We live in an era of great possibilities. Digital platform technology allows enterprises to quickly offer and deliver attractive business propositions in the marketplace. Creative working relationships between parties fuel profitable business outcomes. Ideapreneurship™ can bring you and your client to a higher level with better business outcomes.
Value of contracts
Contracts are ultimately used by parties to outline the order, a stated intention, to engage in a commercial transaction for specific products or services. From a buyer's point of view, it expresses the intention to buy, and is called a purchase order.
Contracts are legally binding documents that defines and governs the rights and duties of the parties to an agreement. A contract is legally enforceable because it meets the requirements and approval of the law. Parties must reach mutual assent. Contracts are widely used in commercial law, and form the legal foundation for transactions across the world.
Does the contract also symbolize the formation of a working relationship, as in some cultural groups such as in Japan, rather than just a legally binding agreement? Good faith in human interactions during the working relationship is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. Is there an option to generate fresh business ideas, beyond the contract?
The benefits of good faith in human business interactions
With faith, you feel as though you are not alone, but working closely with colleagues and clients. Passion and daily action lead to purposeful business propositions in life. If you don’t have passion or daily action, you are missing the drive to live a meaningful business life and to foster the art of possibilities. With so many variables and unknowns, faith helps us have patience, understanding, and optimism - qualities that lead to ideas for productive solutions.
Creative ideas for business solutions
New ideas are the result of creativity. Creativity is the driving factor, changing the world into a better place: “transforming lives and inspiring change”. New innovative products and technology allow people to be a resident of meaningful and sustainable environments.
Learning how to apply creativity is perhaps the most important personal development. Understanding each other’s situation is vital to create sustainable neighborhoods.
Creativity is a skill everybody should use, it belongs to a person, and it is also a result of human cooperation and interaction. Think “Out of the Box” and invent new ideas, analyze these and make new connections. Dare to take risks and make mistakes.
Creative capabilities don’t only belong to an artist. Creative momentum can be used in everyone’s career in multiple industries: taking time, creating the space and time for letting the ideas come, the power of the unconscious mind making up untried views.
Therefor, creativity also means the ability to produce products and technology, which are both novel, original, unexpected, and appropriate. Use creative knowledge, skills, and social competences to create new sustainable business; add creative attractiveness to enterprise value chains, start - and scale up businesses.
Distinguish between creative persons, processes, and products. Regularly evaluate person, process, and product results. Apply self-evaluation and do peer assessments.
1. Creative people:
- Are highly motivated
- Have fun to create new things
- Persevere and concentrate
- Use imagination to create ideas
- Realize ideas using craft knowledge and skills
- Work together
- Have the power to express and inspire others
2.Creative process iterations:
- Look around
- Start with the problem, not the solution
- Research and diverge: try, experiment, discuss, brainstorm
- Execute and converge: set selection criteria, select the right way forward, verify, assess, and reflect
3. Creative products:
- Are innovative
- Are usable and recognized by experts in the relevant field
- Relate to the context of the relevant domain
- Only ideas are not enough, ultimately successful implementations count
Ideas are the beginning; in a popular sense, an idea arises in a reflexive, spontaneous manner, even without thinking or serious reflection. No matter what people tell you, ideas can change the world. Eleanor Roosevelt stated, “Great minds discuss ideas; average minds discuss events; small minds discuss people.”
Bringing ideas to life is the real innovation challenge. There are several management gurus describing how to do this. An example is a simple thousand-point model to value ideas; it also applies to the energy consumed by each phase:
A good idea is worth 1 point
A convincing story is worth 10 points
An experiment is worth 100 points
A successful implementation is worth 1,000 points
So, how do we support beyond the contract to innovate further? What extra value can be delivered from the thousand-point model?
An illustrative example to demonstrate innovation value beyond the contract
Let’s explore the world of telecommunications. The telecommunication companies’ total shareholder returns over the last seven years are the lowest across sectors, as outlined in the “Strategy & Corporate Finance Practice McKinsey” - white paper: “The impact of COVID-19 on capital markets, one year in”.
Telecommunications’ relative weak shareholder performance has even been exacerbated by the pandemic. The pattern of winning sectors extending their leads and laggards dropping further behind also plays out at the company level. Telecom business leaders need a vision for the post-COVID-19 future, building out various scenarios to account for the continuing uncertainty. How will the accelerated trends, along with the ongoing demand aftershocks, change the telecommunications industry?
An instant common reactive step for telecom leaders is to focus on cost-cutting, in most cases resulting in IT outsourcing. When ICT companies are involved in delivering outsourcing services to lower the operational cost of a telecommunication company, there will be moments to generate ideas beyond the ICT outsourcing contract in addition. If the telecommunication sector has been troubled for a long time, it may be time to consider changing industries- or leading fundamental change within the industry. The traditional telecom products are commodity products with respective declining prices and revenues. All in all, a race to the bottom.
Use creativity and flip the mindset from the cost-cutting mode to the revenue-generatingmode. Implementing new ICT-related portfolio elements in the telecommunication companies; including standardized cloud workplaces delivered from near- and offshoring countries and hybrid infrastructure cloud services for mid-sized companies; will improve the margins for telecommunications companies. When the ICT outsourcing partner is even committing to additional revenues and margins for the telecommunications company, then there is a perfect symbiosis between parties, acting beyond the initial outsourcing contract.
Have an open mind for new business opportunities beyond the contract, work together, interact with good faith, use creativity to generate innovative ideas, and keep the thousand-point model in mind to ultimately achieve successful, innovative, and sustainable business implementations. Aspire to be an ideapreneur™.