Growing a Business

Howdy, entrepreneurs! If you’re all cozy in your comfort zone, relishing past successes, here’s a wake-up call: Extinction could be looming. Time to shake things up! You heard that right. Complacency, that wicked wolf in sheep’s clothing, can slaughter your business faster than you can say “Netflix.”

Now, pull up a chair, grab a mug of your strongest Joe, and prepare to learn how innovation is your only lifeline in this bloodthirsty, ever-evolving business arena.

Because this is what you need to survive.

Related: Complacency Kills Your Business. Here’s How to Fight It.

Comfort zone: Your business’s deathbed

Got a well-oiled business machine running smoothly? Congrats! Now, forget about resting on those laurels. The comfort zone, my friends, is where innovation goes to die, dreams get strangled, and businesses bite the dust.

Why so? Because the market doesn’t care about your past glories. Customers always look for the next big thing — faster, better, cooler. If you don’t keep up, you’ll end up like Blockbuster — a relic in the entrepreneurial graveyard, remembered only as a cautionary tale.

Remember, your competition isn’t sleeping. They’re plotting, scheming and innovating. While you’re cruising on autopilot, they’re out there hustling. So, dust off those cobwebs of complacency, and rev up your innovation engines.

The “innovate or die” business mantra

Innovation isn’t a fancy buzzword to throw around in board meetings. It’s the lifeblood of modern businesses. To illustrate, let’s rewind to the glorious ’90s. Remember Kodak? It was the darling of the photography industry. But when digital came knocking, Kodak clung to its film empire. Result? A swift and embarrassing downfall.

Fast-forward to today. Look at the tech titans — Apple, Amazon, Tesla. They’re always pushing boundaries, forever in beta mode. That’s why they’re the apex predators in the business jungle. The message is crystal clear: To thrive, you must, I repeat, disrupt or risk being disrupted.

So, how do you avoid the fate of the dinosaurs? You innovate. You experiment. You take risks — and most importantly, you never, ever get too comfortable.

Related: Why Innovation Is Increasingly Becoming Critical to Entrepreneurship

Nurturing an innovative culture: A practical guide

Now, let’s dig into the nitty-gritty of fostering innovation. How does one cultivate this elusive beast? Buckle up, because we’ll embark on a no-nonsense, down-to-earth, practical guide.

1. Embrace failure as a stepping stone

That’s right. Failure isn’t the enemy; it’s a critical part of the innovation process. Ever heard of WD-40? That “40” stands for the 40 attempts it took to get the formula right. Embrace failure, learn from it, and charge ahead.

2. Foster diversity and inclusion

Do you want fresh ideas? Start by getting fresh perspectives. Foster a culture that embraces diversity and inclusion. Hire people who look, think and experience life differently from you. Their unique perspectives can lead to breakthrough innovations.

3. Encourage curiosity and questioning

Create an environment where every question is welcome and curiosity is cherished. Remember, every innovation starts with a question. So, encourage your team to ask questions without any fear.

4. Promote a risk-taking culture

Innovation thrives on risks. When teams fear consequences, bold ideas fade. Dare to venture for success! You must cultivate an atmosphere where calculated risk-taking is encouraged and rewarded. The next groundbreaking idea might just be lurking in one of those risks!

5. Invest in continuous learning and development

Innovation thrives in an environment where learning is continuous. Equip your team with the latest skills and knowledge related to your industry. Get them excited about workshops, seminars and courses. Create a supportive space for growth, learning and personal development.

6. Collaborate beyond your walls

Innovation doesn’t happen in silos. Collaborate with other businesses, universities or research institutions. You never know where the next big idea might come. These partnerships can bring fresh insights and invigorate your team with renewed enthusiasm.

7. Provide time for creative thinking

The daily grind can often stifle creativity. Encourage your team to take time off their routine tasks for creative thinking. This “innovation time” can be used to brainstorm new ideas, explore new technologies or simply think about better ways to perform their duties.

8. Implement a good idea management system

To nurture innovation, you need a system to collect, analyze and implement ideas from your team. An efficient idea management system ensures that no good idea goes unnoticed. It also encourages your team to contribute their ideas, knowing they will be considered seriously.

9. Celebrate success, learn from failures

When an innovative idea works, celebrate it. If it doesn’t work out, embrace the lesson. Acknowledge and celebrate your team’s innovative ideas, regardless of the result. This not only motivates them but also signals that you value innovation.

