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Four great innovations show why ideas are key to business. Everything else is ancillary
Peter Drucker claimed that any business had only two primary functions: marketing and innovation. I would extend that contention to not-for-profit organizations too. Essentially, anyone who is selling anything is in the business of generating ideas, then promoting them. The rest is mere details.
Let’s be honest. Many, perhaps all, of our innovations come from flashes of sudden inspiration. I seem to get an enormous number of such flashes on awaking in the morning, which tells me that my mind has been hard at work all night while I slept. Entrepreneur Joe Cossman was an unbelievably productive innovator who thought of so many products that it was a miracle he found the time and resources to pursue even a small percentage of them. But somehow he exploited enough to become extremely wealthy. Similar to Drucker, he worked mainly alone as a one-man band. Most of his innovations probably made him a million dollars or more every time he introduced one. A few failed. Yet his innovations’ success rate and his productivity were both excellent. The Cossman Ant Farm was one of his most successful and best known efforts…
Via David Hain
