Car Wash - Spring 2014 - (Page 75)

You Don't Have to Fail WAYS TO LIMIT THE RISK OF INNOVATION BY M ARY LOU JAY INNOVATION EXPERTS TELL us that failure is part of the innovation process. But companies with fewer innovation failures succeed more often because they have developed the culture, the resources and the processes to limit their risks. Here are eight strategies that your company can use to emulate their success. 1 DON'T TRY TO BE FIRST. "From my experience, entrepreneurs can dramatically reduce the risk of failure by focusing on execution rather than on reinventing the wheel," said Christine Mendel, a business success coach. "Don't be the first - be the second and do it differently or better." She points out that Facebook wasn't the first social network; MySpace existed previously, but the founders of Facebook figured out how to improve upon it. Then there was Yahoo, the most widely used search engine in the Internet's early days. Google eventually knocked Yahoo out of the top spot because it developed an algorithm that delivered better results. SPRING 2014 | CAR WASH MAGAZINE | WWW.CARWASH.ORG | 75 http://WWW.CARWASH.ORG

Table of Contents for the Digital Edition of Car Wash - Spring 2014

Letter From the ICA
Meet the Board
By the Numbers
Overheard Online
Look Out! Self-Driving Cars Heading Your Way
On the Road, but Still Online
Finding Your Way Through the Mobile Landscape
Take a Tour
Stay Ahead of the Curve
Car Wash Industry Celebrates Centennial Milestone
ICA 2013 Annual Report
Getting to the Point of Biometrics
Fighting for Innovation
Take It From Tech: Entrepreneurial Lessons Courtesy of Google
You Don’t Have to Fail
100 Years
The Innovator’s DNA
Emerging Russian Car Wash Industry Faces Challenges
Rise to the Top
Does a Company Really Need to Innovate?
Watersavers Program Reaches Out During Drought
Blast From the Past
Download It!
Marketing Minute
Ask Champ
Index of Advertisers
Focus on the Member

Car Wash - Spring 2014