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Personal Injuries: The Most Likely To Lead To a Claim

Muzahed I.
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Personal Injuries: The Most Likely To Lead To a Claim

Suffering a personal injury can be a daunting and often grueling process; therefore you want to do everything in your power to make the claiming process as smooth as possible. You may think it’s an unnecessary hassle but if your personal injury is the by-product of someone/something else’s negligence then you should proceed and fight for what you’re entitled to.

The denomination ‘personal injury’ over-arches various different areas, of which could include: medical negligence, road traffic accidents, falls in the workplace and so on. It’s of grave importance that you determine exactly what your personal injury claim is for as this will provide your chosen solicitor with extensive evidence. Listed below are a few of the most common misfortunes that are likely to lead to a personal injury claim:

RTAs

Road traffic accidents account for a large margin of personal injury claims. The speed travelled on roads means the risk of collision is significantly high. Recent RTA statistics show that despite a fall in accidents on the road there has still been a sharp rise in claims for compensation. A report from the Actuarial Profession reveals that “despite an 11% fall in the number of road accidents in 2011, personal injury claims rose by 18%. It says this may cost the insurance industry an extra 400 million a year.” Which speaks for itself in that the danger/incompetence on roads is substantial.

Medical Negligence

If you’ve been neglected the treatment, medical assistance you were in need of or have been inappropriately manhandled then you could be liable for a claim. When becoming a victim of malpractice due to the quality of healthcare falling below standards then they are at fault. Reuters have released statistics showing that “Approximately 195,000 people are killed every year by medical errors just in the US. The study notes that about 1.14 million patient-safety incidents occurred among the 37 million hospitalizations in the Medicare population over the years 2000-2002.”

Accidents At Work

Accidents in the workplace have a clear party (your employer) at fault, thus should mean for a fairly straightforward case from a solicitor’s point of view in claim on their (legally required) employer’s liability insurance. Work accidents can cover anything from slips/trips to injury as the result of defective machinery. Depending on the severity of the accident, it may be the case that your injury results in temporary leave from work in which case you deserve to be reimbursed for your absence. However, the claiming process can often involve worries that the employer may seek to terminate the employee’s employment or alternatively will penalise the employee for contemplating making a personal injury claim whatsoever.

Assault Claims

Assault could take place anywhere at any time but if an attack/assault occurred whilst you were in your workplace and you feel that your employer had exposed you to an unnecessary and foreseeable risk of personal injury which could have been warded off then a claim for compensation can be sought. It is both a crime and a tort and therefore could result in criminal liability. There are bespoke litigation services happy to help you through this sensitive and often daunting process and will decipher with you possible payouts.

Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Things You May Not Know About Life Insurance That Have Significant Implications

Muzahed I.
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Things You May Not Know About Life Insurance That Have Significant Implications

Depending on how closely you’ve looked at your life insurance policy, or how detailed you were about planning for expenses following your death, you may think that you know a lot about life insurance. But as with anything, no one can possibly know everything. In the case of life insurance, it’s what you don’t know that can affect your policy and what your family receives, along with many other things.

Your Online Quote May Not Be Completely Accurate

A great way to get a handle on how much your life insurance policy will cost you is to go online and get a quote. Most of these services only take seconds to render a number once you’ve input your information. But although the number you may receive once doing so may be affordable, that’s not all there is to it.

The actual price of your insurance policy cannot be determined until a few things have taken place. In order to get an accurate number, you will first need to send in an application for insurance. Then, you may be asked to provide additional information with regard to your lifestyle, family’s health history and your own history. Finally, you may need to have blood tests and a medical exam done by the insurance company. Only after these things have been completed can you get the most accurate price.

As well, no agent can give you an accurate quote for insurance, because how much you pay will ultimately depend on the underwriter, who is responsible for evaluating your life insurance application. The underwriter will have to follow a policy to determine how much you pay for coverage.

Lapsing Is Common

As ironic as it may be, allowing your policy to lapse is not uncommon. In fact, the rates at which policy owners allow them to lapse is very high, about 40% of all individual policies, according to a study done in 2005. These lapses are occurring within the first five years of having been obtained, which is another ironic fact.

