Why entrepreneurial organizations prefer innovation (Essay Sample)
this was on business and managementsource..
Business and Management
The success and sustainability of global organizations such as MacDonald, and Amazon over the last decade have attributed the importance of innovation in their business. For instance, in e-commerce, there is a combination of entrepreneurship and innovation, which is an essential component for the success and sustainability of e-commerce. According to Johnson (2001), entrepreneurship and innovation are the main triggers for the long-term sustainability in most entrepreneurial companies. Therefore, companies that give attention to innovation processes such as searching and finding market gaps, as well as being ready to accept the associated risks.
The drastic increase in competition because of globalization has made it possible for the creation of viable goods and services that are in line with the global market needs. In this regard, Oksanen and Rilla (2009) argue that achieving a competitive advantage in the global market mainly depends how organizations formulate necessary strategies. The changing market structure and competitive conditions push the market players in various sectors to search for new resources.
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