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Reasons For Innovation opportunities in Entrepreneurial Organizations (Essay Sample)


Reasons For Innovation Opportunities in Entrepreneurial ORGANIZATIONS
-Discuss ways through which business enterprises mitigate the effects of stiff competition in the market
-Discuss ways through which a business firm can Sustain its customers amidst the stiff COMPETITION.
-How can businesses create An entrepreneurial culture


Reasons For Innovation Opportunities in Entrepreneurial Organizations
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Reasons For Innovation Opportunities in Entrepreneurial Organizations
Business owners who want to succeed in the 21st-century will have to develop an entrepreneurial culture. Competition compels managers to develop different ways to mitigate its effects. While some entities consider differentiation strategies, others focus on acquisitions and mergers. Such approaches may have short-term impacts, but only a strong orientation toward entrepreneurship guarantees lasting outcomes. In an entrepreneurial firm, managers and employees work together to foster creativity, innovation, and risk-taking and mitigation. Instead of micromanaging workers, executives grant them the autonomy to think creatively and independently. This level of independence leads to the establishment of an entrepreneurial culture, which organizations employ in their pursuit of innovation to improve service delivery, customer satisfaction, differentiation, and performance. 
Entrepreneurial organizations seek opportunities for innovation to improve service delivery, which guarantees customer satisfaction. Although a brand might operate in a monopoly industry, executives understand that consumer needs change with time. In response, such managers improve their internal processes to ensure operational efficiency, which may require innovative interventions. Lee et al. (2019) find that innovation always guarantees efficient systems, especially when all employers are actively involved. Once the internal processes reach optimal levels, they facilitate customer satisfaction in two ways. Firstly, employees serve customers with increased commitment and enthusiasm. Secondly, clients are served within the shortest time. Due to the realization that customer satisfaction depends on service delivery, entrepreneurial firms pursue opportunities for innovation. 
The desire to stand out among other competitors also drives entrepreneurial organizations to identify and seek opportunities for innovation. In a fiercely competitive industry, survival is not contingent on technology alone. Marketers strive to attain differentiation to make sure that customers identify with a brand. One cannot achieve distinction without employing innovative tactics. In entrepreneurial companies, employees and managers develop products that consumers notice in the market. For example, researchers observe that innovation in the automotive industry has given some firms the necessary competitive advantage by balancing between a product's meaning and its role in meeting the needs of clients (Farhana & Bimenyimana, 2016). Managers who have since discovered the impact of innovation do everything possible to seize such opportunities to attain market uniqueness. 
Entrepreneurial organizations further pursue opportunities for innovation to optimize performance. Organizational output relates to the sales, revenue, and profit that a company realizes in its activities. While managers want to remain competitive in a sector, they also recognize the primary duty to shareholders. To increase performance, staff members and management teams consider different options, including investment and research and development (R&D). Trachuk and Linder (2018) explain that innovation leads to higher profits and sales by inspiring business owners to focus on the most lucrative ventures, which is quickly identifiable through an increase in R&D. As entrepreneurs increase their R&D spending, they discover better and new investment opportunities. 
Entrepreneurial organizations' p

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