When answering this question, it's important to demonstrate your ability to think creatively while also considering the practical aspects of running a business. Start by acknowledging the importance of both innovation and practicality. Explain that while innovation drives growth and competitive advantage, practical business considerations ensure sustainability and profitability.
Provide a specific example from your experience where you successfully balanced these two aspects. Describe the innovative idea or project, the practical challenges you faced, and how you addressed them. Highlight any frameworks or strategies you used to evaluate the feasibility and potential impact of the innovation. Conclude by emphasizing the positive outcomes of your balanced approach.
For instance, you might say:
"In my previous role, I spearheaded a project to develop a new product line. While the idea was innovative and had great market potential, we faced significant production and budget constraints. I conducted a thorough market analysis and worked closely with the finance team to create a realistic budget. By iterating on the design and production process, we were able to launch the product successfully, which resulted in a 20% increase in revenue within the first year."
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