10. Lead by example

As a leader, you influence your organization’s atmosphere. To encourage innovation:

1. Lead through action

2. Be the inspiration you seek

3. Demonstrate your commitment to innovation through your actions

4. Be open to new ideas, encourage healthy debates, take calculated risks, and continuously learn and adapt

Related: 9 Ways Your Company Can Encourage Innovation

Innovation is a journey, not a destination

Hey, fellow trailblazers! Innovation is no one-time gig; it’s a journey of constant improvement. Keep pushing boundaries, challenging norms and staying curious.

Remember: Stop innovating, and you risk fading away. No room for complacency! Let’s shake things up, reinvent and leave a lasting legacy.

As Steve Jobs said, “Innovation distinguishes leaders from followers.” Ready to lead?

Keep those creative juices flowing, stay hungry, and stay foolish. Happy innovating! Until next time, stay innovative and keep your businesses alive and kicking.

As a leadership expert, I’ve had the privilege of working with numerous organizations, helping them transform their businesses and cultivate environments where employees thrive. Over the years, I’ve observed that the most successful companies are those that prioritize continuous improvement.

In this article, I’ll share five key steps that you need to take to drive a culture of continuous improvement within your organization.

Related: Make Continuous Improvement Culture Your Competitive Edge With These 5 Tips

Establish a clear vision and set specific goals

The first and foremost step in creating a culture of continuous improvement is to establish a clear vision for your organization. This vision should be inspiring, motivating and easy to understand. It should also include specific, measurable goals that can be tracked and analyzed over time.

A clear vision and specific goals provide a roadmap for your employees, helping them understand the direction in which the organization is heading. This will inspire them to find new and innovative ways to achieve these goals and contribute to the company’s growth.

Tips:

• Create a vision statement that reflects your organization’s core values and long-term aspirations.
• Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals that align with your vision.
• Communicate your vision and goals to all employees, ensuring that everyone is on the same page.

Empower your employees

To truly drive a culture of continuous improvement, you must empower your employees. This means giving them the authority, responsibility, and resources to make decisions and take action within their areas of expertise.

Why is this important? Empowered employees are more likely to take ownership of their work, actively seek out opportunities for improvement, and be more engaged in their jobs. This, in turn, leads to higher levels of innovation, productivity and overall performance.

Tips:

• Encourage open communication and collaboration between employees and management.
• Provide employees with the necessary training, tools, and resources to excel in their roles.
• Recognize and reward employees who demonstrate initiative, creativity, and a commitment to improvement.

Foster a growth mindset

A growth mindset is the belief that intelligence, talent and abilities can be developed through effort, learning and perseverance. By fostering a growth mindset within your organization, you create an environment where employees are willing to take risks, learn from their mistakes and continually grow both personally and professionally.

Why is this important? A growth mindset is essential for continuous improvement because it encourages employees to view challenges as opportunities for growth rather than obstacles to be avoided. This mindset promotes innovation and adaptability, which are crucial for staying ahead in today’s fast-paced business world.

Tips:

• Encourage employees to set personal and professional development goals.
• Provide opportunities for employees to learn and grow, such as training programs, workshops and mentorship opportunities.
• Celebrate failures as learning experiences, emphasizing the importance of perseverance and resilience.

Implement regular feedback loops

Continuous improvement relies on regular feedback, both from employees to management and vice versa. This feedback is essential for identifying areas of improvement, celebrating successes and making data-driven decisions.

Why is this important? Regular feedback loops create an environment where employees feel heard and valued, and where management can make informed decisions based on accurate, up-to-date information. This leads to a more agile, responsive organization that is better equipped to adapt to changing market conditions and customer needs.

Tips:

• Implement regular check-ins, performance reviews and team meetings to facilitate open communication and feedback.
• Create anonymous channels for employees to share their concerns, suggestions, and ideas.
• Act on feedback promptly, demonstrating to employees that their input is valued and taken seriously.

Related: These Simple Changes to Your Performance Reviews Will Make More Effective Employees

Measure and celebrate progress

Lastly, to drive a culture of continuous improvement, you must measure your organization’s progress toward its goals and celebrate milestones along the way. Tracking key performance indicators (KPIs) and other relevant metrics will help you identify areas of success, as well as those that require further improvement.

Why is this important? Measuring progress is crucial for maintaining momentum and ensuring that your organization is moving in the right direction. Celebrating milestones not only boosts morale but also reinforces the importance of continuous improvement and encourages employees to strive for even greater achievements.

Tips:

• Establish relevant KPIs and other metrics that align with your organization’s goals and vision.
• Regularly review and analyze performance data, using it to make informed decisions and adjustments as needed.
• Recognize and celebrate both individual and team accomplishments, fostering a sense of pride and camaraderie among employees.

