Innovation
It is renowned that every existing entrepreneurial organization has invested immensely in innovation. Innovation consists of creating new ideas, methods, and products with the intention of growing their company and achieving extreme success. This paper seeks to analyze the sentimental value innovation plays as an essential component to the success of any organization.
First and foremost, innovation is a determining factor in the growth of any business organization. This fact is further supported by The Deloitte Innovation Survey of 2015, where sixty-six percent of the respondents concurred with this fact. If a business is able to invest in innovation, then it is easier for them to employ more workers, scaling up in the process. Additionally, adding employees facilitates the growth of the business since they are able to attend to more customers and gain a bigger spot in their respective industrial markets. It does not matter the size of the business since innovation guarantees the growth of the business anyhow. Despite having a small startup, innovation facilitates the growth of the business. The case is the same when it comes to the big corporation since, through innovation, the corporation is able to expand its market share. Therefore, it is correct to say that companies are keen on innovation since it guarantees their growth.
Secondly, innovation gives an edge to a business making it distinguishable by the customers from competitors. It is known that in every niche in the business industry, there are always competitors. In order to stand out from the countless competitions, it is always advisable to invest in innovation. The reason behind this is because innovation allows business owners to offer their customers something unique compared to their counterparts. For instance, in a business where one manufactures light bulbs, many people are bound to be involved in the business. However, innovation can enable one to have an advantage over competitors if their product is unique. The best innovation ideas sprout from focusing on bettering pre-existing products. By so doing, the newly innovated products stand out to their customers, and as a result, the company’s revenue increases significantly.
Thirdly, innovation makes it possible for businesses to meet the needs of their customers. It is common knowledge that customer needs are always changing. One day, they need what you are offering, but the next, they need something else. It is the duty of innovators to predict the needs of customers before they even realize that they need them, providing the solutions effectively. It is impossible to meet and satisfy the needs of the customers in the long run unless you are willing to innovate. Remaining stagnant leads to the eventual floundering of the business. As a preventive measure, it is advisable to come up with new ideologies that are bound to excite the customers and meet their needs.
Lastly, innovative companies always seem to attract the best talent in the field of their specialty. It is a known fact that innovative people prefer to work for companies that are innovative since they give them a chance to create something new. A business organization can’t attract a talented innovator if the company is not going to make history through their creation. Creating an innovative culture in your company guarantees the inflow of talented individuals to the company, soaring the business to bigger heights.
References
Huijbens, E. H., Hjalager, A. M., Bjo, P., Nordin, S., & Flagestad, A. (2017). Sustaining creative entrepreneurship: the role of innovation systems. In Tourism and entrepreneurship (pp. 74-93). Routledge.
McLuskie, P. (2017). Innovation and entrepreneurship. International Journal of Entrepreneurial Behavior & Research.
Rexhepi, G., Hisrich, R. D., & Ramadani, V. (2019). Open Innovation and Entrepreneurship: An Overview. In Open Innovation and Entrepreneurship (pp. 1-7). Springer, Cham.