26. The Law of Innovation

All breakthroughs in business come from innovation, from offering something better, cheaper, faster, newer, or more efficient in the current marketplace.

In Peter Drucker’s book Innovation and Entrepreneurship, he discusses the seven major sources of innovation in business. He explains several ideas you can use to make innovation a way of life, both for yourself and for your business.

The two major sources of innovation, according to Drucker, are unexpected success and unexpected failure. In the case of either, you must carefully analyze what happened to determine if a potential breakthrough has occurred.

The “tip of the iceberg” theory of critical thinking is especially helpful in examining successes, failures, or ...

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