Entrepreneurship (Essay Sample)

Impact of Innovative Opportunities in Entrepreneurships
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Impact of Innovative Opportunities in Entrepreneurships
Business organizations that seize emerging possibilities for change have a competitive advantage. Entrepreneurship is the process of developing new products and services that meet consumer demands by identifying and integrating innovative ideas into actionable processes (Guttentag & Smith, 2017). The four greatest drivers of entrepreneurial organizations seeking innovative possibilities are customer satisfaction, globalization, employee satisfaction, and profit maximization.
1 Customer Satisfaction
Businesses seek out opportunities for innovative development in order to satisfy customer needs (Guttentag & Smith, 2017). Customer needs are changing rapidly, especially in today's technologically dominated world. For example, Toyota began manufacturing automobiles for the third world countries’ markets in the twentieth century. The company developed a more innovative, adaptable pick-up trucks and luxury cars assembly lines in 2000s to produce fuel-efficient 4-cylinder engines in order to meet consumer demands (Muniandy et al., 2020). As a result, Toyota luxury cars are among the most popular selling vehicles in Africa. Toyota's capability to innovate in order to meet consumer demands for fuel-efficient luxury cars has enabled them to remain relevant in the market.
2 Globalization
The contemporary global market is more challenging for firms. Globalization has given firms a better grasp of market positioning and customer attraction. Managers keep track of globalization by improving their market positioning. Market positioning is improved by product differentiation, which attracts customers consistently (Mthembu & Barnard, 2019). New products are developed to help organizations attract more consistent customers. Through innovation, existing products are improved, making them more cost-effective and unique. Organizations position themselves to attract more stable customers by innovating on their products (Guttentag & Smith, 2017). New products make existing goods more economical and unique by diversifying them.
3 Employee Motivation
The processing of information and technology is maximized during the recruitment and management of employees by creative ideas. The business environments are changing rapidly as we move into the future. Employees are now more drawn to entrepreneurial companies that employ innovative technological strategies (Lehoux et al., 2021). When employing and managing employees, capitalizing on information and technology is possible via creative ideas. Additionally, internet and artificial intelligence have gained popularity from increased technology use (Lehoux et al., 2021). Due to the high creativity levels of the working population, business environments are continuously evolving (Guttentag & Smith, 2017). Employees are currently more interested in innovative technological strategies employed by entrepreneurial organizations. Entrepreneurial managers, therefore, devise strategies that attract creative employees in order to keep pace with rising creativity levels.
4 Profitability
Every company needs to boost revenue and cut costs. Entrepreneurial organizations embrace and nurture new ideas. Because of this, entrepreneurial company managers constantly seek out new methods for developing, producing, and selling their products and services (Guttentag & Smith, 2017). For example, Airbnb, the world's second-largest hospitality service provider, is a e-business enterprise. Because of their simple idea to convert an empty room into a bed and breakfast inn, the founders of Airbnb established an e-business company (Guttentag & Smith, 2017). Airbnb's revenue h