Interestingly, death claims were never made on over eighty-five percent of all of the term life insurance policies which were issued to individuals who are residents of the United States.

Older Americans and Life Insurance Policies

The current economy in the United States has caused many older Americans to struggle financially. For these individuals, having a life insurance policy can seem more like a financial burden than protection for loved ones, especially considering that rates tend to rise as we age.

Reducing a policy’s face value, especially if it’s a universal plan, can assist a retired individual with saving money as they maintain coverage. This is because the premiums for life insurance can rise drastically and quickly for those of retirement age.

Relying on cash value to pay rising premiums on a policy could mean that there is a lot less money should the insured reach the age that the policy matures and therefore pays out. The solution to this potential issue is to extend the date of maturity to ten or twenty years past the set age.

Many older Americans choose to access the cash value of their policy. But oftentimes, this requires the payment of something called a cash surrender fee, which does vary by insurance company but can add up to a large amount of money. To avoid this, experts advise closely monitoring your policy and exploring all options available which may help you reduce or avoid the fee, such as changing beneficiaries.

Paying attention to the behavior of your chosen policy, as well as staying on top of any changes in the life insurance market can help ensure that you are never taken by surprise by a change in your premiums or different information about your policy than you expected.

Citations: 40% of all policies allowed to lapse
Image License:  All rights reserved by Affordableseniorlifeinsurance

Why Forex Regulation Is Important

Muzahed I.
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Why Forex Regulation Is Important

There are a huge number of brokerages out there, with some being regulated and others not. Many new traders don’t understand the importance of proper financial regulation and end up depositing with unregulated entities only to end up disappointed. When it comes time to pick a brokerage, one factor that you should seriously consider is regulation. Understanding Foreign exchange regulation can be a complicated matter and this article will attempt to guide the reader through the complex maze that is OTC Forex regulation.

Importance of Regulation  

Proper financial regulation provides traders with a certain level of basic protection. For instance clients depositing with brokerages regulated in the European Union will be safe in the knowledge that some of their funds are insured through a customer compensation scheme. Should the brokerage suddenly collapse clients will be returned all funds up to the 20,000 Euro mark, though they may lose any funds in excess of 20,000 Euros. Some jurisdictions go above and beyond the minimums set out by MiFID, with the FCA protecting all client funds up to £70,000 mark. Those interested in learning more about MiFID should check out this piece. Regulators don’t only ensure that client funds are protected, they also ensure that the brokerage is complying with all the financial regulation laid out in the law. This means that there is significantly less room for foul play and again provides the trader with additional protection and peace of mind.

Regulation Varies By Jurisdiction

While both EU and the US boast a strong regulatory framework that provides a good deal of protection, not all jurisdictions provide the same level of regulation. In many jurisdictions over-the-counter Foreign exchange is not regulated at all, this has allowed a number of questionable operations to pop up often based in offshore jurisdictions. For instance retail Forex is not regulated at all in Russia and some have accused certain Russian brokerages of foul play. While the situation is not always quite as dire as it is in Russia, there are a number of jurisdictions that only offer rudimentary protection to clients. When picking a brokerage you should ensure that they are regulated in a respected jurisdiction. Depending on where you live, you selection of brokerages may be limited. Those based in the US are only able to deposit with brokerages regulated by the CTFC and NFA.

Dangers Associated with Unregulated Brokerages

While we have focused on the benefits of using a regulated brokerage, we haven’t yet discussed the risks involved when using an unregulated brokerage. Brokerages operating without a proper regulatory framework are in a much better position to take advantage of their clientele. Many of these unregulated offshore entities are nothing more than bucket shops, which often resort to price manipulation in order to profit from customers. They often also fail to properly segregate client funds, so if the brokerage is financial trouble you are likely to lose some or all of your funds. Recently, unregulated brokerage InstaForex informed customers they would only be able to withdraw 50% of funds they deposited through Liberty Reserve. Further they had to actively trade their accounts for six months before being allowed to withdraw anything. This meant many customers were forced to accept significant loses. It should be clear that there is significant danger when dealing with unregulated entities.

