Why Entrepreneurial Organizations Seek Opportunities for Innovation (Essay Sample)

Reasons Why Entrepreneurial Organizations Seek Opportunities For Innovation
Student’s Name
Institutional Affiliation
Course Name and Number
Instructor’s Name
Date
Reasons Why Entrepreneurial Organizations Seek Opportunities For Innovation
Introduction
Innovation is one of the most strategic components of a successful organization. The concept allows companies to create and sustain a culture of creativity, which allows them to survive in a competitive environment. As such, organizations try to develop an entrepreneurial culture through a strong orientation toward entrepreneurship. The goal is to stay ahead of competition and attract a larger market. Opportunities for innovation increase competitive advantage, optimize customer satisfaction, make organizations responsive to business trends, and enable firm’s to achieve long-term growth.
Reasons Why Entrepreneurial Organizations Seek Opportunities For Innovation
Increase Competitive Advantage
Organizations face fierce competition from new entrants and existing brands seeking to make an impact in a thriving market. The threat reinforces the need to seek opportunities for innovation and stay ahead of the game. The right entrepreneurial culture focuses on development of new products and services (Palazzeschi et al., 2018). The processes enable an organization to maintain