Question

What are the actionable insights for entrepreneurs from HBR’s 10 Must Reads on Innovation?

The actionable insights for entrepreneurs from HBR’s 10 Must Reads on Innovation include understanding that innovation is more than just creativity, it's a structured process with rules and best practices. Entrepreneurs should not avoid innovation due to the unpredictability of outcomes. Instead, they should develop a better understanding of the innovation process and create new rules for funding these ventures. While innovation is unpredictable, it can be measured, which can limit the risk. Entrepreneurs should also understand that by avoiding innovation, they are also avoiding potential rewards.

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Without any evidence to support predictable outcomes, many companies choose to do nothing. They assume that the current offerings of their business will continue to produce sufficient profits, so it is easier just to say "no" rather than take the risk. However, by avoiding the risk, companies are also avoiding any potential rewards that can be extracted by innovating. Companies need to develop a better understanding of the innovation process so they can create new rules for how these ventures are funded. These companies must understand that while innovating is unpredictable, it is also something that can be measured, limiting the risk.

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