Organizations' Reasons for Seeking Opportunities for Innovation (Essay Sample)
Organizations often try to develop an entrepreneurial culture through a strong orientation toward entrepreneurship.
A. Prepare a brief summary, listing and defining at least four reasons why entrepreneurial organizations seek opportunities for innovation.
B. Acknowledge sources, using APA-formatted in-text citations and references, for content that is quoted, paraphrased, or summarized.
C. Demonstrate professional communication in the content and presentation of your submission.
Reasons Why Entrepreneurial Organizations Seek Opportunities for Innovation
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Reasons Why Entrepreneurial Organizations Seek Opportunities for Innovation
Entrepreneurial organizations seek opportunities for innovation to create a lasting competitive advantage and increase their market share. Most companies incorporate innovative strategies in their production methods to achieve a competitive advantage over business rivals (Sahut & Ortiz, 2013). Additionally, innovation enables firms to develop new commodities, ideas, procedures, and processes. Entrepreneurial organizations seek innovation opportunities to solve existing problems where other companies have failed to offer a suitable solution (Sahut & Ortiz, 2013). Therefore, entrepreneurial organizations seek opportunities for innovation to increase their competitive advantage and create effective business processes.
Entrepreneurial organizations seek opportunities for innovation to exploit market inefficiencies to survive in the highly volatile business environment. The firms identify gaps in the market and tailor their products to satisfy existing needs (Schmitz et al., 2016). Product and service innovation is a crucial phase that each firm should constantly
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