7. Profitability - Deepstash

7. Profitability

This is usually what everyone focuses on. Competing ideas are always ranked by their perceived earning potential, but the answer is not always clear.

It's an innovation leader's unique job to keep an eye not only on an idea's dissemination potential and revenue opportunity, but also on the other factors discussed above.

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Leaders can choose to rely on Occam's razor. They can select the idea that makes the fewest assumptions. By choosing an idea that has the fewest unknowns a leader can safeguard against surprises and disasters.

Of course, the simplest solution may not be the most daring. A leader who promotes innovation won't always take the well-traveled road, but won't leave behind their map either.

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Can this idea become a habit or a trend? Often "stickiness" is used from the utilitarian standpoint (that is, its usability) but stickiness can also define its emotional appeal. Is the idea or prototype capable of bringing to market a product that will be driven over time by the customers' sense that it is a necessity?

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Is the prototype capable of being scaled? Can it be duplicated with consistency, meet continuous standards, and be replicated in such a way that it can be produced and produced again without constantly being reinvented or adjusted?

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Does the idea fulfill a practical need? Is it utilitarian? That is, does it answer some particular problem or meet some particular market demand. If it does, is it likely that the idea can find a market niche? The practicality, usability, and marketability of an idea are crucial.

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Is this a niche idea answering a one-time unique need or customer demand? Does the idea have some market stability over time, or is it a fad? Ideas that become antiquated before they even reach market are ideas that should be selected with extreme caution.

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Is this idea fully integrated with the organizational strategy? Often ideas and prototypes are wonderful in their own right, but outliers in the organizational strategy may not receive the organizational support necessary to sustain the viability of the effort. They will peter out. Great ideas, useable prototypes must be integrated, or capable of being integrated with the overall strategy of the organization.

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Learn Through Collaboration

The brain has an amazing way of connecting dots and ensuring we make the best use of all the knowledge we have. 

When you are out of ideas, expand your range of knowledge by speaking with others and reading extensively on other topics. 

This way, you give your brain more dots to connect and are more likely to come up with an idea. 

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You have an estimated 70,000 thoughts per day. That's 70,000 chances to build yourself up or tear yourself down.
If you call yourself names, doubt your abilities and second-guess your decisions, you'll harm your performance (and most likely you'll also be risking your physical and psychological health). But the good news is, you can change the way you think.

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Have you ever heard someone say, "I wish I had that kind of willpower ," when her friend orders the salad instead of the chicken? It's as if they are convinced some people were born with self control . But self discipline is a learned skill, not an innate characteristic.

There's no evidence that increased leisure time equates to increased self-discipline. In fact, it doesn't matter how much time you have but what you choose to do with your time, matters.

Similar to building physical muscle, your mental muscle requires intentional exercise. Over time, your self-discipline muscles can be built.

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