Innovation is the development of new ideas. Innovation also is the improvement of the existing ideas to make them much better. Innovation is an integral part of entrepreneurship and entrepreneurial practices. In the modern-day, entrepreneurship demands innovation to help businesses remain relevant and attain a competitive advantage over the other businesses. Companies strive to encourage their employees to remain innovative in their daily routines to increase efficiency in their operations. Entrepreneurial organizations seek opportunities for innovation for the reasons; to increase market share, attaining business growth goals, increasing productivity, and respond to the emerging trends in the modern business world.
Innovation is geared towards devising methods of increasing the market shares of the businesses. Innovative ideas are generated to guide market penetration. Organizations spend a lot of resources in developing an innovative model for increasing their share in the market. Nowadays organizations have come up with a team of innovators within their setup to help them achieve this objective of increasing market share. The team is well resourced to carry research and develop an elaborative and innovative model to be used by the organization. The existence of stiff competition in the industry has made it necessary for players in the industry have to play their cards right to secure their market share.
Every organization has its own business growth goals. These goals are set out together with a model to use to attain them. The goals are set up by a team of innovative individuals who carry out a thorough market analysis to inform the business growth goals. They are also anchored in the vision and mission of the organization. Any organization in an industry has the objective to grow its operations, expand, and enter other territories or different production lines. To achieve this entrepreneurial innovation is crucial in developing the goals.
Achievement of quality results is the main objective of an organization that ensures it is a going concern. An increase in profitability directly contributes to the increase in profitability of the organization. The profitability of an organization contributes to continued business success and growth. Employment of innovation in an industry plays a key role in ensuring quality is guaranteed. Organizations apply innovation in managing human resources efficiently to increase productivity.
Technological advancements pose a bigger challenge to organizations. These advancements call upon an organization to address them effectively to remain in operation. Innovation plays a major role in responding to technological advancements. They devise ways to embrace the changes and ensure they make a positive impact on the operations of the organization. In this century innovation continues to take a centre stage in technological advancements
Entrepreneurship innovation is an important aspect every organization has to take very seriously. The far-reaching positive implications of embracing innovation in the operations of an organization are unavoidable. As illustrated above entrepreneurial organizations seek to embrace innovation in their operations because of the following reasons as illustrated above; to increase market share, to attain business growth goals, to increase productivity, and to respond to the emerging trends in the business.
Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial innovation: The importance of context. Research Policy, 43(7), 1097-1108.
Miller, W. L. (2001). Innovation for business growth. Research-Technology Management, 44(5), 26-41.
Souto, J. E. (2015). Business model innovation and business concept innovation as the context of incremental innovation and radical innovation. Tourism Management, 51, 142-155.
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