The golden circle theory is a theory that was created by Simon Sinek. The theory consists of three rings, which have the subheadings why, who and what. Simon Sinek stated that:
‘The most successful businesses work differently from the norm, they work from the inside out.’
The norm would be considered as how most businesses operate on a daily basis. Normally, the right decisions are made and this leads to success within the business. Business show what they sell, who they are going to sell it too and then display why a customer would want to buy this item.
According to this theory, businesses who work differently from the norm benefit more. This theory has been criticised saying that businesses have either a high level of innovation or no innovation whatsoever. This has been proven to be wrong, as all business have a small level of innovation built within them. This can explain why some companies can survive in such a harsh market. Innovation can be classed as changing something small within a business such as uniform, to create a positive effect within the workplace. Some companies use innovating to improve their products for their customers needs. Others who are doing well within the market, use innovation to improve the lfies of their employees etc.
Innovation can be used in many different ways, and we must ensure that we do not just assume innovation is used for 'inventing' new products. It can be used for motivating employees etc.
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