How to Get Out of the Innovation Trap: The Entrepreneur Version

on March 1 | in Entrepreneur | by | with No Comments

Being innovative is a pressure that everyone keeps feeling nowadays, particularly entrepreneurs. They are constantly being pushed to do more, to be more and to keep thinking out of the box.

Stuck in this cycle, entrepreneurs often fall into a trap also known as the innovation trap. In today’s business world, the biggest innovative trap is that you constantly have to be building, investing or doing something.

Apple’s Innovation Trap

Let’s take a look at Apple.inc as a major example. Steve Jobs was the ultimate entrepreneurial innovator who constantly surprised his competitors and the target market. His creativity saw the evolution of the iPod, the iPhone, the iPad, and the Mac book.

The need to constantly introduce something new into the marketplace fueled the company and pushed them to new heights. However, Apple now appears reached the end of their creative well. The iPhone no longer captures audiences like it used to. Sure, Apple has built up a loyal following that will buy their products, but more and more people are reconsidering their decision to get it. While Apple can brave through the innovation trap, for small businesses and entrepreneurs, it isn’t as easy.

How to Get Out of the Trap

In the quest to think out of the box, innovators and entrepreneurs run out of ideas and ultimately, destroy their own creativity. Getting out of the trap can be challenging but the following are a few things you can apply to help you out:

  • Pace Yourself – The business world today is very fast paced. Deals are made overnight and businesses are made or close within seconds. However, take a step back and try to pace yourself. Consider being in a triathlon. You can’t complete it when you are running at a sprint before you can even see the finish line.
  • Take Calculated Risks – Taking risks is necessary when you want to be innovative but don’t turn a blind eye on the outcome. The ends don’t always justify the means here. Launching a business when the foundation isn’t secure can place you at high risk. The chances of pulling it off are very slim. There’s a reason why only 1 in 10 startups is successful.
  • Know When to Drawback – Always pushing yourself to think out of the box will end up making you run out of ideas and resources. If innovation is a well, allow it time to refill after you almost empty it with one idea. Always jumping from one idea to the next will be very taxing for your team to follow.
  • Take a Break – Many entrepreneurs don’t take breaks to recharge and energize themselves. Micro-managing is a fault that many have and learning to take a break can work wonders on your innovation and thinking ability. Moreover, it will result in the development of a better team that you will be more confident in.

Many entrepreneurs are so invested that they are unable to change their outlook. Their setting is stuck on “innovate” and it is burning them up. The tips mentioned above can help to make a difference.

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