This is a brief summary of the four main reasons of an entrepreneurial organization for seeking and exploring the chance to avail of advanced innovations. Such innovations are not being used as mere tools for company growth and success but it is also efficient in empowering an establishment’s overall structure and employee management and relationships.
Organizational Change
The demand for change is the ultimate factor for the survival of any kind of entrepreneurial organization. Being able to keep up with the market’s current trends and the continuation of successful and competitive business ventures are the links between entrepreneurship and innovations.
As the years pass, the business world is as competitive as ever when it comes to being the first to provide their specific market with new products and offering them new services. This is one of the major reasons why almost all entrepreneurial organizations go out of their way to find out more about recent innovations. A particular company to launch the latest innovation is the one who will get all the attention of consumers, especially the early adopters who are always in search for the most advanced, up-to-date products and even pay a higher price for it just to be the ones to have the full benefit of availing and using it first.
Disruptive innovation is another approach being used by companies, primarily those under highly aggressive marketplaces. The fact why this is being carried out by establishments is for its sole purpose of being on top of other establishments, making their products become obsolete or no longer of great use to buyers. The obvious outcome will be a well-developed trust and loyalty from consumers and better recognition to the company who has the latest of innovations out for the world to see.
Innovations can provide the chance for any organization to help strengthen the entrepreneurial skills of the staff members in order for them to adapt and be more prepared to comply with the challenges brought about by the growing trends and technologies that corresponds to the most recent innovations. A web of benefits will be prevalent in the workplace; employees can become more driven in cultivating their potentials to become better entrepreneurs, progressive behavior of competitiveness, profits can escalate as a result of hard work due to increased level of enthusiasm and of course, the global acknowledgement that goes with the company’s reputation for being the best in their field.
The newest or the most advanced innovations in technology can heighten the degree of effectiveness of a certain entrepreneurial establishment. Acquiring and learning a new technological knowledge can promote a high level of productivity with lesser efforts and costs and a potential to enhance sales or profits. One example is the growing use of e-books. In comparison to hard copies which could take days or even weeks for one book to arrive at a customer’s doorstep, the trend in e-book selling and purchasing has made things a lot easier and more manageable, particularly with regards to order processing. Everything can be done online; from consumers choosing and deciding which e-book to buy to the company processing the orders and once paid, they would only have to send each buyer a link to download in their personal computers. Within minutes, a customer from the other end of the globe will be enjoying the new e-book he or she has just purchased.
These are the four major reasons why there is a never-ending compulsion from entrepreneurs and companies to always be on the lookout for changes in innovations. Such discovery will surely complement all aspects of a company’s structure and management.
REFERENCES:
1. Mutch B. (2009). Reasons Entrepreneurial Organizations seek opportunities for innovation. 20 March 2009. Retrieved from web. http://www.pickbobsbrain.com/Pick_Bobs_Brain/Pick_Bobs_Brai_1./Pages/Business_Docs_files/SeekingOpportunitiesToInnovate.pdf
2. Python R. (2010). Entrepreneurship and Innovation. 12 April 2010. Retrieved from web. http://www.slideshare.net/najamussaqib85/entrepreneurship-and-innovation