Driving a culture of continuous improvement within your organization is essential for long-term success in today’s rapidly evolving business landscape. By establishing a clear vision and setting specific goals, empowering your employees, fostering a growth mindset, implementing regular feedback loops and measuring and celebrating progress, you will create an environment where innovation, adaptability and excellence can thrive. Remember that continuous improvement is an ongoing journey, not a one-time initiative. As a leader, your commitment to this journey will be the driving force behind your organization’s growth and success.

I started my career as a serial entrepreneur in disruptive technologies, raising tens of millions of dollars in venture capital, and navigating two successful exits. Later I became the chief technology architect for the nation’s capital, where it was my privilege to help local government agencies navigate transitioning to new disruptive technologies. Today I am the CEO of an antiracist boutique consulting firm where we help social equity enterprises liberate themselves from old, outdated, biased technologies and coach leaders on how to avoid reimplementing biased in their software, data and business processes.

The biggest risk on the horizon for leaders today in regard to implementing biased, racist, sexist and heteronormative technology is artificial intelligence (AI).

Today’s entrepreneurs and innovators are exploring ways to use to enhance efficiency, productivity and customer service, but is this technology truly an advancement or does it introduce new complications by amplifying existing cultural biases, like sexism and racism? 

Soon, most — if not all — major enterprise platforms will come with built-in AI. Meanwhile, employees will be carrying around AI on their phones by the end of the year. AI is already affecting workplace operations, but marginalized groups, people of color, LGBTQIA+, neurodivergent folx, and disabled people have been ringing alarms about how AI amplifies biased content and spreads disinformation and distrust.

To understand these impacts, we will review five ways AI can deepen racial bias and social inequalities in your enterprise. Without a comprehensive and socially informed approach to AI in your organization, this technology will feed institutional biases, exacerbate social inequalities, and do more harm to your company and clients. Therefore, we will explore practical solutions for addressing these issues, such as developing better AI training data, ensuring transparency of the model output and promoting ethical design. 

Related: These Entrepreneurs Are Taking on Bias in Artificial Intelligence

Risk #1: Racist and biased AI hiring software

Enterprises rely on AI software to screen and hire candidates, but the software is inevitably as biased as the people in human resources (HR) whose data was used to train the algorithms. There are no standards or regulations for developing AI hiring algorithms. Software developers focus on creating AI that imitates people. As a result, AI faithfully learns all the biases of people used to train it across all data sets.

Reasonable people would not hire an HR executive who (consciously or unconsciously) screens out people whose names sound diverse, right? Well, by relying on datasets that contain biased information, such as past hiring decisions and/or criminal records, AI inserts all these biases into the decision-making process. This bias is particularly damaging to marginalized populations, who are more likely to be passed over for employment opportunities due to markers of race, gender, sexual orientation, disability status, etc.

How to address it:

• Keep socially conscious human beings involved with the screening and selection process. Empower them to question, interrogate and challenge AI-based decisions.
• Train your employees that AI is neither neutral nor intelligent. It is a tool — not a colleague.
• Ask potential vendors whether their screening software has undergone AI equity auditing. Let your vendor partners know this important requirement will affect your buying decisions.
• Load test resumes that are identical except for some key altered equity markers. Are identical resumes in Black zip codes rated lower than those in white majority zip codes? Report these biases as bugs and share your findings with the world via Twitter.
• Insist that vendor partners demonstrate that the AI training data are representative of diverse populations and perspectives.
• Use the AI itself to push back against the bias. Most solutions will soon have a chat interface. Ask the AI to identify qualified marginalized candidates (e.g., Black, female, and/or queer) and then add them to the interview list.

Related: How Racism is Perpetuated within Social Media and Artificial Intelligence

Risk #2: Developing racist, biased and harmful AI software

ChatGPT 4 has made it ridiculously easy for information technology (IT) departments to incorporate AI into existing software. Imagine the lawsuit when your chatbot convinces your customers to harm themselves. (Yes, an AI chatbot has already caused at least one suicide.)

How to address it:

• Your chief information officer (CIO) and risk management team should develop some common-sense policies and procedures around when, where, how, and who decides what AI resources can be deployed now. Get ahead of this.
• If developing your own AI-driven software, stay away from public internet-trained models. Large data models that incorporate everything published on the internet are riddled with bias and harmful learning.
• Use AI technologies trained only on bounded, well-understood datasets.
• Strive for algorithmic transparency. Invest in model documentation to understand the basis for AI-driven decisions.
• Do not let your people automate or accelerate processes known to be biased against marginalized groups. For example, automated facial recognition technology is less accurate in identifying people of color than white counterparts.
• Seek external review from Black and Brown experts on diversity and inclusion as part of the AI development process. Pay them well and listen to them.