Conclusion

When picking a brokerage traders ought to be extremely cautious. Doing thorough research regarding the brokerage and where it is regulated should point you in the right direction. I would strongly advise only doing business with brokerages regulated in jurisdictions with a strong reputation for regulatory excellence. Regulation is one of the more important factors when considering what brokerage to deposit with.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Compensation for Personal Injury Claims When You’re Partly at Fault

Muzahed I.
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Compensation for Personal Injury Claims When You’re Partly at Fault

If you’ve suffered a personal injury in an accident that you were partially responsible for, then you can make a claim for compensation and receive some money for your pain, suffering and losses. While you will not receive all the money you would receive if the other party was wholly to blame for the accident, you are still entitled to receive some of the money.

Contributory negligence and personal injury compensation claims

One of the key factors in deciding the value of a compensation claim is whether or not the claimant is guilty of contributory negligence. This means that although the defendant is partially responsible for the claimant’s injuries, the claimant also behaved in a negligent fashion and this contributed to the accident.

Your overall compensation settlement will be reduced according to how much your contributory negligence led to the accident. If you are deemed to be 20% responsible and the defendant is deemed to be 80% responsible, for example, then you will be awarded 80% of the amount of money you would otherwise receive.

This can be seen in motor vehicle accidents when it is not possible to determine which party was at fault, such as when drivers’ statements conflict with each other, when there are no independent witnesses or when some of the other evidence is contradictory or inconclusive. Claims adjustors and personal injury solicitors will analyse the facts to determine the way in which fault is split. People who suffer serious personal injuries in car accident compensation claims may also be deemed to have contributed to their injuries because of failings on their part, such as if they failed to wear a seatbelt, for instance. People who fail to check both ways when crossing the road are then hit by a car could be found to have contributed to their injuries in a pedestrian accident claim.

Accidents at work compensation claims can also see reductions due to contributory negligence. If an employee has been provided with personal protective equipment but fails to wear it, and they then come into contact with moving machinery, their employer will be deemed to have behaved negligently by failing to guard dangerous machine parts. However, the employee will be judged to have failed to take reasonable steps to protect their own wellbeing and could see their compensation reduced.

Failure to mitigate damages in personal injury compensation claims

If any damages could have been reasonably been prevented by a claimant, then they may see a reduction in their compensation claim if they are deemed not to have done so. This means that if a doctor tells a patient to exercise their neck muscles to recover from whiplash, but the patient fails to do so, this will impact their whiplash injury compensation claim if they do not recover from their injuries as quickly as they would be expected to.

If you were unable to continue working in a particular career path because of personal injuries sustained in an accident at work, then you will be expected to begin looking for alternative employment within a reasonable period of time. You may be seen to be somewhat responsible for lost wages if you do not look for suitable alternative employment. If you can return to work or begin working part-time, then the size of your compensation claim will be reduced if you fail to do so.

People cannot just allow their losses to increase and expect to be able to recover these losses in a compensation claim. However, this does not mean that the claimant needs to do anything unusual or unreasonable, or even spend any unnecessary money, in order to mitigate their losses.

Failure to mitigate damages can also be seen in car accident compensation claims and other personal injury compensation claims involving damage to items. If you buy a brand-new car instead of looking into repair costs, then you will not be able to claim for the cost of the new car. However, you should still be able to receive compensation for what the cost of repairs would have been.

Use solicitors to minimise personal injury compensation deductions

If you are partially responsible for the accident that caused you to sustain injuries, then your personal injury solicitors may be able to minimise the deductions you face. They will look at how to interpret the accident to reduce the level of responsibility you are deemed to have and will do all they can to ensure that failure to mitigate damages is avoided.

Provide as much evidence to your solicitors as possible and be completely honest with them. They will advise you on the best course of action to take and how to increase your compensation payout.

 

The Future Of The Yen Carry Trade

Muzahed I.
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The Future Of The Yen Carry Trade

The Bank of Japan lowered its interest rates in the 1990s to create the Yen Carry Trade. This involved investors from around the world borrowing cheap Japanese Yen to invest in higher risk/higher reward investments, like commodities, sub-prime mortgages and emerging markets. In 2013, there are concerns that the yen carry trade might be threatened due to a number of factors.

