How Confidence Drives Innovation

by | Nov 3, 2021 | 0 comments

Being an entrepreneur demands a certain level of confidence and maintaining that confidence is an everyday struggle. Add to this the desire and ambition to hold oneself accountable while also being a business success can be very stressful. Thankfully, 4M Performance is well equipped to actively encourage its clients with initiatives and support to help them overcome their fears and build sustainable businesses.

It is surprising how many companies change course and pivot to a new path. In fact, being able to change direction should be a constant in any well-managed business.

Pivoting means thinking about where the future growth of the business is going to come from 

Timing Is Everything!

When you decide to innovate, what is the right time? Pivot too soon and you might not have had time to consolidate your new initiative. Too late, and the idea may not be salvageable. A new idea for a product or service might suddenly arise or a great opportunity to enter a market pop-up.

The first step when considering a pivot (particularly one based on innovation) is to evaluate the opportunity. Is the opportunity real? And, just as importantly, how much investment should be budgeted for this new endeavor?

Effective leaders need to be able to commit to innovation while remaining flexible with its implementation. It’s about finding the sweet spot of daring and humility.

Categories: Business Tips

By Jim Lavorato

Jim Lavorato is the founder of 4M Performance which is designed to assist businesses to survive and thrive in these uncertain times. Jim launched an entertainment-related company in 1988. He was at the forefront in cinema technology and helped spearhead the movie industry's transition to digital presentation and distribution. He also co-founded the Arboreal Group, an environmental consultancy. He has published articles on the motion picture and media industries and is a contributing editor for ScreenTrade magazine and writes a blog "Cinema Mucho Gusto". He is a certified SCORE Mentor in the SCORE Greater Phoenix Chapter and lives in Scottsdale, AZ. Learn more about Jim in his "About" page.

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