How Small Businesses can Innovate

Source: Entrepreneur.com
URL: http://www.entrepreneur.com/article/229393

This article is from 2013 and was written by Richard Branson on how even small businesses can innovate and make a name for themselves.

First "Find something people want, then do it better" So finding a need and making a product that satisfies that need.  He uses an example of a food truck vendor who opens a restaurant and then franchised that restaurant.   I actually know someone that did something similar.  He started with one food truck selling Taco's and now he has at least seven or eight in the DC area.  They provide a better product than most everyone else that sells it, so they are able to grow.

Second  "Take the old and make it new again"  Find a new use for an existing product in such a way that no one else on the market is doing.  I think this is where a good portion of technology is at these days.  Many products are not necessarily innovative and new, they're using older technology ideas and applying it in new ways.

Third "Tell customers about the purpose behind your product"  I think what he means here is have a good story to go along with your business.  From what I have seen many natural based products use this methodology.  Tell the customer why your product was created to protect, enhance, the environment and you have a good platform to start with.

I think these three are fairly simple methodologies that some businesses use and many overlook as being too basic, but according to Richard Branson (Net worth just shy of 5 billion) they do work.