How to Innovate in the 21st Century

It has never been easier or cheaper to alter the direction of a business, and companies that don't lead and innovate in response to changing market conditions may not survive at all. In an economic downturn, innovation isn't your best friend, it's your only friend. You don't need to be Steve Jobs to come up with a novel business idea. Nor is innovation all about high-tech inventions or new products. As many successful leaders will tell you, incremental ideas can be just as important as breakthroughs.

But how do you find that clear, purposeful frame of mind amid the pressures of modern business life? What makes for an innovative company? How much should owners listen to their employees? Is there an ideal company size for generating good ideas? Does time off get the juices flowing?

Here are some tips from the trenches of modern leaders and innovators.

Training Key to Development of New Leaders

In too many cases, people find themselves promoted to leadership positions without being given enough training or guidance to succeed at their new jobs. In fact, one-third of employers say they do not teach first-time leaders important skills such as budget oversight and project management, according to a survey from the Institute for Corporate Productivity.