being informed and knowledgeable on a wide range of topics and researching works done by predecessors. In a study done by Ko and Butler in 2007 it was found that entrepreneurs who build their work on experience and education while using family, friends and acquaintances to attain information about trends, and whom remained alert whilst actively searching for new opportunities, were more successful. Such research would lead to a unique way of doing things, especially when linked with strategic planning.

value to a target market. In business it should result in an improvement in the efficiency, productivity and economic viability of the organisation. The increased knowledge gained from innovation should lead to an improvement in the financial performance of the firm. Scholars such as Beugelsdijck, Cornet, Roper, Du and Love contend that innovation has to remain a focus in order to remain globally competitive. It is a recursive process of gaining the knowledge to undertake innovation and then to transform

Business innovation is a process of creating

this knowledge into new products, services, processes or technologies. This process is termed ‘the innovation value chain’ – a process of which the various steps are bound together with knowledge.

entrepreneurial training was cited as the main reason for the poor entrepreneurial success rates in South Africa. A true entrepreneur or business owner would not wait upon formal training but find readily available sources of information, such as customer requirements, employee input and literary research. Customer involvement is the most valuable input when developing new products. Management involvement in continuous development of innovative alternatives to service customer needs enhances the organisation’s chances of success. Research can no longer be left to scientists and developers.

revenue opportunities, no matter what area of business you are in. Financial investment in research and development and new product

Innovation should be used to create on-going In the GEM report of 2006, a lack of

About the author: Frances Wright is the MD of Trinitas Consulting - a supplier specialising in creating profitability through the integration of communications, marketing and operations. An entrepreneur herself, she has had 16 years experience in the communications industry and with a BSc Industrial Technology and Management (Honours) and an MBA, she specialises in the operational health of companies, assisting them to create sustainability. She is currently doing her PhD on the Effect of Processes on Business Success.

Issued by Trinitas Consulting (Pty) Ltd: For more information contact: Lee Wanless Trinitas Consulting 011 262 2814 lee@trinitas.co.za www.trinitas.co.za

“It’s easy to come up with new ideas; the hard part is letting go of what worked for you two years ago, but will soon be out of date.” – Roger von Oech

September 2011 | Management Today 77