Stephen R. Balzac is known as “The Business Sensei.” He is the president of 7 Steps Ahead, LLC, a consulting firm specializing in helping businesses to increase revenue and build their client base. Steve is also the author of The 36-Hour Course in Organizational Development.
Steve believes most companies are not prepared to innovate and thwart smaller, faster competitors.
Steve says there are 4 traps to avoid if a company is to remain innnovative: 1) perfection 2) protecting existing markets 3) identity trap and 4) creeping box (ie. thinking too much outside the box).
There are 4 keys to innovation: 1) continuous education 2) make mistakes 3) take breaks for strategic thinking and 4) be patient.
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