Entrepreneurial Businesses (Essay Sample)

Most startups scarcely last after their initial year of establishment. Entrepreneurial organizations place innovative and sustainable measures in their business model for fair competition in the marketplace. With innovation, entrepreneurial organizations scale their opportunities to satisfy their customers, gain competitive advantage, acquaint themselves with new technology fast, cope with emergent challenges, and develop their products and services.
Innovation ensures customer satisfaction through research on the current customer requirements. The organization engages and understands the requirements of the customer. The organization then creates customer-centered offerings (Makhloufi et al., 2021). When organizations prioritize customer requests, they establish a firm client base and return policy (Makhloufi et al., 2021). Once an organization establishes a solid customer retention policy that fulfills the wishes of the customer, the customer appreciates the products and the services offered, always returns, and also welcomes other prospective customers to the organization.
When organizations innovate in their entrepreneurial endeavors, they attain a competitive edge ahead of their rivals. Makhloufi et al. (2021) avouch that organizations advance ahead of their competitors after they encounter new challenges and formulate sustainable solutions against future calamities. Anand et al. (2021) affirm that the organization remains afloat despite calamities like inflation and economic recessions when they prepare before calamities strike. Once organizations enhance their research skills in new endowments and in rapid development, they emerge among the first to deliver supplies to their customers.
Entrepreneurial businesses that prioritize innovation adapt to the ever-changing technology more rapidly when they tweak their business strategy to the new technology. The organization sets technology as the benchmark for change and development (Anand et al., 2021). When an organization adapts to new technology, the technology helps the organization solve the prevalent challenges. Innovation helps organizations adapt fast to the new technology by training employees on efficient usage of the new technology (Anand et al., 2021). Organizations should put measures to ensure that they align themselves with the constantly changing technology by reviewing their business strategy to suit the current business dynamics.