Competing Zero Percent Interest Rate Environments

The Japanese economy has been largely export-driven for decades and the government favored a cheap yen. In 2007, nearly USD$1 trillion had been invested in the yen carry trade for investment into a wide range of high return assets. Over time, the yen had depreciated in value leading to higher government deficits.

Since 2008, the United States Federal Reserve has lowered its interest rates to create its own zero percent interest rates. The United Kingdom has also initiated a virtual zero percent interest rate policy. This has created competition for the yen carry trade.

Cost of Money

Ideally, interest rates are determined by market forces to represent the cost of money. During the sub-prime mortgage crisis, the “creditworthiness” of individuals was very important to determining what interest rate they would be charged. Economic cycles favor the flow of money from low risk/low return to high risk/high return investments based on the interest rates.

When the government sets interest rates at or near zero, it creates an artificial environment suggesting that money is now free. No money is free. In the long run, zero percent interest rates destroy capital by making it impossible for new businesses to properly measure the risk of an investment.

Uncovered Interest Arbitrage

With the 2008 global economic meltdown, the Japanese Yen started to appreciate damaging the yen carry trade. In January 2013, www.cnbc.com reported that the “Yen ha[d] lost 13 percent of its value against the U.S. dollar in the past three months[.]” Jesper Bargmann of the Royal Bank of Scotland stated that “[r]isk appetite has returned[.]” Furthermore, Japanese Prime Minister Shinzo Abe’s aggressive monetary policy has helped by weakening the yen to facilitate the re-emergence of the carry trade.

Japan has been transformed into a banking center of the world with its carry trade being very lucrative and profitable for global economic growth. The yen carry trade is an “uncovered interest arbitrage” where investors believe they can profit before any monumental economic change will occur to threaten their investment. The 2008 collapse was an example of just such a severe and unexpected event. Andreas Somera of Flatland Financial believes it won’t be the last, and advises his clients to steer clear of the yen carry trade for at least the forseeable future. Some experts wonder if the economic landscape has changed forever.

Threats to the Yen Carry Trade

Numerous threats to the yen carry trade have emerged based on systemic economic problems since 2008. While the Federal Reserve and Japanese governments have sought to re-energize the trade with quantitative easing (money printing), this policy cannot be used forever or hyperinflation may result. High government deficits in the United States and Japan threaten to crowd-out private investment and drive up debt service payments.

The “mis-pricing” of money is also a real concern as speculative asset bubbles do not lead to any real economic productivity growth. After 2008, there is a more risk averse climate that is struggling to find high-return financial assets to invest in. Many experts wonder if the “bubble will burst on the yen carry trade” in the very near future.

Image courtesy of jscreationzs / FreeDigitalPhotos.net

Determining Your Profit – As a Home Seller or Buyer

Muzahed I.
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Determining Your Profit – As a Home Seller or Buyer

In the contemporary world, a lot of high end technologies are used for constructing various types of buildings, including the residential houses. So, the houses possess numerous efficient and highly advanced features, incorporated to them. People build their dream homes in the styles, which they like the most. But sometimes, they need to sell off their homes, when they need instant money, in their financial crisis period or when their houses are badly affected by natural calamities. You may have noticed numerous property buyers crowding the real estate markets these days. But, you have got to choose an authentic real estate property buyer, if you want to make a profit as a home seller.

There are many home buying companies, which do not accept dilapidated houses from their clients. But there are numerous reputed firms too, who buy the homes in any condition, from their clients. If you need to repair your house before selling it to the property buyers, then you have got to bear lots of expenses. In such a case, you will lose out on a high percentage of your profit. So, you have got to choose the services of only those property buyers, who buy homes in dilapidated conditions from their clients, if you want to make a fair amount of profit.

A renowned property buyer will also not charge from you any realtor fee, for the expert services of their eminent real estate professionals. This will help you to make more profit as a home seller. If you do have to pay the realtor fee to any property buyer, then you have got to negotiate with the authority of the property buyer and determine the price of the house in such a manner, so that you will be able to gain maximum profit for selling your house.

