DATE: 09-12-2021
Dear Reader,
“Creativity is thinking up new things. Innovation is doing new things.”
Theodore Levitt
Levitt's quote aptly describes a core characteristic of family businesses: getting things done, execution. Small and mid-sized family businesses are typically known for their entrepreneurial instincts and innovative approach to solve business challenges.
In a recent visit to a factory, the promoter explained to me how every gram of recycled plastic is used to make heat insulating covers for cars and other household objects. An innovative approach to fulfill unmet needs of customers!
Family businesses sustain over years because of their entrepreneurship and innovative practices, sometimes known as “jugaad.” Many family businesses are innovators in their industries. Yet, they are also viewed as conservative and risk averse.
What does research say about innovativeness of family businesses? Can small businesses beat the large ones on being innovative?
Happy reading!
Director & Family Business Advisor
Expert academicians mention in a research study that family businesses can be innovative by tapping into their strengths. How can they build on strengths to be super innovative?
Read more …
For business growth, developing innovation ideas is critical. Is innovation only the privilege of big companies with deep pockets? How can small companies innovate and execute valuable ideas? Read more …
Our Organizational Transformation consulting focusses on developing a culture of innovation, entrepreneurship, and governance across the organization. We offer customized services and workshops to build innovative mindset and practices for promoters and management teams. To know more about our consulting services, workshops, and coaching, call us on +91 9167 353858 OR write to Dr Mita Dixit on mita@equationsindia.com