Risk #3: Biased AI abuses customers

AI-powered systems can lead to unintended consequences that further marginalize vulnerable groups. For example, AI-driven chatbots providing customer service frequently harm marginalized people in how they respond to inquiries.  AI-powered systems also manipulate and exploit vulnerable populations, such as facial recognition technology targeting people of color with predatory advertising and pricing schemes.

How to address it:

• Do not deploy solutions that harm marginalized people. Stand up for what is right and educate yourself to avoid hurting people.
• Build models responsive to all users. Use language appropriate for the context in which they are deployed.
• Do not remove the human element from customer interactions. Humans trained in cultural sensitivity should oversee AI, not the other way around.
• Hire Black or Brown diversity and technology consultants to help clarify how AI is treating your customers. Listen to them and pay them well.

Risk #4: Perpetuating structural racism when AI makes financial decisions

AI-powered banking and underwriting systems tend to replicate digital redlining. For example, automated loan underwriting algorithms are less likely to approve loans for applicants from marginalized backgrounds or Black or Brown neighborhoods, even when they earn the same salary as approved applicants.

How to address it:

• Remove bias-inducing demographic variables from decision-making processes and regularly evaluate algorithms for bias.
• Seek external reviews from experts on diversity and inclusion that focus on identifying potential biases and developing strategies to mitigate them. 
• Use mapping software to draw visualizations of AI recommendations and how they compare with marginalized peoples’ demographic data. Remain curious and vigilant about whether AI is replicating structural racism.
• Use AI to push back by requesting that it find loan applications with lower scores due to bias. Make better loans to Black and Brown folks.

Related: What Is AI, Anyway? Know Your Stuff With This Go-To Guide.

Risk #5: Using health system AI on populations it is not trained for

A pediatric health center serving poor disabled children in a major city was at risk of being displaced by a large national health system that convinced the regulator that its Big Data AI engine provided cheaper, better care than human care managers. However, the AI was trained on data from Medicare (mainly white, middle-class, rural and suburban, elderly adults). Making this AI — which is trained to advise on care for elderly people — responsible for medication recommendations for disabled children could have produced fatal outcomes.

How to address it:

• Always look at the data used to train AI. Is it appropriate for your population? If not, do not use the AI.

Conclusion

Many people in the AI industry are shouting that AI products will cause the end of the world. Scare-mongering leads to headlines, which lead to attention and, ultimately, wealth creation. It also distracts people from the harm AI is already causing to your marginalized customers and employees.

Do not be fooled by the apocalyptic doomsayers. By taking reasonable, concrete steps, you can ensure that their AI-powered systems are not contributing to existing social inequalities or exploiting vulnerable populations. We must quickly master harm reduction for people already dealing with more than their fair share of oppression.

There is nothing that compares to staying ahead of the curve in your industry as an entrepreneur. For many years, trendspotting has worked for me as an entrepreneur, and this is a key strategy when it comes to staying ahead of the curve in any industry.

In this article, we will take a dive into trendspotting, techniques for trendspotting and other strategies. So, let’s dive right in.

Related: 4 Strategies to Help Your Company Stay Ahead of the Competition

What is trendspotting?

Trendspotting is the identification of emerging patterns, changes in the market and shifts even before they occur in a particular industry. It is more of a proactive approach that allows businesses to anticipate future trends and stay way ahead of their competition in the market.

The main goal of trendspotting is to gain a competitive advantage within your industry, and it has been proven to increase competitive advantage with big data by 83% for businesses that capitalize on it.

To effectively implement trendspotting as an entrepreneur, here are some practical tips to help you stay on top of your industry:

1. Analyze past trends

Analyzing past trends is the first step in understanding the evolution and trajectory of your industry. This could actually shape your entire business’s future. By taking a telescopic look into past successes and failures, entrepreneurs can learn from their experiences and the experiences of those before them. This is where you gain insight and inspiration for solutions that your consumers are looking for. I, for one, take a week in every quarter to do a thorough analysis of past trends. This can be different for you, but do what works for you.

2. Stay on top of industry news always

If anything, never miss crucial news about your industry. It could mean gaining or missing insight into a critical trend or opportunity. To do this effectively, you must monitor various news outlets and sources to stay up-to-date with the latest developments. There are three ways I go about this; reading industry publications, following experts in my industry on social media and attending events in my industry. Look for the best sources that would work for you and your business, but ensure that these sources are reliable.

