Do you know that top companies around the world achieve set goals and objectives by being just creative? A recent report by Investopedia shows that all of the world's 10 largest companies are American, with market capitalizations above $300 billion.
They are Apple (AAPL) with market cap of $785.19 billion, Alphabet (GOOGL & GOOG) –$722.77 billion, Microsoft (MSFT) – $788.55 billion, Amazon (AMZN) – $795.18 billion, Berkshire Hathaway (BRK.A) – $285.08 billion, Facebook (FB) – $398.11 billion, JPMorgan Chase (JPM) - $345.44 billion, Bank of America (BAC) – $278.53 billion, Johnson & Johnson (JNJ) – $359.92 billion and Exxon Mobil Corp (XOM) - $321.43 billion.
A cursory look at this report typically shows that 5 of the top 10 rankings are technology companies, 2 financial institutions, 2 consumer service organizations, and 1 is in the energy sector. Most importantly, most of these aforementioned companies thrive on creativity.
Let’s examine Facebook; Mark Zuckerberg started this billion Dollars Company in Harvard dormitory room. Sen. Hatch once asked Mark Zuckerberg how he sustains a business model in which users don’t pay for his service. Isn’t this partly on being just creative?
Let’s even examine Uber (though not in the top 10); a fast growing transportation network company with market cap reportedly $120 billion. Uber, the world largest taxi company owns no vehicle. The idea and concept for Uber was born when the founders were unable to get a cab and wished they could order a taxi via an app. Today, it has led to billions of moments of human connection as with the help of technology.
Have business owners placed adequate emphasis on creativity? A report by Northeastern University shows that eighty-two percent of executives surveyed by Forrester agree that companies benefit from creativity. Among those benefits include increased revenue and greater market share.
It’s why 58 percent of respondents said they set goals around creative outcomes, and why another 48 percent claim to fund new ideas spun out of creative brainstorming. There’s just one major disconnect: Despite the perceived benefits, 61 percent of executives don’t actually see their companies as creative.
How can creativity be encouraged?
Creativity is what triggers big ideas and challenges people to think outside the box in order to invent new technology and business opportunities. Whether you’re a business owner, self-employed or employee, you need to be creative by;
- Firstly, the workplace is a crucial factor here. How safe and convenient is it? Employees’ safety and state of mind concerning workplace environment are significantly linked to creativity and productivity. You can only get the best out of your employees by providing a safe and conducive working environment.
- As many individuals are increasingly embracing entrepreneurship, there is need for entrepreneurs and organizations’ members to attend conferences and seminars that’ll challenge them to think outside the box. Remember, Uber’s story began in Paris in 2008 when two friends, Travis Kalanick and Garrett Camp, were attending the LeWeb, an annual tech conference the Economist describes as “where revolutionaries gather to plot the future".
- Get feedbacks from your employees, clients, customers and friends about your business relationship, products and services. Avenues like team meetings, customer care, informal chat with an intern, review websites etc. can get you information that could take your business to the next level. Ecommerce sites, restaurants, fitness centres, casino, cosmetic stores, supermarkets and boutiques have used feedbacks for innovation and improvement.
- Openly reward creativity and innovation in workplace. Let your team understand that there’s a reward for doing what they are told and another for thinking outside the box to solve organizational complex issues and improving existing processes, products, and services. Believe me, everyone will want to be creative.
- Implementing creativity is somewhat risky and has a high rate of failure. Hence irrespective of the outcome, appreciate and encourage employees’ contributions and mistakes to spur innovations. Failures can only spur us to go back to the drawing board and come up with exceptional ideas.
As many individual are increasingly pursuing self-employment, organizations losing significant number of talented individuals, intense market competitions and steady research on consumer taste and preference, creativity is highly needed to remain relevant and scale new and greater heights.
Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.