Starting a New Business Venture: Innovating Versus Improving

By Ann Tomei

Given the opportunity to use your creativity to start something new, which one has the potential to reach many customers? Is it putting together brand new resources and ideas to come up with something entirely original, or improving a compilation of existing resources and combining it with known ideas?

In 2005, the hit TV show "The Apprentice" (Season 3 - Week 13th) aired a project hosted by Staples. The project was to design a new item that serves as an office organizer. Two teams carried on the task with strategies in contrast. Team A (Kendra Todd's team) came on the task with brainstorming and resource gathering on existing items that are simple with proven efficiency. As a whole, the end product that the team has created came out as if it was original, though it is veritably an assembling of existing concepts from ready-made items. Team B, however, had a dissimilar approach, bringing forth something innovative. The team created the product from mostly raw ideas, conveying a new design and strategy that have never been well-known to the public. Team A had won this project as chosen by Staple's executives.

Given the above scenario, is it safe to say that in creating a new strategy, it might be safer to go about improvement and not innovation? Less risk with a good chance of success. However, looking closer at our society's multimillionaires that made their wealth, mostly through innovation, is it safe to say that innovation requires greater risk but produces greater rewards?

These questions are great guides for those venturing into the unknown, in attaining success. Looking at success as the reward and deciding on the type of reward to focus. The result would be tied to the level of risk and resource availability assuming that there is continuity. Every person has different goals and strategies. "Strategy" defined as being able to execute a manageable plan of action following a unique perspective and in-depth analysis, while the "goal" being the reward and the source of one's urge to succeed, alongside the chosen strategy.

Therefore, in starting a new venture, would you be leaning towards innovation or improvement? Every person focused on their marketing have different takes on this matter. The main question might rely on what would work best on your targeted venture, alongside the essential elements; such as timing, targeted profit, and most importantly - the audience! Keeping in mind that it is almost always that "the psychology of the receiver" is the key.

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