Business innovation and creativity.
Ferenz Feher - 4 de mayo, 2023
Over time we have witnessed the evolution of trade, whether in products or services. Twenty years ago, when market strategies were gazettes, radio, and the street vendor who carried his suitcase hoping that you would find among all his products just the one you were looking for or the one that had been recommended to you, do you remember when to buy a notebook you had to go to the stationery shop and the manager would show you one by one?
It is clear that commerce has evolved as well as our needs have evolved, therefore, nowadays the possibility of investing in a new business that over time can be franchised is a great opportunity, it is a matter of effort and joint work, as it still represents an attractive market for it; however, it is essential to consider various legal issues that help you protect your business; therefore, we will talk a little about innovation:
It’s important to keep in mind that you must have an original concept for your business, so that the public can easily distinguish you from your competitors.
Everything that is available in the market is the result of a wide range of products and/or services aimed at a demanding public, so, for your business to be successful and stand out from the rest, you must consider three essential aspects that you should not confuse:
- New directions
That is, you can target existing products to a new consumer public, or, if you have perfectly identified the needs of a group of customers, you can offer them a completely new or customized product; otherwise, you can target new products to new customers, for which a market study is advisable.
It has three perspectives: the first is part of materializing the invention, idea, or concept, the second is its implementation or commercialization so that it acquires value, and the third, which corresponds to the business perspective, is the management process. All three perspectives ensure that innovation is carried out.
This is represented by the set of conditions that precede the realization of productions or new forms, these conditions are the information that we know, for example, the need of a customer and the requirements that my product or service must have for him to be completely satisfied.
It is worth mentioning that creativity is a concept that varies depending on the person you ask, an artist can define it as a gift or quality but in a broader sense, it is a process that makes someone sensitive to problems, deficiencies or gaps in knowledge or situations and leads them to identify difficulties, look for solutions, speculate or hypothesize, approve and test these hypotheses, modify them if necessary and communicate the results.
By implementing these three aspects you will be guaranteeing the success of your business, positioning it among the best, without forgetting that the distinction is not only in the service or product, it is always present in the positioning that the brand has acquired, in the quality of the service that you provide to your clients, in the excellent operational, financial and legal structure as well as the market and advertising strategies employed.
Por Ferenz Feher
Bachelor´s Degree in Business Administration from ITESM. With several Diplomas and a Master´s Degree in Franchise in Miami. He is currently an advisor on Business and Franchise issues for Entrepreneur magazine; professor of the Franchise System