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Understanding the Innovation Economy and Its Impact on Our World
The innovation economy definition is an economic element based on the production, distribution, and consumption of ideas, information, and knowledge. We’re seeing the rise of the innovation economy, and those who cling to old ways of doing business are getting left behind.
The CEO Innovation Dilemma: Creating an Innovation Culture That Works
CEOs across America are facing a critical dilemma: how to keep up in today’s innovation economy. 97% of CEOs agree that innovation has grown increasingly important over the last 10 years, and 73% of those CEOs note that innovation plays an important role in determining the value of a company. The pr
How to Implement the Law of Execution
Theodore Levitt, known for creating and popularizing business terms like ‘corporate purpose’ and ‘globalization,’ understood the necessity for balancing an innovation agenda with the operational agenda. He also understood that this balance doesn’t come easy. The challenge is really two-fold. First,
3 Examples of How Poor Business Execution Can Impact Innovation
Many exciting innovative ideas fail. Why? One reason is the poor business execution of the idea. Lee Iacocca has had a few brilliant ideas over the course of his career. He spearheaded the development of some of the most classic Ford cars, like the Pinto and the Mustang, which is just one of the man
3 Innovative Companies That Understand How to Execute for Success
Jack Welch was the CEO of General Electric for two decades because he knew how to accomplish what he discussed above. He knew how to balance the execution of operational activities and innovative agendas. Not every business leader can do this, but there are a few who have. And those few have electri
The Final Key to Innovation: Understanding the Law of Execution
Innovation can sometimes seem totally intangible. It’s easy enough to come up with an idea that you believe will change the world, or at least your industry. It is putting that idea into action that becomes another ballgame. Developing an actual product or service that can be sold or put into practi
How to Create a BHAG That Will Motivate Your Team and Drive Innovation
The ‘Dean of Personal Development’, Earl Nightingale, earned his name through the excellent advice he gave out in speeches, in his books, and on the radio. He knew how to help people succeed, and he knew that, without a goal, individuals would rarely be able to achieve this success. And this rule is
How Micromanagement Can Be the Death of Your BHAG
When you have started your own business and built it from the ground up, it’s normal to have a certain attachment to it and to feel like micromanagement is the only way to ensure things get done. After all, you know your company inside and out. You have a vision for it. You care about […]
3 Big Hairy Audacious Goals That Drove Game-Changing Innovations
Arnold H. Glasow would know. An entrepreneur of the Great Depression, Glasow set the goal of making everyone in America smile. And he did. He published humor magazine after humor magazine for 60 years. In fact, he was so good at it that publications like the Chicago Tribune, Forbes, and the Wall Str
Understanding the Law of the BHAG and What it Means for Innovation
Elbert Hubbard is seen as one of the great writers, philosophers, and artists of the late 1800s. Why is that? He understood that he didn’t attain that status solely because of his intelligence. He was able to share his thoughts with the world because he first set a goal to be the greatest traveling
