FIRST POSTED IN SEPTEMBER 2005
Joseph Tay wrote an article in Today paper on 12 September entitled "Why innovation is hard and scary". The article said that uncertainty and fear of failure prevent us from taking risk.
I wish to present a different view - "Innovation is easy and fun". Here are four points.
Point one. I define innovation as doing something that you have done before, but finding a new way to do it. The aim is to improve the results.
As you have done it before, you can get the benchmark from the "old way". This benchmark can be used to compare against the "new way". If you can get better results, then the new way is better.
You will find it fun to get better results through innovation. Many people will love the challenge.
Innovation is different from creativity. Creativity means doing something that has not been done before. It is more difficult to handle. Innovation is easier.
Point two. To get better results, you will have to try many times. You have to face uncertainty - will the new way can produce better results? How to convince the boss?
Do not try to find the answer through planning or through theory. Try it out and see if it works. If not, try a different way. Be ready to try many times, and to measure the results.
Remember, Thomas Edison had to try 1,000 times before he found the right way to produce a light bulb.
I encourage "do, learn , adapt". You can learn best by experimentation. Because you have to t ry many, many times, it is better to act promptly. Do not spend too much time in analysing.
Point three. Do not ask for approval from your boss or from civil servant (if some government regulation might be involved). Be ready to trust your judgement.
If you ask for approval, the next person need to be familiar with the task before they can decide. They probably know less about the innovation than you. So, it is better for you to decide.
A well known sports manufacture has the slogan, "Just do it".
Point four. What happens if the change involve a high level of risk that can cause business failure?
If this is the case, you can try a pilot project. Try it on a small, experimental scale. If the pilot project works, you can present it for approval by your boss. By that time, you are convinced, and it will be quite easy to convince your boss on making the big bet.
Conclusion. I hope that my four points on innovation will be helpful to encourage people to be willing to innovate, and to improve. It can be easy and fun.
Tan Kin Lian
- ► 2013 (307)
- ► 2012 (1270)
- ► 2011 (1873)
- ► 2010 (2369)
- ► 2009 (1655)
04/20 - 04/27
- Calpers earned 19.1% return
- Homeowners convert to costlier fixed rate loans
- Bonus on participating policies
- Higher return and lower risk
- Is the worst over?
- Large writedowns by banks
- High food prices
- Peter Drucker: Innovation
- Innovation is easy and fun
- Declaring a benign cyst
- 12 months bond for training a new employee
- Cysts and cancer
- Send your questions by e-mail
- Non Disclosure
- U.S. Presidential Election
- Rejection of a critical illness claim
- Dual Currency Investment
- Soft commodity
- Beed cash? Rent out your HDB flat
- Credit Card Debt
- New way of marketing
- High prices of commodities
- Avoid high cost ILP
- Share your experience
- Buy Low cost insurance now
- Customer Care Hotline
- Cancel a high cost ILP
- Earn more than the rate of inflation
- Benefit Illustration
- Avoid buying life insurance on the street
- Opportunities in a Life Insurance Company
- Regular savings in Wealth Accumulator
- Switch into the Wealth Accumulator account
- New Life Insurance Company
- Decreasing Term
- Avoid structured products
- Time Honoured Values
- ▼ 04/20 - 04/27 (38)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)