Why Entrepreneurial Organizations Seek Opportunities for Innovation (Coursework Sample)

Why Entrepreneurial Organizations Seek Opportunities for Innovation
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The current economic condition requires an organization to proactively act upon any available opportunity to flourish as the business environment has become highly volatile. Innovation is a strategic tool used to transform the business and involves the commercial application and successful exploitation of ideas by introducing new products and new technology (Nolan, 2016). Business organizations must pursue opportunities for innovation to remain relevant to changing the business environment.
Increased Competition
The central reason for innovation is due to the increased competition in the market. Competitors have become smart and are hitting the market very fast with new and improved products more quickly. Competition has placed an extra burden on organizations to keep up, by either creating identical products or trying to leapfrog over competitors by launching products that interrupt the market (Nolan, 2016). In order to deal with competitors effectively, one needs to copy and to imitate the competitor's actions.