Many of the discussions on this board have dealt with 'Leverage' and 'Multiple Income Streams' but what about 'Innovation'? I believe it was business guru Peter Drucker that said businesses only make money through two activities "Marketing and Innovation". Marketing is discussed on many boards...but innovation? hardly a word. Granted there are a few people out there that do innovate and then they go on the Internet to sell an ebook or course or manual on how you can 'copy' their innovation and make money with it. But that's not what I'm talking about here. I'm talking about how you can do what you are currently doing, innovate it (throw in some old-fashioned marketing on top of it) and then make money because you are doing something different in the market and people are willing to trade currency for your innovative differences. Are you doing something different? Something innovative? or is it the same old affiliate program or ebook concept that has been done to death?

In the April 2002 edition of Inc. magagzine there is a terrific article on how one company is innovating. They 'spied' opportunities and took advantage. Now you might be thinking "Sure that's easy for a company to do because they have tons of resources." Not in this case, the company did not have a lot of cash to innovate. They took on debt...they partnered (sort of a joint venture) and let the chips fall where they may. A very small cash outlay has turned into a gold mine. They do all the things we talk about on this board...using leverage...creating multiple income streams and now...innovation. This company has continued to innovate (and please don't call 'optimizing' your business innovation, because it isn't...read the article). The company has continued to innovate and create addition business units (i.e. multiple income streams) and have continued to leverage their assets. And guess what they don't succeed all the time either. Out of the 39 businesses they've started since 1990, 17 no longer exist. They are willing to make mistakes...take minimal chances. The other day I heard someone make a terrific point (I just don't remember who it was!). They said "Business is a Contact Sport". Nail on the head. If you aren't out there getting some contact in then you probably aren't doing business.

I thank you for your time,

Mike Winicki


"The Innovator's Rule Book"