Written by: Priya Bains, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
There is a common pastime on social media. I call it hating billionaires. The essence of the argument is that billionaires destroy the economy, jobs, communities, nature and democracy. That likely covers almost everything, and if you want to read more, you can view the original article here.
From another perspective, billionaires are innovators. As a result of their innovative thinking, they attract resources that many perceive to far exceed anything they deserve.
As a counterargument, billionaires move the world forward by solving problems in ways they think are best based on their current perspective and knowledge. In general, innovators are imperfect people willing to test and iterate as they learn more about their customers and the impacts of their innovations on the broader environment.
The 8 Types of Innovation Used By The Wealthiest People in the World!
There are 8 types of innovation companies can access to improve results. These include improvements to products and services, processes, technology, business models, marketing, architecture, and social interactions. Most business owners will innovate in almost all these areas. Some aspects of innovation will stand out and define the innovator, product, or brand.
Elon Musk has helped found or owns Tesla, Hyperloop, SpaceX, Neuralink, Paypal, The Boring Company, OpenAI and Twitter. He’s innovating transportation on Earth and in space, knowledge sharing, and how we communicate. His companies provide multiple examples of innovation including architecture reflected in The Gigafactory in Texas and the infrastructure required for Hyperloop.
Jeff Bezos created a new business model with Amazon. Minimally, this involves innovation in technology, marketing, service, and delivery processes to constantly improve customer service and speedy delivery.
Steve Jobs created Apple Computers and iPhones, innovating product design and architecture at Apple Park or the Apple campus and Apple stores. This moves beyond product and architectural design to social and marketing innovation.
Bernard Arnault, though more of a businessman, has contributed to innovation in the ever-ubiquitous luxury goods market. He’s associated with Louis Vuitton, Hennessey, Marc Jacobs, Sephora, and Christian Dior. Here the primary innovation strategies were likely tied to products and marketing via celebrities and social media influencers.
Warren Buffet defined an innovative strategy for investing which appears to have served him for well over 80 years. His strategies are likely tied to process or investing strategy, with value investing.
The Innovative Mindset
These billionaires demonstrated an innovative mindset by taking risks to do things differently and demonstrating persistence as they built businesses over the decades. They created products and developed business models and strategies that previously did not exist. They changed paths and entered markets they likely had no business entering based on their most evident skill sets. They took risks with a 1% chance of success and became the 1%!
They didn’t allow the belief “I can’t because…” to hold them back. They kept finding new ways to achieve their desired outcomes because they were and still are obsessed or perhaps possessed by their creative drive and talents.
They had the qualities required to successfully innovate. Money, perhaps too much money, was a result.
One can argue that they have too much and how unfair it is, or choose to follow in their footsteps and innovate. Traditional jobs are limited in the growth and opportunities they can provide but, if approached with an innovative mindset, traditional jobs can provide opportunities, networks, skill sets, and income to invest in riskier innovative endeavours.
As a business owner, you must decide if you will follow the crowd or innovate.
What are the characteristics of innovators, and how to demonstrate an innovative mindset?
In the animal kingdom, innovative behaviour is biologically wired to promote survival. Innovate behaviours differ depending on the species, but many behaviours have characteristics that parallel humans.
Animals that innovate are typically social outsiders and of lower social standing (meaning they tend to lose fights and have less access to resources). They’re also more open to exploring new social environments and unfamiliar objects and persist in their actions.
The most interesting part, when an animal finds a solution to a problem, other animals from their species will mimic it to access the same resources. They will all conform to a solution that is the most popular within the group, even if other solutions are available.
Let’s pull back and connect this to human innovators and billionaires. Some of you have likely already made the connection.
Billionaires are typically the outcasts and “nerds” willing to take impossible risks and persist until they discover solutions that gain access to resources.
Once the solutions that provide access to resources are found, the public will conform to a solution or pattern of behaviour that will grant them access to those resources. In our economy, this typically means exchanging money for goods or services, ultimately creating billionaires.
Two solutions that lead to innovation.
First, innovate, follow that hunch, take the 1% chance, and go after a solution that appears impossible to solve. You may solve it, and you may not, but you will learn skills and potentially find a new innovative path. You may even get that much closer to becoming a millionaire or billionaire.
Second, use self-awareness and become a social engineer or innovator concerning your behaviour. If you dislike billionaires, notice when you are conforming to fit in. Be brave, approach new territory, persist, and don’t worry about being a social outcast because of what you do or do not possess. Instead, follow your path and innovate.
If you're a business owner and need help removing the creative chaos so you can innovate to scale your business, I've created a complimentary training to get you started! Click HERE to register.
Priya Bains, Executive Contributor Brainz Magazine
Priya Bains is a seasoned consultant and coach with over 20 years of experience, a Ph.D in Industrial Organizational Psychology and a Bachelors in Clinical and Biopsychology. She helps creative business owners innovate and scale their businesses with ease by incorporating research-based practices in motivation, goal-setting, creativity, productivity, and team and leadership management. Priya's approach is designed to minimize friction and overwhelm, ensuring her clients reach their goals with confidence.
