The Innovative Manager (IM) is good in maintaining functional stability of their business. They are also good at inducing its growth. Furthermore, they are good at foreseeing potential risks from introducing innovation in their business. Even in a high-risk business, they strive first and foremost to achieve the results they have planned for. The Innovative Manager persistently puts his or her plans into action while considering possible complications and alternatives. They encourage creative thinking in a group and have little use for those who need instructions.
The Innovative Manager’s impatience with those who postpone making decisions can be a drawback. The Innovative Manager shows their annoyance openly, and sometimes that can make their associates feel hurt and disrespected. The Innovative Manager may run into difficulties when they need to find a way out of unconventional or risky situations.
The largest comfortable business magnitude for the Innovative Manager type: Medium
Necessary Steps for Success in Your Business
As a rule, the Innovative Manager actively and persistently strives for success. They know how to set practical goals and how to reach them on time. However, their perfectionism takes away from their time and resources, and sometimes slows down the dynamics of their business development.
As an Innovative Manager, you easily analyze a given situation. You know that your goal should be precisely defined before you begin working towards it. You should define and assess the various ways of accomplishing it. Then, you should choose the most appropriate method. It is a good idea to weigh the positive and negative consequences of achieving your goal before you take action. If, as a result, you decide that the goal is worth pursuing, then implement your plan decisively. You should do this quickly -- if you procrastinate, various circumstances can slow down or stop your goal-completion efforts.
Businesses typical for the Innovative Manager may or may not be local. Therefore, it is very important to advertise using mass-media agencies that can reach the largest possible audience. Various Internet advertising tools are very useful for this purpose. For example, sending solicited commercial emails to professionals and other customers is a valuable practice. It is also highly beneficial to keep in contact with potential customers through mail, telephone, or other means of communication.
Make sure to carefully analyze consumer needs. This way, you can design your advertisements to target these needs. As well, professionals’ referrals and recommendations are essential for your business’ success, so make sure to use them in your advertising. They can seriously impact customer decision to buy your product; in many cases, they have no other way of judging its quality. Always be in contact with your customers, and send them catalogues or samples of your latest goods.
It is also important to create and support your business brand. Give your business a name that reflects your own name, or one that expresses the essence of your company. Develop a logo or a picture that represents your business. Create and broadcast advertisements. Give away branded pins, fridge magnets, and similar promotional items to your prospective customers. Remember that low sales may be a result of customer's lack of awareness about the product. Therefore, you should continuously promote your goods and carefully analyze customer feedback. This will help you determine whether the low demand is caused by insufficient advertising or a shortage of product.
Try to personalize your relationship with your customers. Make sure they feel that you are selling your product to them personally, considering their specific wishes and demands. Be careful not to push your product too insistently when talking to potential customers. However, it is good to point out your product advantages and why it would be especially useful to them. Offer customers an additional service free of charge. Paying attention to details like these is vital - it will make your customers happy, will encourage repeat business from them, and will lead them to recommend your company to others. Keep in mind that there are many ways to show your interest and friendly concern for your customers. These include sending them small gifts, giving them useful advice about your product, and inviting them to special events.
As an Innovative Manager, your potential for success is not limited to starting a new business; you can also succeed when purchasing an established one. However, it is often advantageous for you to acquire a running business. Buying a business means acquiring its existing contacts and contracts with suppliers and customers. For a newcomer in the field, this translates to significant financial savings. As well, a newcomer is usually unfamiliar with local customs, which can be a serious obstacle to starting a business and acquiring customers. Acquiring an existing enterprise allows you to bypass this obstacle.
You should carry out a thorough market survey to evaluate the sales potential of your goods or services. You need to become familiar with the expenses and income of companies that produce products similar to yours. It is also useful get opinions from experts in your field. You should only make decisions about the needed quantity and overall necessity of investments after thoroughly considering their advice. Consider the possibility of a partnership to expand or update your enterprise. If you are considering significantly expanding your business, then it may be advantageous to partner with a Business Leader.
Businesses Favorable for the Innovative Manager
The Innovative Manager who successfully runs a business can be found in (but not limited to) positions such as:
- Insurance agent
- Commercial sales agent
- Wholesale dealer
- Restaurant owner
- Small shop owner
- Travel agent
- Rental property owner
- Small print shops owner
- Farming or greenhouse business owner
- Hairdressing salon owner
Complete the Entrepreneur Quiz and get the premium version of the results including:
- Your “exact” (=most likely) entrepreneur type.
- Examples of franchises favourable from your entrepreneur type standpoint.
- If applicable, what kind of business partner, in terms of his or her entrepreneur type, you can benefit from partnering with, and examples of occupations for such partnership.