[Commerce Class Notes] on Principles of Innovation Pdf for Exam

What are Principles of Innovation

Innovation and learning go hand in hand. It is one such attribute required to be a successful entrepreneur. Creative ideas lead to a profitable business plan. Copying concepts are risky and are prone to casualty, so innovative suggestions are best for the present-day market scenario. New ideas are easily buyable and require a lot of hard work. Innovative concepts can help an enterprise grow exponentially in a restricted time frame. The Principle of Innovations is written by Steve Jobs and must be read by every aspirant who wants to do something different in his/ her life. These principles are inscribed in his book ” The Innovation Secrets of Steve Jobs”. 

Five Principles of Innovation 

1. Spread What You Love 

According to Steve Jobs, a person with a true passion can transform society for the betterment. Innovative ideas appear to people who are passionate, persistent and hardworking. 

You can not give your hundred percent on an idea that seems monotonous while working. Innovative elements keep your business on the top of the game. The concepts and functions will differ from any established employment. 

Passion and perseverance are key to success. The problem with innovation is that it takes plenty of time and you never know when the idea will strike you.

2. Sell Dreams, Not Product

This principle refers to the innovation of marketing techniques. Keep consumer’s interests at top priority, make them feel valued. Keep upgrading your service or product according to people’s requirements. The objective of the business is to serve people with quality products that affect their lives positively.   

Steve Jobs has always seen people who buy his product as geniuses, not consumers. Your products should make your client a part of your company. 

3. No to a Thousand Things

“Jack of all trades, master of none” attitude won’t work in the business. Innovation is not about the elaboration, it is the simple approach that is organized and functional. 

Don’t stuff unnecessary elements in the product and its design. A simple approach provides optimum results, make sure to exclude processes that do not impact your business positively. 

Create Great User-Experience

Developing an expressive bond with your prospects through an innovative approach will ensure big-time user experiences for the brand and products. 

Always prioritize your prospect’s requirements and user experience. Steve Jobs delivered user-friendly products and services through the Apple Store. Apple products provide an array of customized services according to clients’ future requirements. 

1. The Combination Gives Birth to Innovation

According to Steve Jobs, creativity is always related to connecting things. This means everyone should learn things from other industries. Seeking creative approaches from other businesses helps to achieve your business objective.

The motivation for the creation needs a little momentum and can flow anywhere anytime. Steve Jobs always used ideas from other businesses and personalized them according to his purpose. He never copied a product, all he wanted was an inspiration for his upcoming innovation.

Breakthroughs usually occur by synthesizing hypotheses from various realms. Some eminent researchers like Einstein, Watson and Crick had combined two theories to unleash the cascade of innovations. 

The Apple ecosystem is an example of the present-day market. Steve Jobs brought up the iPod when the market had many digital music players. However, he combined his music player with iTunes, which made the content more accessible and pleasing to music firms. He kept up his innovation and introduced the iPhone, iPad and Siri to the international market.

2. Think Small

A small idea gives birth to a huge business. Your thought process should contain simple and apt ideas that are easy to structure and design. Every big thing has started small, Microsoft started with the software, when it was an inconsequential sector and at present, it is one of the most influential tech giants. 

The survival of the fittest is best suited for Apple. Steve Jobs transformed creative ideas into a user-friendly approach. By thinking small, you can risk downfall, but the loss will be sustainable and will encourage you to thrive in the next ordeal.

A clear vision and well-planned strategy is the key to innovation. Every business needs a touch of creativity to strive. However, the principles of innovation state the value of innovation in the long run.

Creative advertisement strategies, simple modifications to the product and slight changes in design will help you to keep up with the innovation game.