INNOVATION & CHANGE
Entrepreneurship is a type of business development and ownership that focuses on innovation, an innovative product or service, an innovative production process, innovative marketing strategies, or an aggressive approach to business. Entrepreneurs are networkers and risk takers. They are different from a regular traditional business manager or owner who operates in a more formal management hierarchy with more clearly defined authority and responsibility. Traditional regular business management may not be overly aggressive and are concerned about minimizing risk. (Stevenson 2008)
Innovation is a process that introduces something new or does something in a different way. It involves taking a new idea, or revising
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New markets opened around the world through new trade agreements between countries which motivated companies to launch an infinite number of new products and services. As a result, innovation became a major part of corporate strategy during this period as companies tried to remain competitive and not lose market share to companies that were more innovative.
Business can create value by developing new knowledge and/or using existing knowledge in new innovative ways. Innovation is often used to mean the development of a new product or service, but businesses can also innovate in other ways, such as through new business models, management techniques and organizational structures.
Entrepreneurs seek innovation to respond to customer demands and improve customer satisfaction through new processes. Innovation increases loyalty among current customers and helps identify new customer segments. Such demands might include for example, the use of a portable phone to conduct banking, pay for groceries at the store, or scan bar codes in
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This involves having an understanding of what problem the customer needs to solve. For example, entrepreneur Steve Jobs of Apple, Inc. developed the iPod for consumers who wanted to take their music with them, like during walks, or while running or working out. Hard to do those things with the options that were available at the time. Imagine how hard it would be to run five miles with a large boom box over one’s shoulder. Regular introduction of new innovative products has made Apple, Inc. a leader in innovation and any new product or upgrade is something new that a customer will not only pay. Not to mention camp in line outside the store a week before the launch to wait for an opportunity to purchase the new innovation or upgrade!
Bottom line, entrepreneurs also seek innovation to increase their revenue. By introducing a new products and services which customers are not yet familiar with, either by developing a new technology or changing the quality of an existing good, entrepreneurs can ensure a business a high market share. This is because the new innovative product or service is considered an early mover. Companies that employ this strategy are able to charge high prices in the short run for their products and services, as they recover their capital investment before competitors enter the
... and products. This will allow the company to increase its product line in order to respond to the change in consumer preferences, and also gain the right of patent.
Innovation is connected to the three strategies described above but it often involves more important changes to the product or service. As a strategy, it can imply the replacement of existing products with ones which are actually new, as opposite to correction and which imply a new product
Innovation has become a must in many businesses considering the current economic climate and the variety of needs of customers. With stagnating economic climate and the amount of competition in each market businesses have been in hard ground. The growing competition for businesses has made it much harder to for businesses to have a good margin for their profits.
The concept of Innovation: Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance (Innovation, 2015)
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
-Customers: The company felt the importance of being customer-centric and innovate by adapting to customer
-Innovation: Tapping into innovation is having a visionary approach to life, competitiveness and a will of service to humanity. With high research and development capabilities as well as extended product development and technological advancement innovation remains the most immediate way for a company to differentiate itself from its competitors. Superiority in performance is gained through it. Innovative products, processes or new business models provide strong competitive edge due to the first mover advantage. A company gains leverage over competition when it is the first to use a technology or to experiment with a process. Examples: Apple’s reinvigoration of the tablet market by introducing the IPAD in 2010. Tesla improvement of transportation safety in 2016 with the introduction of self driving autonomous features in their electric vehicles. 1979's Nike introduction of the air sole technology. Innovation is used to develop new or better products,
It is the responsibility of businesses to be dynamic so as to provide consumer with better products and offering to meet new needs. Competition encourages innovation. This not helps the or...
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
customers by promising superior value and keep and grow of current customers by delivering satisfaction (Kotler and Amstrong, 2012: 4).
Corporate Entrepreneurship can be seen as the process whereby an individual or a group creates a new venture within an existing organization, revitalizes and renews an organization ,or innovates. Zahra’s(1986) definition of corporate entrepreneurship suggests a formal or informal activity aimed at creating new businesses in established firms through product and process innovations and market developments,whereas sathe(1985) defines corporate entrepreneurship as a process of organizational renewal. Corporate Entrepreneurship has emerged as a much needed ingredient contributing towards the growth of any organization under a changing business environment.
Innovation is very important to the long term success of an organization. Therefore, it is essential to understand what innovation is. The Business Dictionary defines innovation as “The process
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
entrepreneurs have the ability to come up with new ideas in various situations of which one might have never imagined. Entrepreneurs have a curiosity that identifies overlooked niches and they are constantly trying to innovate (Robinson, 2014). They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.
As Peter Duckers has put it, "The ultimate aim of all business organisation is - to create a customer". These days, for most products and services, the market belongs to the buyer. The customers e...