An International Management Development Trainer, Michael Potter, says local entrepreneurs must constantly challenge the status quo in order to come up with innovations that will be able to stand the test of time.

Mr. Potter was speaking at an event held by the Chartered Institute of Marketing (CIM) in Accra, and said innovation is key for a business to become successful.

The theme for the event, ‘Innovation, Creative Thinking and Entrepreneurship -- Perspective of Michael A. Potter’, was aimed at helping people tap into their innovative minds and bringing their entrepreneurial skills to the fore.

According to Mr. Potter, entrepreneurs looking to generate fresh ideas must be prepared to listen more, as this will sharpen their innovation and also enhance their knowledge.

He challenged participants of the seminar to have more imagination since that is what encircles the world, instead of knowledge -- which he said is limited.

According to him, being creative does not necessarily mean a person becomes a successful entrepreneur, but having the right working environment also counts a great deal.

He said human characteristics -- be it an introvert or extrovert -- decide whether a person is creative or not.

“A creative individual must be kept outside the box so as to perform well, least they become rebellious,” he said.

He said being innovative is doing something different, and as a creative-minded person it is essential for an innovative man to think outside the box.

Mr. Potter said matrix management is the latest way of doing work, and it helps people from different departments or fraternities of an organisation come together to work on projects.

He explained that the link between innovation and creativity is a new model, which means that for entrepreneurs to prepare for the future or a new generation they must develop a set of project management skills.

“Though being an entrepreneur is risky and accompanied by a high level of stress, it gives one the opportunity to create his own business and reach his own potential as well as reap extraordinary profits.”

He asked entrepreneurs to know their business in depth and develop a good, effective and solid business plan; and also have thorough and complete financial statements to prevent failure of their various investments.