You need to enquire the market price of your house, if you want to make maximum profit as a home seller and sell house fast for cash . One needs to compare between the prices offered by the different property buying companies. You need to take care of the Payoff Balance Contract, Payoff Fees, which are needed to be paid in advance, Termite letter and document for lien release, when you involve yourself in home selling and buying. You must be well aware about the real estate laws of your place. Every place has its own set of real estate laws, which are needed to be followed by the property buyers and sellers of that particular place. You have to keep these laws in consideration, while determining your profit as a home seller. One must also consider the escrow fees, vender concessions and title search fees, while determining his profits out of home buying and selling.

When you make your move to buy a house from a property seller, you have got to procure all the legal documents from the property seller. You have got to procure the home warranty from the property seller too. You need to check out, whether the house is in fair condition. You can consult a real estate expert, on whether fair price is charged from you, for the home. Only then will you be able to make a good profit as a home buyer.

Image courtesy: All rights reserved by Michael Surtees

Tips for Leveraging Dubai Property Market

Muzahed I.
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Tips for Leveraging Dubai Property Market

In 2012, the Forbes magazine ranked Dubai as the second hottest property market in the world displacing Honk Kong from that slot. The year 2013 is witnessing a drastic spurt in home buying across Dubai taking the city’s global rankings ahead of Hong Kong again.

Past and Present

In the past one decade Dubai property market has seen many cyclical changes. Some 3 years ago, prices were at pit bottom after the drastic fall in house prices. Before that, from 2002 and 2008 there was a sharp increase in Dubai property prices.

During that period, many new projects were launched including the Dubailand, The Lagoons, Jumeirah Garden City, Palm Jumeirah and the World with a total cost of US $ 212 billion.

In the 2008 – 2009 period, Dubai fell victim to the global credit crunch. Mortgage institutions stopped lending and half of the construction projects worth US$582 billion were put on hold. Foreign investors disappeared from Dubai, signifying the reality of the credit crunch. As market conditions stiffened hard times in the property market of Dubai started making the pinch.

Amazing Recovery

Now fast forward to November 2012. A drastic recovery in the housing market started becoming visible as residential prices surged by 18.89 percent. The sale prices of apartments jumped by 11.5 percent while those of villa surged to 23.7 percent. The high demand for prime real estate in Dubai in first three months of 2013 saw property prices rising to 6.3 percent.

Know Dubai Better

Any prospective property buyer must know the Dubai City inside out. It is divided into two regions–Bur Dubai and Deira Dubai. The residential development happens more on the western side of the city with greater access to the city centre and beaches.

While purchasing properties– apartments, villa or land a buyer should stick to Ownership laws and Property laws. Under the law, there are  certain restrictions on foreign buyers in buying property in certain areas. A buyer should also understand that Dubai property laws allow both freehold and leasehold property ownership. In purchasing a property, one can also obtain a mortgage.

Online Source for Property

In Dubai, property taxation is non existent. However, foreign residents have to pay taxes such as Inland Revenue, Capital Gains Tax and Inheritance Tax. All potential property buyers must visit classified website like oforo.com for locating suitable properties in Dubai.

City of Opportunity

Property market in Dubai has always been fascinating and profitable too. Top class real estate companies in Dubai always offer world class projects and attract buyers from all parts of the world. No doubt, Dubai Real Estate will continue to ooze charm thanks to the progressive property laws and its strategic geographical location as a lucrative destination.

6 Tips To Improve Customer Service

Muzahed I.
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6 Tips To Improve Customer Service

Anyone in business, small or multi-national, knows the maxim “the customer is always right.” Well obviously, customers don’t know everything, but here’s the deal: you have to treat them as if they do. Very few companies can get away with poor customer service and still operate. In reality, you may have the greatest product, but when you are known for handling your customers with disregard and disrespect, the only thing you’ll have is less customers.

That said, you don’t have to kiss the ground they walk on either. But, follow these 6 basic tips and improve your customer service with ease. You’ll have them coming back for more in no time

1. Don’t hate the phone. In this day and age of social media, texting, email, and so on, customers still want to talk to someone. Make sure you (and your workers) understand how to “enjoy” the interaction of talking on the phone. Of course you have to fake it on occasion, but remember that person on the other end of the line is a potential sale.

