modernizing your business. Innovative business may be an opportunity for an entrepreneur to profit, and certainly - to stay in the midst of new competitors.

An innovative business is one whose end result is a completely new product, service or quality of any of the above. Therefore, it can be a radical, brilliant novelty, but also a much milder modification, providing a method to improve the existing elements of the market.

Why is it worth making business innovative? These types of ideas are heavily promoted by government programs. An example may be the Intelligent Development program, replacing the current Innovative Economy, or subsidies from the European Union for financing new technologies in the enterprise.


As you can see, it is really worth investing in innovative business. How, then, to make the company recognized as developmental and modern? Below is a set of 10 principles that can provide an entrepreneur with guidelines and a source of inspiration.

First of all - it is worth getting interested in the aforementioned programs and institutions operating on the market that support innovative companies. It is a perfect solution for both an existing enterprise and completely new companies, including those for students. The best examples are business incubators or the increasingly popular Business Angels. Here you can immediately find the second rule - concerning methods of financing. It is worth finding out if for a given idea it will be possible to obtain funding from EU funds related to the introduction of new technologies, or whether it is possible to take an investment loan secured by a de minimis guarantee.

It is worth remembering that in order for work to be enjoyable, the entrepreneur should do what he really can and likes. Therefore, the third principle of innovation is an idea consistent with the abilities and preferences of an individual. If it is completely fresh - so much the better for the entrepreneur. However, if there is already a company on the market with a similar range of services - you can use your idea anyway. For here comes the fourth commandment - the same idea, but a new application or an improved end result. There are really many paths of development.

When the idea and finances are within the reach of the entrepreneur, it is worth creating scenarios. This is the fifth principle of innovative business. Yes, optimism and positive thinking in action give a lot, but it is also worth preparing for possible failures and creating an emergency plan. The best way to do this is through scenarios - you should create several versions. First of all - optimistic, and besides it also probable and pessimistic. Then, even in a difficult situation, the entrepreneur will not lose his head.

The next two principles of an innovative company are related to people. The first is about competition. Even when your business is doing great and ahead of others, it's important to remember that other businesses change as well. You should never rest on your laurels and consider the position of your company as constant and unchanging.

The second "human" principle, on the other hand, applies to customers. As in practice, the success of the business depends on them, it is worth looking for contact and connections with potential recipients from the very beginning. Thanks to the ongoing monitoring of the market needs, the entrepreneur will be able to quickly and efficiently respond to the needs of customers and invest in what is needed.

The above seven principles define what an innovative enterprise should look like. Of course, these are not strict rules, but rather guidelines, but they can significantly improve the company's position on the market. It is worth stopping over them even for a moment.