Millions of young Americans are experiencing a “quarter-life crisis.” They understand that the economy and the nature of work have changed forever. Talent today want more bang for their buck. They want to leave a mark, make a contribution, have a purpose. In short, they’re seeking a calling more than a career. They crave meaning, autonomy, and exploration. Managing one’s vocation successfully is no different than managing a business. And that’s why the contingent workforce has the power to[...]
Back in June, following the tragic collision of a U.S. warship with a merchant vessel near Japan, we discussed the attributes of strong leadership. The Navy’s openness and decisive action in investigating the disaster provided a compelling example. In this hyper-socialized and visible era, leaders aren’t just the guiding voices or visionaries behind an organization, they are the brand. Maintaining trust and establishing a thriving foundation are essential to attracting customers and talent. So when SpaceX CEO Elon Musk publicly released a blooper reel of exploding rockets on September 14, many questioned why he would showcase the company’s failures. Ultimately, in doing so, Musk demonstrated transparency, accountability, and his commitment to innovation. As business leaders, this is an attitude we should also embrace.
Last week, I dedicated my post to the rewards of innovation, because it’s one of the most critical conversations we should be having in the business community. To remain competitive, companies need to keep innovating -- solving problems and delivering value. And that means we must start treating innovation as a business discipline, not just a strategy or buzzword.
Regardless of industry or the type of enterprises we lead, we’ve found ourselves standing at the threshold of a dynamic business evolution, where innovation is steadily rising as a new form of capital. The advances we’re witnessing in exponential technologies and digital transformations have ushered in an era full of exploration, curiosity and boundless possibilities. The challenge, however, is defining a nebulous concept like “innovation.” What does it really mean? There’s a difference between innovating and merely inventing. Without addressing a real need or solving a problem, an invention falls short of innovation. Even if you have a genuine innovation in your wheelhouse, the burning question inevitably becomes: how do you capitalize on it? This is the dilemma that haunts business leaders who wonder whether they’re developing the right solutions for customers and if those breakthroughs will generate revenue. For anyone who’s stumbled into that quagmire; there are answers. You can reap big rewards from your business innovations when you follow the money.