3. Utilize social media

This is one of my favorites when it comes to trendspotting — I like to see it as the top arrow in my quiver when looking to stay ahead (Top Secret unleashed). Social media remains one of the most powerful tools to identify trends and monitor what customers are talking about in your space. Entrepreneurs need to utilize social media to the fullest to track customer sentiment, identify emerging influencers and keep an eye on top competitors. Tools like Hootsuite and BuzzSumo can help in managing trendspotting on social media.

Related: Making Your Presence Felt In The Current Digital Landscape: Stay Ahead Of The Game With These Five Key Trends

4. Industry events should be on your list

You can stay up-to-date on industry trends by attending events in your industry. It is also a great opportunity to meet and connect with other professionals in your industry. Attend conferences, networking events and trade shows to build relationships and stay informed on the latest developments in the industry.

5. Conduct market research

Another tip for trendspotting to stay ahead in your industry is to conduct proper market research. This is where some people miss it — they don’t conduct proper market research. You have to analyze customer behavior thoroughly, monitor industry reports and survey customers when necessary. One tool that has been of immense help to me and many industry experts is Google Analytics, which has made market research more accessible for many years and remains one of my best market research tools.

6. Experiment and take risks

Experimenting once in a while and taking risks are essential for staying ahead of the curve in any industry. It can be beneficial to try out new things, test new ideas and tread new waters. This can be as simple as introducing new features, launching new products or services, using new market strategies or testing new business models.

Related: Business Trends Entrepreneurs Must Know

7. Embrace new technologies and innovations

To stay ahead of the curve, another strategy is to embrace new technologies and be open to innovations that can help you gain the upper hand in your industry. This can be anything from investing in new software or hardware, embracing cloud technology, investing in or incorporating blockchain technology and embracing AI technology.

Trendspotting is an essential skill every business must develop to stay ahead of the curve in their industry. But keep in mind that this is not a one-time activity that must be done and dumped. It must be done continuously. So, here are my takeaways if you really want to put trendspotting into practice:

• Create a working system to stay organized and help you in tracking your findings.

• Focus only on the most important trends that are related to your business.

• Don’t be afraid to try new things and take risks.

• Always evaluate your strategies, and adjust them if needed.

• Embrace innovation, and remain open to change.

Put your best foot out in terms of trendspotting. This will help you stay on top of the latest trends in the industry and stay ahead of the curve. Happy trendspotting.

In the next episode of our Leadership Lessons series, host Jason Nazar chats with a fellow lifelong entrepreneur with experience building companies and leading high-performing teams. Over the past two decades Brent Handler has been a pioneer, transforming the way people take vacations.

In 2002, Handler co-founded Exclusive Resorts and served as its President until 2009, where he set the standard for the burgeoning destination club industry by delivering tens of thousands of vacations to members worldwide and amassing more than $1 billion in real estate assets. In 2010 – convinced he could improve on the model he helped establish – he co-founded Inspirato (NASDAQ: INSPO), the world’s first luxury travel subscription brand. Providing sophisticated travelers access to a curated collection of exceptional luxury vacation homes, five-star hotel and resort partners, and custom travel experiences, members get personalized service but without the six-figure, upfront fees previously common in the industry.

In addition to sharing the greatest lessons from his 20+ year career, other topics include:

• How to build your business around something you care about.
• Recruiting the right leadership team.
• Hungry people fight over food.
• Diversifying proven channels that rely on core strengths.
• Finding a massive market & attacking it in a defensible way through innovation.
• Delighting customers.

Don’t miss out—register now!

About The Speakers:

Brent Handler is Co-Founder of Inspirato and has served as its CEO and a member of its Board of Directors since January 2010. Under his leadership, Inspirato established itself as a leading luxury hospitality company that provides access to a managed and controlled portfolio of luxury vacation homes and other vacation options, leveraging an innovative subscription model to ensure the service and certainty that affluent customers demand. In 2019, Handler led the development and launch of Inspirato Pass, the world’s first luxury travel subscription that includes all nightly rates, taxes, and fees. Before co-founding Inspirato, he co-founded Exclusive Resorts and served as its President from 2002 to 2009, where it set the standard for the destination club industry. Mr. Handler holds a B.S. in Business from the University of Colorado.

