How Innovation and Entrepreneurship are Correlated

"Here's to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes... the ones who see things differently -- they're not fond of rules. You can quote them, disagree with them, glorify or vilify them, but the only thing you can't do is ignore them because they change things... they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do." Steve Jobs

Can Innovation lead to profitability?

Yes, and this is also something which every entrepreneur should ponder inside his head. First of all innovation is further development and it is different from invention or creation or an idea or the method per sé. For example, the invention of a Telephone can be attributed to Alexander Graham Bell, but what the BlackBerry Z10 or Samsung Galaxy is offers in 2013 is pure innovation. Let’s say the cloud based management solutions companies are providing these days.

Experienced IT entrepreneur and CEO-Grafix Softech S.A Mr. Tej Kohli explains, “Innovation is the key to all round growth and development. Before the internet, offices were still being run and businesses still made profits. So what changed post internet? It led to mind boggling profits, if used well. The continued innovation in the web space has led to massive inventions, spiraling growth and more opportunities and scope for everyone.”

Laggard (Fabian entrepreneur) – These type of owners are rather laidback in running their empire (big or small, it doesn’t matter to them). They have been classified as lazy maggots, they are like Dolphins or a Koala bear, they won’t move unless there is a threat. They follow a pattern of running businesses (family/ inherited) and lack professional management or the zeal to perform on a day to day basis. Orkut launched in (2004) by Google, couldn’t survive the competition. However, Google+ is the latest armor.

Rigid (Drone entrepreneur) – These type of entrepreneurs seldom budge and are sort of rigid in nature and operations both. Quite an old school type, so rigid, that they wouldn’t mind suffering losses even at the cost of their respective business interest. They are orthodox, non-flexible and conservative in approach.

Virgin Entrepreneurship

A shining example of innovation is Sir Richard Branson himself (his personal wealth is reportedly $4.2 Billion as of 2012). The owner of UK based Virgin group- a £5.01 billion enterprise, had a modest beginning (editor/owner of a children magazine) to now spread over 200 companies ranging (everything) from airplanes, to trains, entertainment to comic books, from healthcare, holidays and from radio to real estate (he owns islands), you name it. On asking San Jose Costa Rica based IT wizard Mr. Tej Kohli who shares Richard’s passion on innovation, he said, “Did Branson willfully decided to expand the ‘Virgin’ brand? Yes, but before that he believed in the thought that innovation is possible within existing framework and resources available. He optimized (opportunity) it.”

Innovation leads to a fresh approach towards how we work, manage and expand our businesses. A great deal of out of the box thinking is required and top entrepreneurs too share the same.

In his Tej Kohli blog you can find how the Bill Gates was innovative since his schooling time that why he make a such a big empire with the name of Microsoft .