Innovation is the key factor in entrepreneurship!
Change is the only constant is a proven statement!
Consumers tastes & needs keep varying as per the change in lifestyles which is generally influenced by the medias
Before the era of the internet, communications were more local-centric, hence the change in lifestyles was time-consuming
WWW revamped the way the world functioned and it is all in microseconds now, what that trends in one place on earth take just a few hours to spread across the globe
Let me narrate the life experience of a leading textile merchant who learnt in the hard way that innovation is a mandatory clause to sustain and grow in business
The shop set in the early year 1970s gradually expanded as the largest textile merchant in that city and by the year 2000s, the second generation had stepped in to manage the show
Though they stocked the trending apparel the management failed to redesign the interior floor space to best suit the customer's convenience while shopping to choose as per their taste
The sales team were also not periodically trained to handle the shift in the consumer's preferences and hence their lethargic attitude didn't go well with the customers
The shop was continued to be patronized for want of a favourable alternate which was lacking in that city
An NRI who was a native of this city smelled the brewing business opportunity, employed a business school to conduct a feasibility report on the business growth possibilities and take a survey on the consumer's expectations
The final report confirmed the potential business opening and submitted a business model to implement
The shrewd NRI appointed a team of aspiring MBA's to assist in implementing the project from the scratch
A large tract of land was purchased at the outskirts of the city; a huge shopping mall housing multiplexes, food courts, entertainment spaces, amply covered parking lots was constructed within one calendar year
Top-notch brands were lured to open their counters with an attractive rental package and the mall management participating in the promotional schemes
The residents of the city who were denied an alternate shopping experience all these years flooded the shopping mall from day one
The young team of MBAs lined up consumer-centric promotional and entertainment activities inside the mall and retained the consumer's loyalty by satisfying their shopping needs & experience
Within the next three years, the area around the shopping mall turned into the most commercially happening place and attracted the younger crowd
The footfall at the old textile shop dwindled to an occasional shopper walking in and the business graph had taken a deep dive down
Unable to meet the monthly overheads the established and the sought after textile shop was on the verge of downing their shutter
The management explored many other options to revive the business but the crowd has already drifted away
The only viable and workable model for future business of that textile shop was to either hire a floor space in that shopping mall or rent out a building closer to the mall
The management self-analysed their competency and realized that they had missed the bus due to their uninventive approach to the business
The shopping mall and the vicinity prospered over the years and the textile shop closed its business once and for all
Even Nature changes its landscape as per the seasons to add beauty
If so isn't it necessary for humans too to live creatively and innovatively?
An entrepreneur must constantly innovate their business model else they will be sidelined by the competition
Business innovation is the key factor for growth 🙏🏼
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