Starting a business in order to compete with an existing business or having an existing business that is “just” competing with several other similar businesses, is a difficult way to survive or to grow a business.
Let’s take a look at a recent failure, Solyndra; this solar firm recently declared bankruptcy amid a lot of controversy about the “lost taxpayers dollars”. The item that caught my attention was the money that the federal government is now going to give to all the employees that lost their jobs.
It appears that there is a “law” that states that if people lose their jobs due to foreign competition, they are entitled to compensation, courtesy of us, the taxpayers. In my opinion, Solyndra, with the millions of dollars it received from us (taxpayers), should have been more careful with its growth and concentrated on developing new “solar energy technology” instead of hiring hundreds of new people to make the same products that the Chinese were making. A good example of competing with enough innovation, and the inevitable happened, they failed.
This is an important lesson to learn if you are in business or are planning to start a new business. Innovation is the key to growth! The a look at your business and answer the following questions:
- What am I doing that sets me apart from other similar businesses?
- What opportunities esxist for innovation in my industry?
- What are my plans for continual innovation?
At StrategicDuck, we believe that innovation is so critical to survival and growth and we have designed an “Innovation Planning Session” to help our clients focus on this important aspect of their business.
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