There are a myriad of ways to succeed at running your own business including the following:
One thing to add to that list is copy what works.
Many business owners know that a large part of operating a business is to be innovative, to build a better mousetrap. There are numerous accounts of companies that have become wildly successful because of entrepreneurs with great new ideas. Innovation is a necessary quality that cannot be overstated or overrated. At the same time, many entrepreneurs get into trouble because instead of running their businesses, they are spending too much time trying to reinvent the wheel.
What does it mean, to try to reinvent the wheel? It means that there is an established, perfectly good way of doing things, a practice that consistently yields good results but an entrepreneur refuses to use it. the established methods are proven to yield the desired results. But the reinventing the wheel entrepreneur refuses to use these methods. Instead, the entrepreneur looks for a different way to do things because it must be possible for a car to roll along with oval or square wheels. For these entrepreneurs, results don't matter, all that matters is doing things differently.
As an entrepreneur, when you are planning operations and when you are looking for ways to get things done, use the following as a guide to determine if you are unnecessarily reinventing the wheel or being innovative when it is needed:
- are current methods failing to yield good results in your business
- do you have adequate time and resources to devote to research and development
- do you plan to test your new ideas before putting them fully into operation in your business
If you answered no to these questions, it is not time for you to reinvent the wheel. Instead, it may be time for you to look around at things that are working. As an entrepreneur, you must recognize there is a balance to be found between being innovative and copying what works from your successful competitors. Certain practices are tried and true because they work, they have stood the test of time. Those practices should be respected if they are continuing to provide good results. Keep in mind your business is a real thing to be respected, not a toy to be ignored. So the question for you this thrilling day is how do you determine if you are reinventing the wheel or making needed innovative changes?