Innovation mindset

Published March 30, 2019, 12:00 AM

by manilabulletin_admin

Flor G. Tarriela
Flor G. Tarriela

“Entrepreneurship: Starting an Enterprise, Having an Innovation Mindset” by my favorite couple Josiah and Chiqui Go is an excellent book on Entrepreneurship, a must read especially for those wanting to start a business and even those already in business.

Best selling author Josiah is a well-known entrepreneur and marketing guru. A typical Chinese, business oriented with natural risk appetite while Chiqui, a Filipina, grew up risk averse. However, with Josiah’s personal mentoring, Chiqui is now a successful entrepreneur, the vice chair of Waters Philippines, (the market leader in home water premium segment), the president and CEO of Mansmith, an advocacy-based leading marketing sales training company in the Philippines. She is also the Chairman of the Women’s Business Council. The classic example that entrepreneurship can indeed be learned.

Presidential Adviser Joey Concepcion always emphasized the importance of the 3Ms of entrepreneurship in GO NEGOSYO which are Money, Market and Mentorship. Sec. Ramon Lopez expressed delight that Josiah and Chiqui in their 12 Ms embedded the 7Ms that the Department of Industry (DTI) follows in supporting the micro, small and medium entrepreneurs. The 12 Ms are the ff:

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The unique book about entrepreneurship and innovation, has the 4-Gate Model of Prosperity: the need for Preparation, Marketing, Execution and Self-Leadership. “The entrepreneur is a business owner who invests his resources to bring an idea to life, setting the direction that makes things happen and adds value. Entrepreneurs are often described as innovators or creative minds that can make things happen.”

“Innovation is about making a new idea come to life profitably.” In innovation, there are two (2) elements present, it is new and a critical mass of people willing to pay for it. It targets customers and non-customers willing to pay for solving or removing the pain points. The innovator “is a person who introduces a new process, product, service, business model to the market place that becomes commercially successful”.

Generally, we ask the usual questions “who? what? and why? to create new value, theinnovator instead ask, who else? what else? and how else? to challenge current thinking and expand possibilities.” Josiah and Chiqui said that “No innovation can happen unless there is a(tension) and why these are important.”
What are the competencies of an Innovator? Creativity – forming a mental image or new idea about the future. Critical thinking – offering unique ways to solve defined problems. Collaboration – developing relationships with the right partners to attain objectives; and Communication – engaging stakeholders such as owners, clients, management and staff to understand and embrace your message.

How can we Improve Creativity and Be an Innovator? Creativity creates new ideas, from which ideas hopefully one or some becomes profitable. Josiah and Chiqui encourage us to try some if not all the following practices to help remove blind spots, break the familiarity bias or cognitive fixedness mindset:
Knowledge Update. Read a lot especially on different topics. Attend seminars, workshops and even online browsing.

Process. A sequence of steps to attain new ideas. Converse with experts on divergent views, think like a child, be curious and ask a lot of questions. Probe deeper, ask why, what are their motivations? And take a rest and recreation for a well-rested mind welcomes ideas with clarity.
Reflections. Focus and do serious thinking about a particular problem to increase creative proficiency. Be open minded to listen to the ideas of others.

Experiences. Travel to observe something new in other places, even attend plays and theaters.

For those who like to see more innovation, Josiah and Chiqui suggest to start recruiting non-conformists with uncommon sense instead of the people with same skill sets. And companies should also ask themselves if they are inhibiting innovation. Do you know that protecting financials is a major reason why market leaders freeze when it comes to innovation? Some others frequently cited are: complacency culture, status quo, conservative attitude, arrogance and pride, operational issues and lack of vision etc.
There are many other ideas and business models to learn as it shares enterpreneurship that creates insight-driven innovation or Innopreneurship. Thank you Josiah and Chiqui in helping transform the Philippines to a land of prosperity with your book!

Law Asia Business Conference

Congratulations to the very successful Law Asia Business Conference with the theme “Keeping Abreast with Asian Business Law Developments” held March 14-17 at the UP Bonifacio Global City. Law Asia is a regional association of lawyers, judges, jurists from over 40 jurisdictions. Organizers were the Integrated Bar of the Philippines headed by President Dan Fajardo and incoming President Egon Cayosa. From Law Asia Philippines headed by President Ed Tarriela with top notch lawyers Raoul Angangco, Al Ancheta, and Lew Llanillo. UP President Danny Concepcion was luncheon speaker. Some of the topics and speakers/moderators were: Climate of Business is Changing, Are You Keeping Abreast? (ADB’s Arum Ahsan, Briony Eales, Rafael Bueta, Cecilia Sicangco); Data Privacy Protection. (Gordon Hughes Australia, Sunil Abeyaratne Sri Langka); Anti-Trust and Competition Law. (Francis Lim Philippines, Anastasia Skovpen Russia); Blockchain Ecosystems and the Way Forward. (Jeff Leong Malaysia, Yuri Suzuki Japan, Jenny Yoon South Korea); Cross Border Investments. (Robert McDougall Australia, Robert Rhoda HK, Prashant Kumar, India); Infrastructure Projects in Asia-China Belt and Road Initiatives and the Philippines Build Build Build Program. (Mike Toledo Philippines, Zhang Tianyl China) etc.
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Ms. Flor GozonTarriela is the Chairman of Philippine National Bank. She is former Undersecretary of Finance and the First Filipina Vice President of Citibank N.A. She is Go Negosyo 2018 Woman Intrapreneur Awardee. She is a FINEX Foundation Trustee and an Institute of Corporate Directors (ICD) [email protected]

 
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