Why Entrepreneurial Organizations Seek Opportunities for Innovation (Essay Sample)

Why Entrepreneurial Organizations Seek Innovation Opportunities
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Why Entrepreneurial Organizations Seek Innovation Opportunities
Innovation is one of the most critical components of a successful organization. Proper innovative techniques have helped companies such as Google to survive in the harshest economic conditions and leap successful outcomes. According to Drucker & Maciariello, 2015, innovation is the best tool for entrepreneurs, by which they exploit change as an opportunity. Innovative organizations are able to approach problems in different ways and proactively formulate unique solutions that others cannot, and they end up achieving good business outcomes.
Increased competition in the market is one of the reasons why organizations seek innovation opportunities. Today's market has turned out to be very competitive, and this has put an extra burden on organizations to keep up by developing products or services that meet the market needs. The rapidly changing market structure and competitive conditions force organizations to develop ways and new resources that satisfy their customers. Innovation and creativity are essential things in a company; success in unpredictable market environments is only possible through innovations (Dereli, 2015). For this reason, companies are forced to get a better connection to the markets and identify consumers' needs through innovation in order to stand out from Competitors.
Customer choices and expectations are rapidly changing with time. Customers focus on getting the value that proves that companies understand them and even support their lifestyle choices. The changing customer expectations and choices are forcing companies to adopt a more customer-centered culture. Different factors influence the success of every company, but the most essential is to satisfy customers, which leads to excellence in business (Pulles et al., 2016). Therefore, it can be inferred that it is essential for companies to seek opportunities for innovation in order to create products that are valued and cherished by consumers for survival in the market. Entrepreneurial organizations need to seek opportunities for innovation on an enduring basis in order to meet customer needs.
Innovative and talented people want to work for the best innovative organizations. Innovators want to be encouraged to create regularly and therefore, organizations need to adopt an innovative culture to attract such talents. If a company is serious about attracting the brightest and the best, it must ensure operating in an exciting and productive environment where employees are motivated to do their best and are challenged continually (Earle, 2017). A unique, innovative culture is infectious, and it drives innovators through a company's doors in droves
Organizations do not run smoothly throughout. Sometimes, organizations face complex challenges that require practical actions to ensure the organization's survival. The challenges could come in different sizes and shapes and they could range from specific challenges, such as products that do not address customers' needs, to systemic issues like sustainability. To solve such problems, organizations must think and seek more innovative ways to face the problems (Boons & Lüdeke-Freund, 2016). The answers to emerging problems do not always lie in spreadsheets or business modeling but innovative ap