Do you have to be a billion dollar start up to be innovative? No. In fact, you may be an innovator in your particular field and work your way to being a billion dollar company. The trick is to get started.
If you’re an entrepreneur and you want to be considered an innovator, what can you do? Here are a few examples that may propel you toward success:
- Break the rules
- Dream big
- Take chances. Just because it hasn’t been done before, doesn’t mean it can’t be done
- Open doors you may not have tried previously
- Be a trusted business partner
- Don’t be afraid to fail
- Pay your successes forward
“They” say that when you’ve made it to the top, you should send the elevator back down! What steps can you do today to be an innovator?
If you have on-site or off-site employees there will come a time when you will want to show them how much you appreciate what they do for you. If, however, your business is a bit cash strapped — and what business isn’t today! — there are ways to compensate your rising stars without it impacting the bottom line.
Here are three ways to motivate and honor stellar employees without money:
- If you have an employee who goes above and beyond, make that known to the rest of the team. “Wow, did you see the amazing job that Sue did with XYZ client?! Keep up the great work!” Recognition honors the person receiving it, but motivates the rest of the team who may want the same acknowledgement for a job well done.
- You may not have a budget for training, but consider delegating responsibility to a talented worker by providing access to free sessions being held by a local Chamber of Commerce or other networking group. Give the employee the time off to attend and then ask them to report back to the team on what she’s learned – this is a great way to offer the training to the entire team while making the attendee feel important for being able to provide the information.
- You may have designated hours in which your clients expect to be responded to, but does that allow for flexibility for your employees in case they need to take a child to school, walk the dog or run an errand? Can you offer a more flexible schedule as a way to motivate your staff? Consider that providing autonomy can boost morale!
What can you do to motivate your employees in non-monetary ways?
We’ve all heard the saying that, “failure is not an option.” As business owners though, we know, that in order to succeed there are times when you simply have to fail. Why? If you’re not pushing your business’s limits and your own personal boundaries of growth, you will remain in a safe, but likely stagnant, place.
Fear of failure holds many business owners back from making that next leap whether it’s hiring their first employee or opening a second store front or offering a new service or product. If you don’t try you will never know whether your idea would have borne fruit.
How can you embrace the idea of failure? Here are our thoughts because we feel that the fear of failing will negatively impact your potential by:
- Not expanding your growth and learning potential. If you don’t fail and don’t learn from your mistakes you will never grow.
- Fear of failure could mean you don’t achieve the successes that you should. You need to push yourself and your business and that may mean taking risks.
- You could be missing out on opportunities if you hesitate and are too cautious in trying new ventures.
As a business owner you can either take actions and keep your business moving forward and experiencing growth or you can watch your competition as it makes those leaps into the unknown.
What “fear of failure” practice is holding you back?