Why entrepreneurs seek opportunities to innovate (Essay Sample)

Why Entrepreneurial Organizations Seek to Innovate Student’s Name Institutional Affiliation Course Instructor Due Date Why Entrepreneurial Organizations Seek to Innovate Today, innovation is the benchmark for success in the business and economic sectors. Since the Covid-19 pandemic hit and crippled small and big enterprises, this circumstance highlighted the potential risks that modern businesses face. Moreover, with the rapidly changing environment, new problems and market needs arise frequently, necessitating firms to develop innovative solutions to remain relevant. Accordingly, entrepreneurs seek innovation opportunities to meet evolving consumer needs, gain a competitive advantage, attract the most resourceful employees, and attain organizational growth. Inability to keep up with changing customer needs is one of the most significant challenges for contemporary businesses. Essentially, Ošenieks and Babauska (2014) indicate that companies often misread the market, resulting in failure to meet the consumers’ expectations (p. 84). However, with innovation, these firms can identify societal or global issues, the effects on market behavior and the most suitable products to deal with the problems. Furthermore, according to Ošenieks and Babauska (2014), innovation is a visionary tool that meets needs that even customers cannot imagine. Through this instrument, companies can study market trends, consumer feedback and create new products that align with future expectations. Hence, innovation is the solution to market turbulence and change. Consequently, when companies meet consumer needs promptly, they stay ahead of their competition. Primarily, innovation not only facilitates the creation of new products but also enhances organizational processes. Through such radical changes, innovation can initiate a competitive edge based on how fast a company manages this tool (Janjić & Rađenović, 2019, p. 46). For instance, Amazon has revolutionized the retail industry to incorporate e-commerce by enhancing the goods delivery process globally. This initiative has made Amazon the fastest-growing retail firm in the world. Since Amazon’s competitiveness can be attributed to pioneering in delivering and selling products, entrepreneurs will seek innovation. Additionally, an innovative business always attracts the best workers. Because technology is advancing expeditiously, more people are inclining towards technology-based occupations. Besides, commercial, non-profit, and governmental institutions are gradually incorporating technological software to manage their daily operations. This circumstance has made the recruitment process between companies competitive. As a result, Tredgold (2018) states that only organizations with a culture of innovation can acquire innovative talent. Since firms need to sustain this technological trend to survive, creative individuals are the driving force behind this initiative (Janjić & Rađenović, 2019, p. 48). Thus, entrepreneurs seek innovation opportunities to recruit the best workforce. Eventually, all other aspects of innovation facilitate the overall growth of an organization. Because meeting consumer needs and recruiting innovative employees contributes to the competitiveness of a business, these factors also lead to productivity in the long run. Janjić and Rađenović (2019) corroborate this finding by asserting that innovation is the primary precursor of ...