You Don't Have to Fail
THE RISK OF
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.
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 |
Table of Contents for the Digital Edition of Car Wash - Spring 2014