A 2023 survey by the Boston Consulting Group (BCG) found that more and more businesses are starting to see the benefits of innovation, with 79% listing it as one of their top three priorities. Joining us on today’s episode of The Small Business Show is Lisa Bodell, CEO of FutureThink, Author, and Keynote speaker. Bodell has appeared on CNBC, Bloomberg, and NPR, and she has spoken at TEDx events.
Although Bodell has always been creative, her entrepreneurial journey began with “strategic luck.” After graduating from business school, Bodell entered the advertising industry before leaving to teach others the business of how to be creative.
1. “Every entrepreneurial journey is different, but we all face the same struggles,” asserts Bodell. That challenge is innovation, or the ability to adapt to ongoing change or “proactive obsolescence,” which is a crucial skill for entrepreneurs seeking change.
2. Innovation is getting entrepreneurs to embrace change and challenge their assumptions. Hence, entrepreneurs and business owners must create an environment where their team can feel safe around the assumptions of work. For example, innovation is challenging the assumptions of how work gets done. “As long as people can challenge the barriers around how you work, you’ll be able to innovate,” says Bodell.
3. One of the biggest things that hold entrepreneurs back is fear. Fear and stubbornness limit a company’s ability to innovate. Nonetheless, staying up to date with market trends both domestically and internationally is one of the few things people can do to adapt to the times.
4. It’s vital entrepreneurs discover ways to better spend their time, and the first step is to eliminate things that prevent them from focusing on valuable work.
5. The second thing entrepreneurs can do is to become more selfish with their time. “Entrepreneurs need to put conditions around their time,” asserts Bodell.
"People will always tell you why you can't accomplish something, but taking risks is the essence of being an entrepreneur." – Lisa Bodell