Business leaders, entrepreneurs, startups, and fintech gurus are all facing the reality that their enterprises need to understand and effectively respond to disruption, uncertainty, and rapid technological advancement if they are to avoid obsolescence, says Debbie Goodman-Bhyat, leadership strategist and founder of executive search firm Jack Hammer.<\/p>\n
But too many don\u2019t have a strategy for innovation and instead go for a try-it-all approach which is counter-productive.<\/p>\n
\u201cWe all know that the world of work and business is changing and transforming rapidly, even exponentially,\u201d said Goodman-Bhyat. And while every business leader knows that the world is on the cusp of another massive shift, not everyone knows what to do about it “This uncertainty can give rise to ineffectual and even counter-productive responses,\u201d she said.<\/p>\n
\u201cOn an intellectual level, business leaders and entrepreneurs know that they must act, as treading water is not an option. On a practical level however, many, if not most businesses, simply don\u2019t know where to grasp and where to let go.<\/p>\n
The question then is: How does one identify the as-yet unknown opportunities that will inevitably emerge with the shifting tides, and what does one do to protect against the impact of technological disruption?\u201d<\/p>\n
Goodman-Bhyat noted that a recent viral article by renowned entrepreneur Hiten Shah, My Billion Dollar Mistake, gave an honest yet chilling first-hand account of how frenetically chasing new ideas may in fact jeopardise \u2013 even fatally \u2013 what you have already built.<\/p>\n
\u201cThe takeaway, however, is not that you should go back to basics and focus solely on your company\u2019s core business. Conscious and pro-active strategic effort must be applied to ensure that you diversify and stay ahead. But then how can leaders strike the balance between consolidation and innovation?<\/p>\n
\u201cThe answer is 10%. A 10% focused investment of your time, money and human resources to explore those areas you know you don\u2019t know yet,\u201d she said.<\/p>\n
In his frank telling of the circumstances that led to his Billion Dollar Mistake, Shah details the syndrome that many entrepreneurs experience but rarely diagnose \u2013 the daily scramble of chasing too many ideas, in a chaotic way, without clarity of strategy, direction or purpose.<\/p>\n
\u201cEntrepreneurs are typically ideas people, and they love the next new shiny thing. Unchecked and unfiltered, if we are let loose on our teams driving them each day to try out something new, work becomes an absolute mess and our core business and company equilibrium suffer,\u201d said Goodman-Bhyat.<\/p>\n
\u201cContrast this with an approach that says: a strategic priority is to allocate 10% of our time, resources and energy into new things, and part of our ethos is to have a \u2018beta testing\u2019 mindset. This means that we continue to focus 90% of our energy into our core business. The people who are focused on core business, continue to focus on that.<\/p>\n
\u201cBut crucially for our survival, we also have 10% worth of innovation going on, on the side.<\/p>\n
\u201cSo for those startups, entrepreneurs, fintech gurus and their ilk who have established themselves and need to know where to next, the answer lies in diagnosing where you are at, and where you need to go,\u201d said Goodman-Bhyat.<\/p>\n
She says this can be achieved by asking (and addressing where necessary) the following:<\/p>\n
\u201cEntrepreneurs and business leaders who are anxious about tomorrow, never mind the distant future, will benefit immensely by taking their heads out of the weeds by attending conferences and summits, joining conversations and webinars, and any high quality learning events they can get access to,\u201d said Goodman-Bhyat.<\/p>\n
\u201cThen, they need to realise that they can\u2019t just be observers in the innovation space. They need to come back to the office and actively investigate and try new things, in a structured and dedicated manner, if they are to stay ahead without tripping up.\u201d<\/p>\n