Why Entrepreneurial Organizations Seek Innovation Opportunities
Given:
Organizations often try to develop an entrepreneurial culture through a strong orientation toward entrepreneurship.
Task: Prepare a brief summary listing and defining at least 4 reasons why entrepreneurial organizations seek opportunities for innovation.
Type your work into a word processing document and submit it as an attachment to this task.
Please Use the following sources:
Stevenson, W. (2008). Operations Management (10th ed.). New York, NY: McGraw-Hill/Irwin.
Bateman, T. and Snell, S. (2009). Management: Leading & Collaborating in a Competitive World (9th ed.). New York, NY: McGraw-Hill/Irwin.
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1. Product Innovation
2. Processes Innovation
3. Marketing Innovation
4. Organization Innovation
Business Management: Reasons Why Entrepreneurial Organizations Seek Opportunities for Innovation
Name
Institution
Reasons Why Entrepreneurial Organizations Seek Opportunities for Innovation
Entrepreneurship entails establishing or revitalizing an existing organization in respond to identified business opportunities (Stevenson, 2008). Although it is a difficult task, entrepreneurship demands that a firm identify opportunities it has the capabilities to undertake them successful in order to benefit from such opportunities through the creation of value, wealth, and job opportunities. To realize such opportunities, an organization should be positioned to embrace change focused on fostering the entity’s enterprise economic potential. In this regard, the practice of systematic innovation provides the foundation of entrepreneurship that sets the hallmark for the realization of company’s strategic objectives. Innovation entails developing and implementing creative ideas for the improvement of organizational status quo (Bateman and Snell, 2009). Entrepreneurial organizations have various reasons why they seek opportunities for innovation in their various sections of their operations such as product development, operation processes, marketing and organizational processes.
Innovation is crucial for the development of new products. Entrepreneurs should be able to produce products that are able to compete in the world market successful (Bateman and Snell, 2009). Through adopting innovative ideas and technologies, businesses are positioned to research, develop, and produce new products that can meet the market expectation, promoting competitiveness. An innovative product would meet market trends besides costing less in its production. Innovative production process also result to faster product development and delivery, hence giving an enterprise a competitive edge to compete in the market (Bateman and Snell, 2009). Product innovation allows consumers to get value for their money by providing the opportunity to enjoy quality products at cheaper prices. This way, consumer satisfaction is enhanced and entrepreneurs tend to benefit from it, through better performance in the highly competitive global market.
Stevenson (2008) believes that entrepreneurs have the duty to adopt new tech...