Reasons for Organizations' Innovation (Essay Sample)

Reasons Why Entrepreneurial Organizations Seek Opportunities for Innovation
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Reasons why Entrepreneurial Organizations Seek Opportunities for Innovation
Entrepreneurial culture has become a critical management topic due to the growth of technology-based organizations such as Google and eBay. In modern business, entrepreneurship has evolved to mean more than just the organizational acumen needed to develop an enterprise out of an idea. Entrepreneurship delineates the mindset and skill characterized by calculated risk-taking, employee empowerment, and, most importantly, innovation (Booker, 2022). According to Danish et al. (2019), entrepreneurial culture enables businesses to adopt innovative changes like new technology to increase product quality or service efficiency. How people interact and their involvement in the organizational environment affect their readiness to innovate and support organizational success. This paper argues that businesses innovate for various reasons; to support economic growth, respond to new trends in the business environment, address customers' dynamic needs, and increase competitiveness and market position.
Competitiveness and Market Position
Businesses today exist in a highly competitive environment that requires creating services and goods that