It is true that entrepreneurs approach business in different ways that sometimes question the status quo. Some daring ones take it a step farther by integrating radical ideas that project the business to unfathomable success. Despite the risks, they strive to disrupt their industries. They make disrupting changes that embrace a new business paradigm.
Oladele Fajemirokun, a Nigerian billionaire, exemplified this when he took a calculated risk on a company that later yielded $11 million, making him a billionaire at age 29. The fact is that a business will get to a stage where traditional ideas will not work, hence the need for radical approaches.
Here are some radical ideas that will project your business to success.
Key into the power of side hustle
Instead of confining to a single business idea, you can also try offshoots, spinoffs, and side businesses. However, you shouldn’t start it because your core business isn’t doing well but to serve as buffers. This is because it is critical to have financial and mental shields to avoid being thrown off by the unpredictable obstacles of new businesses. They are essential pillars of financial foundation, paving the way for business sustainability.
Otedola, an oil mogul, started with a couple of trucks distributing to customers. He saw the potential and expanded into other businesses.
Make your employees feel like a king
To some, this may sound crazy. Henry Ford, the inventor of Ford Motors, was termed crazy when he increased his employees’ wages from $2.34 to $5 per day. Although this did not sit well with the stakeholders and investors, he did not yield. The only thing that happened was he smiled at the bank at the end of the year when the company generated $60 million compared to $30 million in the previous year.
Make your customers feedback golden
Customers are crucial to your business growth; thus, treat their feedback like gold. Meaning you need to consider their input for your business to succeed. Hence you must adopt their feedback as this might be the catalyst for your next big business win.
Promote innovative ideas from employees
When it comes to mastering radical innovation, collaboration is key. Consider your employees as an unexplored source of industry-changing ideas. Therefore, don’t stifle innovation at the top of your organisation, and don’t confine it to your employees. Make innovation a priority by opening channels of communication across all departments. Encourage employees to engage in the innovation process by inviting them to share their views and ideas. Ensure you get input from your customers in the process. This is because they interact with your product, and their requests for new features or corrections are suggestions for new products.
Sometimes, success entails failure. “Practice makes perfect,” as the cliché goes, appeals to many aspects of life, including business. You will most likely fail before mastering your processes and systems as you embrace radical ideas. This is good as failure is the real way to success. Instead of succumbing to disappointment or fear of failure, learn from your mistakes and keep going forward.