As a small business owner, you've probably heard about the growing need for creativity and innovation. Let's put things in perspective. Firstly, we know that franchised businesses are generally more profitable and successful. We've heard the rule-of-thumb regarding the 80/20 rule. 80% of small businesses go out of business in the first 5 years, while the reverse is true of franchises - 80% of franchises are not only still in business, but thriving.
So what do franchises get right? Good systems, and strong marketing. Do you need to be a franchise in order to have good systems? No, there's good-value help available from companies such as "Brain in a box" who focus on providing robust, effective systems for small businesses.
At the very least, reading and applying Michael Gerber's E-Myth material (on systemising the business) is invaluable to your future business success. But having good systems is only half the story - creativity, innovation or being imaginative is highly important to small businesses, and increasingly so. Research confirms that Einstein was right all along.
Imagination really is more important and profitable than knowledge. Experience, and what you know about your market, together with good systems is helpful, but new data reveals that entrepreneurial startups are the real engine of economies: