367: Why Entrepreneurs Should Strive for Innovation - with Eric Smart

Meet EricHe's the CEO and founder of Myaderm, a manufacturer of skincare and pain relief products that use CBD as a key ingredient. Modern products are sold nationwide and retailers like Dick's Sporting Goods GNC and Rite Aid. He has worked in the pharmaceutical and food manufacturing industries with companies that included; Teva, Edwards, Lifesciences, and Dean Foods. From 2009 to 2010 Eric owned a professional us continental cycling team that received international recognition. He has been featured on network and cable television podcasts and has written articles for national publications. He's earned a BA from the Citadel and Charleston, South Carolina, and an MBA from the University of California.How do we innovate?Well, I would expand on that to say most businesses do not innovate. It's more of a rarity than it is a rake regularity. And that's not surprising, because it's difficult. So and just understanding what innovation is largely misunderstood. It's not just a novel thing. So people conflate innovation with novelty, certainly, innovation has novelty in it. But what it is, is there's either an invention of something new with utility, or there's a new combination of things that create way more value than the independent parts. And that's a difficult thing to do. But it's a great thing to strive for. And certainly, if you want to have a great company, a great organization, if you want to do great things, you're going to have to be innovative. There's just no choice around that. The other option is to find a monopoly, that's a great way to do it too. Or, yeah, just have more money than anybody else. Those are your only other options.

What should entrepreneurs not do?My favorite topic, because I've, I've made all the mistakes. So I feel people's pain out there. Well, I mean, the first one is right in line with innovation. So do not do more of the same. I'm sure you as a marketer, the last thing you want to do is go out and spend all your time and energy promoting and building brands that are just copies of something else. That fair? Oh, yeah, 100% of yours. That sucks. That's no fun, and interesting. So and low probability of success. So if you're doing the same thing, you're just a different color or a different something, but is the same thing. Don't do that, do not do that. So what you want to strive for is innovating to create something that has new utility, or is significantly different than what's in the market that customers will want. So that's the first thing you don't do is more of the same. And the second thing is just as important, maybe the most important in all of the business. Don't be the very first and don't be the very last Don't be either the early adobe the very first I'll be very low. So timing, and the academic literature. unlimited amount of experience across the business world for the past 200 years will tell you, nothing's more important than timing, because you have the best ideas and even be able to execute but the timings are not right. It ain't gonna win.
Can you share your most successful or favorite networking experience that you’ve had?Well, I do have networking stories. And I want to start by saying, like, I don't like networking, introvert. I like making things I enjoy the process of building things. But I'll tell you this much, you're not gonna get anywhere in life. If you don't know, folks, if you don't spend time networking. So this is my recommendation for folks who are like me who don't naturally want to do that. Take what you're doing. So especially if you're doing something innovative, especially if you've got a lot of energy about it, and realize that that's the mechanism for energizing your ability to go out and meet people because naturally, you don't want to talk about that. And in business, if you have something interesting to share what you're doing what your work is, and you're energiz