Jason Nazar is a serial tech entrepreneur, advisor, and investor with two successful exits. He was most recently co-founder/CEO of workplace culture review platform Comparably (acquired by ZoomInfo), and previously co-founder/CEO of Docstoc (acquired by Intuit). Jason was named LA Times’ Top 5 CEOs of Midsize Companies (2020), LA Business Journal’s Most Admired CEOs (2016), and appointed inaugural Entrepreneur in Residence for the city of Los Angeles (2016-2018). He holds a B.A. from the University of California Santa Barbara and his JD and MBA from Pepperdine University. He currently teaches Entrepreneurship as an adjunct professor at UCLA.

The Beatles are one of the most iconic bands in history, known for their groundbreaking music, innovative approach to recording and dynamic personalities. But beyond their musical legacy, The Beatles offer valuable lessons for entrepreneurs looking to build successful businesses. In this article, we’ll explore what entrepreneurs can learn from The Beatles, focusing on their lessons in creativity, playfulness, collaboration and innovation.

1. Creativity

The Beatles were known for their creativity, constantly pushing the boundaries of what was possible in music. They were unafraid to experiment with new sounds, techniques and ideas, resulting in some of the most innovative music of their time. This creativity was driven by a relentless pursuit of new ideas, a willingness to take risks and a commitment to constantly evolving their sound. The Beatles drew inspiration from other musicians, including early rock and roll artists like Chuck Berry, Little Richard and Buddy Holly, as well as Motown acts such as The Supremes and Smokey Robinson. Later influences include such notable acts as Bob Dylan and the Beach Boys, whose album Pet Sounds would serve as the primary impetus behind The Beatles’ Sgt. Pepper’s Lonely Hearts Club Band album.

Entrepreneurs can learn from the Beatles’ approach to creativity by embracing a similar mindset. To build successful businesses, entrepreneurs must be willing to take risks, experiment with new ideas and constantly push the boundaries of what’s possible. Entrepreneurs should also look to other entrepreneurs for inspiration. By staying open to new possibilities and being unafraid to fail, entrepreneurs can tap into their own creativity and unlock new levels of innovation.

Related: 5 Ways to Unlock Your Entrepreneurial Creativity

2. Playfulness

In the 2021 documentary series, Get Back, Oscar-award-winning director Peter Jackson chronicles the making of The Beatles’ 1970 album, Let It Be. The three-part series offers a fascinating behind-the-scenes look at The Beatles’ creative process. What stands out in their sessions together is their playfulness. Despite being under a tight deadline, the group spends time experimenting with their new songs, often in a seemingly unserious manner, playing cover songs and even recalling songs written from their very early days as teenagers. In his book, Hey Grandude!, Paul McCartney writes, “When you play, you can’t help but be creative. Your mind is freed up to explore new ideas and take risks.” While the world may take The Beatles very seriously, being playful and not taking themselves so seriously helped catapult their creativity.

Like The Beatles, entrepreneurs should embrace a playful mindset and learn to not take themselves too seriously. Instead of approaching tasks with a rigid, serious attitude, try experimenting with new approaches, taking risks and approaching challenges with a sense of curiosity and wonder. The ability to approach tasks with a playful mindset can unlock new levels of creativity and innovation, leading to breakthrough ideas and exciting new ventures. According to Rick Rubin, a music producer known for his work with artists like Jay-Z, Red Hot Chili Peppers and Adele, playfulness is essential to the creative process. In an interview with Rolling Stone, he said, “When you’re playful, your mind is more open to finding creative solutions to problems.”

3. Collaboration

The Beatles’ success was built on their collaboration, both with each other and with other musicians, producers and engineers. They were known for their ability to work together seamlessly, combining their unique talents and perspectives to create something greater than the sum of its parts. This collaboration was driven by a deep mutual respect, a willingness to listen to each other and a shared vision for their music.

Entrepreneurs can learn from The Beatles’ approach to collaboration by fostering a similar spirit of teamwork in their own businesses. By building diverse, collaborative teams and encouraging open communication and mutual respect, entrepreneurs can tap into the collective creativity and intelligence of their teams, leading to greater innovation and success.

Related: Why Collaboration Is Essential to Entrepreneurship

4. Innovation

The Beatles were also known for their innovative approach to recording, pioneering new techniques like multi-track recording, tape looping and backwards recording. They were constantly looking for ways to push the boundaries of what was possible in music, and their innovative approach helped them to create some of the most groundbreaking albums in history.

Entrepreneurs can learn from The Beatles’ approach to innovation by embracing a similar spirit of experimentation and risk-taking in their own businesses. By staying open to new ideas and approaches, entrepreneurs can find innovative solutions to the challenges they face, leading to greater success and growth.

