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27/08/2022
Why entrepreneurial organizations seek opportunities for innovation
Each day, new ideas, methods, and products are created by innovators in the business world. They view problems differently and develop solutions others cannot, and they offer an endless stream of value to their organizations. Innovation is an essential component of a successful business because it enhances efficiency. Consequently, entrepreneurial organizations seek opportunities for innovation to attract the best talent, meet customer needs, grow in leaps and bounds, and gain competitive advantage. Entrepreneurial organizations seek opportunities for innovation to grow in leaps and bounds. According to the Deloitte Innovation Survey conducted in 2015, innovation is an essential ingredient for business growth (Ahmetoglu et al., 2017). Innovative companies canscale up and increase the number of employees. That allows them to reach more customers and increase their market share. Also, innovative businesses can grow, irrespective of their sizes (Ahmetoglu et al., 2017). An individual can have a small startup, but if they innovate, they can improve their business. The same applies to fortune 500 companies. An organization may be huge, but it can increase its market share if it innovates because it is easy for innovative businesses to grow. Secondly, entrepreneurial organizations seek opportunities for innovation to stand out from competitors. Each company fits inside a particular industry or niche; they are never alone. For example, let us say a person starts a company that manufacture light bulbs. Several companies produce light bulbs across the globe, and business needs to stand out in some way tosurvive. A company can stand out through innovation. The most appropriate innovation will allow a business to provide something new to its customer. For example, a company that manufacturers light bulbs can create bulbs that automatically turns on when a person enters a room, and off when people leave a room. It might sound crazy, but that is how the best innovations work. A top innovator can take a popular product and make it better (Bessant & Tidd, 2015). Consequently, entrepreneurial organizations seek opportunities for innovation because it makes brands stand out in the market, and enables companies to increase their revenues. Furthermore, entrepreneurial organizations seek opportunities for innovation to meet the needs of customers. The needs of customers are always changing. One day, a company might offer what their customers need, and the next day fails to meet the needs of their consumers. However, innovators can predict changes in the market and offer solutions before customersrealize. A business cannot meet the long-term needs of customers if they are not willing to innovate (Drucker, 2014). An organization must develop new ideas that excite their customers and meet their needs if they want to maintain a staying power. Finally, entrepreneurial organizations seek opportunities for innovation to attract the best talent. Innovative and talented individuals prefer working for creative organizations. An organization cannot attract an employee who is going to create the next big thing if they do not have a history of creating. Innovators need to be encouraged and challenged to develop regularly,so a business requires a culture of innovation to recruit that talent. Companies that make a name for themselves by being innovative attract best talents from all over the world and become more innovative leading to growth. In conclusion, each day, new ideas, methods, and products are created by innovators in the business world. Innovation is an essential component of a successful business because it enhances efficiency. Consequently, entrepreneurial organizations seek opportunities for innovation to attract the best talent, meet customer needs, grow in leaps and bounds, and gaincompetitive advantage.
References
Ahmetoglu, G., Chamorro-Premuzic, T., Klinger, B., & Karcisky, T. (2017). The WileyHandbook of Entrepreneurship. John Wiley & Sons.Bessant, J. R., & Tidd, J. (2015). Innovation and Entrepreneurship. John Wiley & Sons.Drucker, P. (2014). Innovation and Entrepreneurship. Routledge.
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