Why Entrepreneurial Organizations Seek Opportunities for Innovation (Essay Sample)

Why Entrepreneurial Organizations Seek Opportunities for Innovation
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Why Entrepreneurial Organizations Seek Opportunities for Innovation
Entrepreneurial organizations are entities that encourage the emergence and growth of ideas. On the other hand, innovation is creating, developing, and implementing a new process or product to enhance competitive advantage, effectiveness, and efficiency. In this regard, entrepreneurial organizations seek opportunities for innovation to gain a competitive advantage, grow, meet customer needs, and attract the best talents.
First, entrepreneurial organizations seek opportunities for innovation to attract the best talents. A recent study by Gallup revealed that 56% of talented and innovative graduates want to work for innovative companies (Urbaniec & Żur, 2020). In this regard, a company must have a history of creating to attract people who can produce the next big things because innovators like challenges and encouragement to invent regularly. For example, Apple has a history of creating, and in 2020, the company launched iPhone 12, iPhone SE, Apple Watch Series 6, iPad Pro, and iPad Air. Apple produces new products every year, and the innovation history has enabled it to attract the best talents because every innovator wants to work for the company (Eliakis, Kotsopoulos, Karagiannaki, & Pramatari, 2020). An entrepreneurial organization must innovate to attract the best talents.  
Second, entrepreneurial organizations seek innovation opportunities to meet customer needs. Customers' needs are constantly changing because, one day, customers can need what you offer, and the following day, they might require something else (Fuentelsaz, Maicas, & Montero, 2018). For example, when Apple launched iPhone 11, it was the most exciting smartphone in the market. However, the invention of the 5G network led to a decline in customer demand for the smartphone because it did not offer the 5G cellular connectivity. Consequently, Apple launched iPhone 12, which offered 5G cellular connectivity because most android phones arriving in the US already had 5G, which boosted their sales (Eliakis, Kotsopoulos, Karagiannaki, & Pramatari, 2020). The innovative nature of Apple enabled the company to respond to the changing customer needs and produce a product that meets their expectations. Without constant innovation, an entrepreneurial organization cannot meet customers' changing needs.
Third, entrepreneurial organizations seek opportunities for innovation to grow. Innovation is essential for growth because companies that innovate can scale and increase the number of employees. That allows them to improve their customer base and market share (Fuentelsaz, Maicas, & Montero, 2018). For instance, innovation allowed Google to launch products such as Google Play, Chrome, Google sheets, and YouTube. The introduction of more products allowed the company to hire more employees to improve and support the respective products, leading to an increase in customer base and market share (Eliakis, Kotsopoulos, Karagiannaki, & Pramatari, 2020). Consequently, an entrepreneurial organization needs innovative opportunities to grow.
Finally, entrepreneurial organizations seek innovation opportunities to gain a competitive advantage. Innovation is essential because it allows companies to offer something unique to customers. For instance, when Facebook entered the social media industry, it wasn't the biggest and most famous because companies such as Myspace, LinkedIn, and Friendster were already dominant (Eliakis, Kotsopoulos, Karagiannaki, & Pramatari, 2020). Also, as Facebook struggled to pen