In conclusion, The Beatles offer valuable lessons for entrepreneurs looking to build successful businesses. By embracing the lessons of creativity, playfulness, collaboration and innovation that The Beatles exemplified, entrepreneurs can tap into their own creativity, build collaborative teams and find innovative solutions to the challenges they face. So, take a cue from The Beatles and start pushing the boundaries of what’s possible in your own business today!

Related: Why an Entrepreneur’s Ability to Innovate Will Make (or Break) Future Success

Born as a way to make ecommerce technology and tools more accessible to businesses, Shopify quickly earned its name as a savior for small retailers.

So, when the company announced early this year it was launching a new product aimed at large, global retailers, many people saw it as a pivot. But as someone who has built a career helping retailers of all sizes leverage the platform to great success, the truth is, both small and large businesses have been harnessing the web builder for years.

The reality is: The market has shifted. The boom that ecommerce and other industries saw during the pandemic was not sustainable, but business leaders should pay attention to how Shopify is navigating the down economy. Indeed, companies of all stripes can learn from Shopify’s move into this new category.

Related: Want To Grow Your Ecommerce Brand? Take Advice From This Industry Expert.

Leverage your services to get more market share

Stocks surged by nearly 42% when Shopify announced its bid to appeal to larger retailers. The reason? The company faced up to where it was losing market share and found a better way to deliver.

Traditionally, enterprise retailers have leveraged a multitude of software, all of which run in tandem, each specialized for its own purpose. Although sophisticated, it’s made for a complex and often costly ecommerce solution.

This complexity of need has been the ecommerce giant’s biggest obstacle to gaining enterprise market share. The transition from these complex in-house tech solutions to an outsourced system simply seemed too complicated, but Shopify has challenged that perception. Building off its existing infrastructure, its enterprise tech stack modulates the ecosystem, allowing big retailers to choose a bespoke combination from the platform’s offerings.

As markets change, it’s more important than ever to take stock of your industry’s landscape. Ask yourself how you can leverage your existing resources to serve market segments that could add value to your company. Then, assess what your customers’ needs are. Offering different plans and customization can mean the difference between an attractive new offering and a missed opportunity.

Related: The 4 Marketing Strategies Your Shopify Store Needs to Drive Traffic

Focus on your biggest differentiator

Moving into a new category presents an opportunity, but it also comes with risk and unforeseen challenges, particularly when you’re not first to market. Focusing on what differentiates your business from its competitors is often the best way to distinguish your key value proposition as you enter new terrain.

In retail, where the point of conversion can make or break a sale, a seamless checkout experience is the holy grail. For an ecommerce player like Shopify, focusing on its digital wallet experience as it moves into the enterprise space, is a brilliant move as it brings the promise of a seamless checkout experience at scale.

Every time a customer uses Shop Pay, its digital wallet offering, the platform stores that customer’s credit card and delivery information, creating a frictionless experience the next time they purchase off any site in the network, anywhere in the world. That’s a pretty impressive value proposition for retailers that choose the platform, regardless of their size.

However crowded it may be, knowing what differentiates you as you enter into a new market, can be a key indicator of your likelihood of success. Research by McKinsey showed companies that are intentional in understanding where they create value and frequently reallocate talent to their high-value initiatives are more than twice as likely to outperform competitors.

Related: The Key Benefits of Using Shopify for Your Business

Create cross-value

When a company enters a new category, there’s always a risk of alienating its core customer base. Just look at Under Armour — once heralded the next Nike, the athletic wear brand was late to the athleisure trend, which was opening up a new market opportunity for its competitors in 2015. The company responded by launching a line of $1,500 designer trench coats, a move that didn’t jive with its mass-market consumers or the higher-end fashion customers it was designed to attract.

While Shopify’s new focus on enterprise might seem like a slight to the smaller businesses it serves, it’s actually designed to create cross-value. One needs only look to Shopify’s key differentiator, the virtual wallet system, which gets more effective the more customers use it. That means when a large brand like Mattel onboards millions of its multinational customers, the wallet fills up, creating a network effect that benefits even the most niche retailer in the shared ecosystem.

This network effect essentially allows small retailers to compete on point of sale experience with enterprise retailers, offering a more level playing field.

Of course, it’s not a panacea, but creating cross-value when you enter a new market is one way to ensure your brand builds on the value, not taking away from what’s already been created for your existing customers.

As we navigate the downturn it’s inevitable retailers and businesses in all industries will have to pivot to meet the changing needs of a shifting economy. When exploring new markets, it’s critical to keep the interests of both new and existing customers in mind and look for ways to leverage existing resources, clearly differentiate and add cross-value.

