The PEP model of successful entrepreneurs and innovators
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Research has shown that innovators and entrepreneurs don't take more risk than the average person. However, they are more comfortable making decisions in uncertainty.
They have a set of skills that allows them to navigate in uncertainty. These skills can be learned and practised by anyone to improve their innovation skills.
Risk analysis is a rational and calculation-driven process, while uncertainty triggers the fight-or-flight response. Innovators don't ignore risk. They are able to maintain their analytical capabilities in the face of uncertainty.
Uncertainty and change can create opportunity and a need for innovation.
The pandemic has revealed many problems that are ripe for innovative solutions. Practices that were until recently on the fringe of acceptance are now accepted by mainstream society, such as telehealth, food delivery, e-sports, and online education.
These skills can be learned through a combination of guidance, practice, and experience.
Steve Jobs' iPod is an example of great innovation. The iPod was not the first portable music device, neither the first device to put hundreds of songs in your pocket. What made Apple innovative was that it combined elements in a single device.
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