How Innovation and Creativity May Assist Entrepreneurial Businesses (Essay Sample)

How Innovation and Creativity May Assist Entrepreneurial Businesses

Innovation is one of the essential elements of a thriving commercial business. Organizations must grow original philosophies to sustain in the competitive environment. They should focus on being creative, remain ahead of the competitors, and draw consumers. According to Purcell (2019), any corporation's thriving mainly hinges on its capability to revolutionize. Though revolution is not strange, its significance is advancing every day. Organizations focus more on getting new techniques to develop efficiency in the current dynamic world than in the old days. Therefore, this paper will critically and briefly elucidate how innovation and creativity may assist entrepreneurial businesses in enhancing their competitive advantage and customer satisfaction, adjusting to the evolving business changes, trends, and growth.
Improve Competitive Advantage
In the current globe, the rivalry is vicious. Thus, the need to remain ahead of the competition, organizations should revolutionize. An excellent technique to attain this is by applying inventiveness and picture to advance new commodities, sustaining business stocks, and enhancing cost-effectiveness. Innovative organizations can create more satisfying commodities than other organizations (Lee & Yoo, 2019). Organizations can also give better facilities that are diverse from their competitors. This permits such organizations to be unique from their opponents; consequently, organizations have an advantage over their rivals. Nevertheless, invention is not restricted to commodity enhancement as it involves advertising plans, consumer service, and branding (Lüdeke, 2020). It is through these inventive approaches that business firms achieve a practical benefit.
Enhance Consumer Satisfaction
The fundamental motive why several industrialists innovate is to make sure that their organizations achieve the demands of their consumers. Today’s clients frequently seek innovative and new commodities (Purcell, 2019). Organizations that do not focus on their consumers’ requirements and wants are prone to miss out on revenues. Therefore, businesses keep innovating to attain their consumers’ desires to stay pertinent in the business.
Adjust to the Developing Organization Changes and Trends
Another reason why businesspersons look for modernization opportunities is that they must adjust to the evolving organization changing aspects and stay economical. The most thriving organizations adjust to evolving market environments by enhancing innovative resolutions. They understand to find out emergent demands and react rapidly to them (Lee and Yoo, 2019). It assists them in remaining ahead of their rivals, who may not have adopted the equivalent technique. Innovative businesses require being elastic adequately to adapt when it is indispensable. Failing to consider that, they may get it challenging to contest with other firms.
Innovation Assists Organizations to Develop
Innovation is the primary engine of organizational development. According to Purcell (2019), the application of today’s knowledge assists organizations in introducing new marketplaces, attaining new consumers, and improving trade. For instance