Entrepreneurial Organizations Seeking Opportunities for Innovation (Essay Sample)

Entrepreneurial Organizations Seeking Opportunities for Innovation
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Entrepreneurial Organizations Seeking Opportunities for Innovation
Entrepreneurial organizations, by definition, seek opportunities for growth and expansion. Considering that their greatest incentive is revenue and profit, it follows, therefore, that every entrepreneurial organization should be on the lookout for opportunities for growth and development. Amongst the most effective ways to achieve that is through innovation. Every day in the modern world, an innovator profits from introducing new products and services into the world. It is, therefore, the prerogative of every entrepreneurial organization to ensure that it positions itself in the best possible way to benefit from opportunities for innovation.
The force of innovation is an indispensable ingredient for any entrepreneurial outfit looking to grow exponentially. According to Broughel and Thierer (2019), technological innovation provides the best pathway through which a business grows. The use of improved technology can help the organization enhance the production process and services. Innovation is beneficial not only to the individual businesses that make use of it but also to the positive development of the human race. Regardless of the business's initial size, innovation allows it to grow to a competitive size that enables them to compete on a global scale. This reality is also similar for larger organizations and corporate bodies, which are also better able to grow further, owing to the power of innovation. The impetus for growth is amongst the biggest reasons why entrepreneurial outfits seek opportunities for innovation.
Another reason entrepreneurial organizations identify and embrace innovation opportunities is that it serves as a competitive advantage. According to Salehi and Abdollahbeigi (2017), the pursuit of innovation opportunities by an entrepreneurial body gives them a competitive edge above their peers. The right innovation allows entrepreneurial organizations to offer unique advantages to their customers, causing them to stand out from their peers. Developing unique products or services can help to increase the market share and profitability of a firm. The brands that stand out in this way can easily grow their revenues and profits.
Additionally, innovation undertaken at the right pace allows entrepreneurial businesses to meet the continually changing customer needs of the modern-day. Mahmoud, Hinson and Anim (2018) argue this much when they posit that a firm's survival in a competitive market is based on its ability to provide products and services exactly tailored to meet the ever-changing needs of its customers. The best innovators can predict customer needs in the market and provide matching products even before the clients discover that they need them. Unless a firm is willing to innovate, it would have a tough time meeting the changing customer needs on a long term basis. Entrepreneurial organizations must always explore and innovate through new ideas that excite their customers and meet their needs.
In conclusion, innovation provides multi-faceted advantages to entrepre