In today’s business climate, innovation is more than a buzzword. It is a necessity for businesses that want to stay competitive. In a June 2020 report on “innovation in a crisis,” McKinsey found that 90% of executives believed the COVID-19 crisis would fundamentally change how they do business in the next five years. Yet, only 21% reported having the expertise, commitment and resources to accomplish the necessary changes.

While the crisis has passed, forward-thinking leaders need to understand how to prepare for the next crisis by embedding innovation into their corporate culture today.

Related: Your Company Needs an Innovation Culture, Not an Innovation Team

1. Empower employees

In an innovative culture, employees believe that all ideas matter and will be seriously considered by leadership. To create that kind of culture, management needs to be proactive. Cultures that empower employees will recognize workers’ contributions, even for simple ideas, welcome input in the appropriate setting and reward risk-taking, even if results are not as hoped.

While leadership’s actions will set the tone, remember employees typically interact with their supervisors daily. Workers will not voice innovative ideas if they fear failure or backlash from their team lead. With that in mind, managers should receive training on how to receive and incorporate feedback, create a supportive environment and encourage employees to grow.

Related: 5 Ways to Empower Your Employees

2. Embrace a culture of upskilling

Since learning and innovation go hand and hand, teaching employees new ways of completing their duties encourages innovation. The concept of upskilling describes a culture that develops employee capabilities and employability by instilling the knowledge, skills and attitude workers need to improve job performance. Define the key skills employees need to remain competitive, create training programs and support employees to learn alongside their regular duties.

In addition to building goodwill among employees, upskilling fosters innovation and technological adaptation. According to PWC’s 23rd Annual Global CEO Survey, more than half of CEOs of more advanced organizations agreed that their upskilling programs led to greater innovation and accelerating digital transformation. In the same PWC survey, only 15% of CEOs of beginning upskilling organizations said the same.

That means a successful culture of upskilling requires a long-term mindset and provides increasing returns over time. Realize the benefits of upskilling may not arrive immediately and remain patient.

Related: The Best-Kept Secret to Cultivating Creativity and Innovation

3. Adapt quickly to lead change

To innovate successfully, businesses need to stay nimble. Though following policies and procedures remain key to company values, leaders should react thoughtfully but act quickly in response to changing conditions. Whether that change is a new idea from a worker or a major global event, innovation thrives in a culture where employees have faith their organization can evolve.

Beyond economic trends, digital transformation has reinforced the importance of adapting to new skills and technologies. Organizations should track developments in their industry and act quickly to access cutting-edge tools to improve productivity. Employees who automate time-consuming tasks gain more time to brainstorm, collaborate and innovate.

Few changes happen overnight, so businesses must embrace trend-watching and expert consensus over conventional thinking and refuse to become complacent. Significant changes will take time and energy to integrate into company culture, so preparation and planning are critical to staying ahead. On the employee level, create comfort with change by encouraging cross-department collaboration, introducing rotational positions and minimizing burnout, so employees can adapt.

4. Provide constructive feedback

Innovation does not typically strike by lightning. Instead, innovation occurs when employees receive on-the-spot feedback, prompting them to find a creative solution. To give effective feedback, concentrate on the idea, not the individual presenting, and be specific, timely and realistic.

When delivering constructive criticism, leadership and managers may hesitate to speak truthfully. However, a culture of innovation begins with a growth mindset at all levels of an organization. Employees will embrace constructive criticism if leadership adopts an attitude of continual improvement, mixes constructive criticism with an affirmation of quality work, and accepts employee feedback on corporate policies.

Remember to share positive feedback and suggestions for improvement or risk alienating teams. A LinkedIn survey found that 69% of workers would work harder if their efforts were better recognized. If employees do not feel appreciated for their ideas, they will struggle to find the motivation to innovate successfully.

5. Encourage open communication

For employees to exchange ideas, the lines of communication need to stay open, both between leadership and workforce and between workers themselves. Both internal and external communication should strike a consistent tone that celebrates initiative and innovation. Likewise, leadership should speak transparently about successful ideas and disappointments and celebrate initiative over results. For employees, communication workshops can facilitate better conversations and teach teams how to problem-solve systemically.

Open communication also increases the likelihood of successful ideas. After a change, successful or otherwise, convene teams to evaluate what went well and what could have run more smoothly. The more comfortable employees feel communicating, the more honest and effective the analysis. Implement this analysis to improve future innovation.

Businesses that wish to encourage innovation should choose an approach that empowers employees, values agility, emphasizes a growth mindset and prioritizes open communication. In doing so, leaders can prepare for the future and build resiliency for the next crisis.

Related: 6 Communication Tips to Strengthen Your Company’s Culture