2. Learn active listening. This is simply a way of listening to someone and giving feedback to them (essentially repeating what they are telling you) to elicit understanding. When you can offer proper feedback, the other person realizes they are dealing with someone who will try to help them. This reassures them you understand and care about their concerns.

3. Do not put people on hold. This only generates more anger and resentment. Do everything you can to talk to the person as soon as possible. If it’s absolutely necessary for them to be on hold, be sure to explain the wait and apologize for it.

4. Do not use automated messages. Similar to the above, pressing 5, then 4, then 7 to get a human on the phone increases stress on the customer. If you need an automated system, have it connect to an operator as quickly as possible. Talking to a human voice calms angry customers down quicker than the automated system does.

5. Give your customer service reps freedom. Take a note from Zappos; their customer service reps are allowed to send customers extra gifts, flowers, notes, and more. They also have a generous return policy. Did you know they also have some of the highest prices on the net? Seems they’ve found a way to increase revenue and keep people happy.

6. Have accurate software. What does software have to do with customer service? A lot. If you aren’t generating accurate information and sending out accurate invoices, your customers have a leg up on you. How can you break down information if you aren’t recording it properly? Making sure you have good invoice software helps your customer service reps handle difficult calls and help customers understand their orders.

There isn’t anything here that is rocket science, but sometimes we make the easy things difficult. Follow these basic tips and not only will you have repeat customers, you may have new customers.  People talk, and referrals come on the back of great customer care. Good Luck!

Image courtesy of Stuart Miles /FreeDigitalPhotos.net

Customs Brokers Service: Is It Complicated Or Make Business Easy

Muzahed I.
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Customs Brokers Service: Is It Complicated Or Make Business Easy

If you are planning on importing a product, you will probably need to think about hiring a customs broker who will be able to clear your goods through in a seamless, economical and timely fashion.

When it comes down to importing goods from anywhere within the world, generally the first question people wonder is how they are going to be able to clear the goods at the border. The answer would be to hire a good customs brokerage Calgary who will know the regulations and rules of the country that you are wishing to import the goods from and how you can get the task done fast, economically, and safely. This will give you a chance to focus on getting paid, selling the merchandise or both.

What Is A Customs Broker?

Similar to a logistics expert or a freight forwarder on exports, a licensed customs broker is an individual, corporation, partnership or association that is regulated and licensed by the U.S. Customs Border Protection.

Each day millions of packages and containers go through the various shipping ports and yards of the world. The goods that are being imported and exported need to go through a great quantity of inspection and a lot of individuals don’t understand just how complicated things might get. On a smaller scale, you might think about sending something you a family member in another country, you will fill out the papers and send it, and it takes a little time to get there. Although, on the other end at the receiving side, things might get a little delayed and vexing. This could seem like an issue, however it truly is aggravating when shipping items overseas. Now, for a business that is usually dealing with trades on a larger scale, you are going to find that things might get a little challenging, as a matter of fact, so costly and complicated that finding an individual who is experienced in this is highly necessary. If you are working with international success and would like to start importing and exporting goods, you will need to look for a customs broker and find someone to help you out.

The greatest benefit about having a broker to help you is that it will expedite the procedure. There are many security measures that are put into effect to not only protect the general public but also the interest of small businesses, and this means a lot of red tape. This red tape is placed there due to the fact that a lot of criminal enterprises attempt to circumvent the regulations of engagement and slip past the screenings. With so many individuals trying to break rules, the average small business will need to understand the reason for so many delays and hurdles.

There are not only security delays that you need to deal with, there are also fees, forms, taxes and so much more that might cause a shipment to be delayed. It doesn’t matter how much you are trying to receive and send, there are going to be factors that cause things to collide, that this might bring your bottom line to the red. If you would like to hurry things along and ensure that you are all taken care of in terms of forms and expenses in general, you will need to look for a highly qualified and licensed customs broker, otherwise you might find yourself running into problems.

Many businesses don’t understand just how complicated the entire receiving and shipping process really is, that is until they go international. The worldwide importing and exporting of goods might cause serious issues, and if you are working with goods that are perishable, the hurdles may become even higher. With so much legal measures and security in place, it is no wonder why the customs brokers are in high demand. If you don’t have a hand to help you when you are receiving, you might find that you are trapped in a puzzle of legal issues.

