Saturday, October 26, 2013

Characteristics of successful innovators

They're not who you'd think - "they're not lone geniuses, risk-takers, or college dropouts". Interesting article from HBR's blog - their characteristics:

  1. An opportunistic mindset that helps them identify gaps in the market. Opportunities are at the heart of entrepreneurship and innovation, and some people are much more alert to them than others. In addition, opportunists are genetically pre-wired for novelty: they crave new and complex experiences and seek variety in all aspects of life. This is consistent with the higher rates of attention deficit hyperactivity disorder among business founders.
  2. Formal education or training, which are essential for noticing new opportunities or interpreting events as promising opportunities. Contrary to popular belief, most successful innovators are not dropout geniuses, but well-trained experts in their field. Without expertise, it is hard to distinguish between relevant and irrelevant information; between noise and signals. This is consistent with research showing that entrepreneurship training does pay off.
  3. Proactivity and a high degree of persistence, which enable them to exploit the opportunities they identify. Above all, they effective innovators are more driven, resilient, and energetic than their counterparts.
  4. A healthy dose of prudence. Contrary to what many people think, successful innovators are more organized, cautious, and risk-averse than the general population. (Although higher risk-taking is linked to business formation, it is not actually linked to business success).
  5. Social capital, which they rely on throughout the entrepreneurial process. Serial innovators tend to use their connections and networks to mobilize resources and build strong alliances, both internally and externally. Popular accounts of entrepreneurship tend to glorify innovators as independent spirits and individualistic geniuses, but innovation is always the product of teams. In line, entrepreneurial people tend to have higher EQ, which enables them to sell their ideas and strategy to others, and communicate the core mission to the team.

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