Advice From the Pros: Key Lessons You Can Learn From These 9 Innovative Businesses
Around 20 percent of businesses fail in their first year of opening. Even more businesses fail between five and 10 years of opening.
If you are about to start a business it’s important to gather as much advice as possible. You need to know how to plan, how to create a marketing strategy, how to distribute your product, who to hire, and more.
There’s so much that goes into a business in order for it to be successful. This is why it’s important to look at key lessons from innovative businesses.
You can take their strategies and implement them in your business. Here’s a look at key lessons you can learn from nine innovative businesses.
1. Apple
One of the most innovative businesses is Apple. If you want to start a successful business, you need to take some cues from Apple.
They stand apart from the competition because they continue to revolutionize products. They hold the industry standard when it comes to creating new iPods, iPhones, or iPads.
They’ve changed how people talk and use their phone. Part of what makes them great is that they continue to innovate. They usually come out with a new device every year that’s better than the year before.
2. Amazon
Amazon is another successful business that can show how it’s possible to be successful. They are always innovating by empowering their employees and not being afraid to fail.
They want their employees to contribute ideas to Amazon that can help the business continue its growth. It’s a culture that empowers each other, learning that ideas can come from anyone, not just the leaders of Amazon.
3. Facebook
Facebook is another business you can learn a lot of lessons from. You can learn how they have continued to adapt and stay relevant when other social media platforms have emerged.
One of the ways that Facebook stays relevant is providing a marketplace, a way to be involved in groups, and an opportunity to advertise on Facebook.
Facebook is more than simply a social network, it’s a place that is perfect for people and businesses. It caters to multiple audiences.
4. Twitter
A lesson you can learn from Twitter is how it caters to audiences by providing real-time information.
Twitter understands the value of providing information instantly from different sources. They know how to appeal to multiple audiences and how to get consumers involved.
5. Tesla
Another business that you should consider taking lessons from is Tesla. Similar to Apple, they are also the leader when it comes to producing innovative products.
Tesla designs electric cars that are considered the fastest as well as the safest vehicles on the road.
Tesla knows how to appeal to a market that is looking for reliability and safety. Consumers want vehicles that are environmentally safe.
6. Netflix
The best lesson you can learn from Netflix is the ability to create new content and appeal to consumer’s needs.
Before Netflix, people had to stop at a rental store to find a video or tv show to rent. Netflix revolutionized the industry. They made on-demand shows.
They created instant content without having to wait for a new episode to come out each week. Another lesson you can learn from Netflix is their ability to disrupt the industry.
While your business doesn’t have to disrupt anything to be innovative or successful, it does give you a major advantage if you can figure out how to zig while everyone else is zagging.
The most important lesson to learn from Netflix is its ability to make things easier for the consumer. They gave people something to watch at home without having them leave.
7. Nike
Another lesson you can learn is from Nike and how they enhance their brand. Their brand is about equality and showing what you can do when you wear the Nike brand.
It’s about how their investment in technology allows them to create a shoe better than any other brand.
When you look at your own business, you have to figure out what makes you different, like Nike. You have to figure out your unique value proposition that is going to make your brand stand apart from other businesses.
8. Uber
Uber is a great example of giving people a job. They are a great example of taking a simple idea and making it profitable.
Their idea is to take anyone who can drive and make them a taxi driver for others. You don’t need any particular skills except how to drive safely.
The lesson you can learn from Uber is that you don’t need to have the most complicated idea to start a profitable and successful business. All you need is a simple idea that is going to help make people’s lives easier.
9. Coca-Cola
The final lesson we’ll look at is from Coca-Cola. They are an example of how a brand continues to expand after they’ve found success.
While their most popular drink might be their soft drinks, they also have a selection of teas, coffee, and zero-sugar drinks. They have a variety of drinks that allows them to be even more successful.
If you want to build a business, you have to consider the different ways you can serve customers as Coca-Cola has.
Conclusion
If you want to start a successful business it’s great to learn from innovative businesses and leaders. They can show how they’ve built successful businesses by doing little things that have helped consumers.
When you implement these lessons into your business, you’ll learn that it’s not the most explosive idea that makes a business successful, it’s the little things that have a huge impact.
If you’re ready to start your business, take the next step and find a name for your business using our Free NUANS Preliminary Search.