Innovation Lessons For Small Business Owners

Muzahed I.
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Innovation Lessons For Small Business Owners

Innovation is the lifeblood of a business. Companies who use the same methods and offer the same wares year in and year out without growing, expanding or offering something groundbreaking to the public end up dying or falling to the wayside while more experimental and brilliant upstarts titillate the public with novel approaches and ideas.

The demand to innovate is often intimidating to companies. However, it need not be as many businesses innovate without knowing it, simply during the course of doing business as they seek to meet customers’ impromptu desires.

Learning to innovate gets easier when you study lessons from those who are already doing it. Here are five lessons from innovative companies.

Lesson #1: Don’t fight rogue or unorthodox competition. Learn from it.

In every field, there are the renegades, the fringe operators who somehow shift business away from mainstream companies. They aren’t enemies, however. Look at them as a source for innovation.

Apple responded to the age of peer to peer file sharing with its own commercial enterprise, for example. In the late 1990s and early 2000s, music companies cringed at profit losses as  online peer-to-peer music sharing models allowed people to swap music for free, ignoring intellectual property rights and the need for companies and artists to make a buck.

Many demonized these P2P services and tried to shut them down. However, true innovators looked to the heart of the trend and realized that people wanted to acquire music on-demand, on a single-song basis, online and in the MP3 format. Thus emerged Apple’s ITunes store in 2003 that offered individual songs for an inexpensive price. To make it easier to listen to the songs on the go, Apple continued its innovation by creating the iPod. Every new development is a bridge to another new development. The key is to see the next rung in the ladder of invention before anyone else does.

Lesson #2: Do What Others Find Too Cumbersome to Do

Complicated, routine tasks are required in any field. If it’s a pain but necessary, it may just be a launching pad for your business’s next innovation.  If your company has the expertise and resources to specialize in an in-demand skill, offering services with a high level of reliability and quality control, other companies will gladly use your service in order to reduce their own burdens.  Case in point, Forbes Magazine spotlights the story of an innovative businessman who harnessed technology and decided to create a business that provided remote pool monitoring for clients who needed to keep an eye on pool water quality.  Assess your own field and see if there are rudimentary tasks that no one has automated; be the company to do so.

Lesson #3: Never Become Comfortable

Those who remain on the cutting-edge of business don’t sit around praising successful efforts and repeating the same system over and over again because it works. Even if you’ve found an efficient system in any company aspect, aim to push it to the next level. Look to see how you can incorporate new technology, theories, ideas, locations and methodology.  Read widely on any new developments, especially those linked in any way to your field. Read with curiosity, thinking about how you can leverage anything novel for your own business to better serve customers.

Lesson #4 : Do What Hasn’t Been Done — Especially if People Think It’s Preposterous

This lesson has allowed innovators to create airplanes, rocket ships, alternative fuel and even hotels in space (they’re coming).   Often, people laugh at what could be a game-changing innovation  because it’s so contrary to how things are being done that it seems ludicrous.  Be the company or the executive who does things the way they’ve never been done. Leave a trail of bewildered faces behind you as you break the rules and thumb your nose at convention.  A master innovator, Google recently did this by creating a car that can drive itself; it’s a concept that seems scary, reckless and outrageous to many. Yet, in the near future, the driverless car, which has already been approved for use in California, may allow blind people and senior citizens to be independent and mobile.  It may reduce accidents. It’s already spurred a copycat British model that is set to debut on the roads in 2025. What’s your preposterous idea?

Lesson #5: Pool Elite Brains

Many geniuses prefer working alone. For those who are brilliant, but not genius, collaboration can often force out innovative thought. Companies should strive to hire those who are creative and unconventional thinkers.  Sometimes, a business doesn’t know these people are on staff and must watch every employee at all levels to see where the restless and experimental minds are. Combine those people.  Let them feed off each other and explore their ideas. Silicon Valley companies were famous for creating coalitions of brainiacs in order to brainstorm the next big thing.

Image courtesy of David Castillo Dominici /FreeDigitalPhotos.net

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