Innovation in Entrepreneurial Organizations (Essay Sample)

Innovation in Entrepreneurial Organizations
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Innovation in Entrepreneurial Organizations
           Entrepreneurship is a challenging undertaking due to the many risks, dynamics, and uncertainties involved. Entrepreneurial organizations have to constantly try to keep up with changes in the market, thus requiring them to be innovative. Introducing a new and unique product or service can help increase the firm's profitability and market share. In the current dynamic business environment, most entrepreneurial organizations seek opportunities for innovation to facilitate organizational growth, gain competitive advantage, and improve production and profitability.
           One way of growing an organization is by improving its processes through innovation to achieve better outcomes at a lower cost. According to Purcell (2019), growth is beneficial as it results in increased corporate profits. An organization has to be ready to adapt and change to meet certain conditions. It may involve changing the product, service, or business model to satisfy customer needs. For growth to occur, the organization must be innovative in technology, processes, and development. The use of improved technology can help the organization enhance the production process and services. This