Entrepreneurial Culture and Innovation (Term Paper Sample)

Entrepreneurial Culture and Innovation
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Entrepreneurial Culture and Innovation
Introduction
Entrepreneurial culture and innovation in an organization is an essential requirement for the organization to adapt and cope with the competitive world of business. As a result, business owners and managers must establish a more receptive business in the social segment and seek prospects for innovation. According to Oliva and Kotabe (2019, p.1838), an organization should be on the lookout for and welcome change at all times. The entrepreneurial culture is nothing more than a brilliant idea that is becoming a reality. Today's competitive business environment is seen as a vital motive for business organizations to pursue innovation opportunities due to competitive advantage, customer’s loyalty, business development, and market niche. 
Competitive Advantage
In obtaining a dominant position, innovation provides a strategic advantage over competitors. Any firm should encourage innovation to discover new opportunities and attract customers. Consumers will come to a firm that positions itself as a market leader rather than a business that tries them out (Jallouli et al., 2019). Strategic advantage can be demonstrated through technological advancements. Changes in technology can contribute to increased security through duplication, lower prices, and product differentiation. From a market standpoint, the ability to make things more cheaply than competitors employing comparable technologies would reduce production costs and increase revenues.
Occupying a Market Niche
Niche marketing is the process of focusing efforts on a particular community or demographic. A market niche is established by employing creative marketing methods that recognize what the audience prefers (Oliva & Kotabe, 2019, p. 1839). Although most buyers are free from this type of targeting, it is dependent on people who are willing to buy their product. This strategy works well for a startup company with no employees or funds to appeal to a large audience. Creativity is required in specialized marketing to reach the segmented audience properly.
Cultivating customer's loyalty
In today's corporate world, customers' expectations and options are continually evolving. As a result, companies must reconsider how they determine customer expectations. According to Lynch (2019, p. 4) forward-thinking businesses should make every effort to anticipate their customers' demands and design exciting strategies to keep them satisfied and loyal. Businesses should use innovation to show their clients that they understand their needs.
Business Growth
Competitive and operational advantages are essential to propel a company to success. Many firms that optimize their processes increase their product quality, personnel, income, and reputation. Research by Lynch (2019, p.5) asserts that the operational and competitive advantage give their brand a trustworthy value, increases shares, fosters relationships, and increases popularity Companies that do not respond to transition will lose to competitors that do. Businesses that do not innovate risk going out of business due to failed operations and performance. The way a demand evolves can often lead to the discovery of novel opportunities for a company.
Conclusion
Due to competitive advantage, customer’s loyalty, business development, and market niche, it is viewed as a crucial incentive for business organizations to seek innovation prospects to survive in today's co