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Why Entrepreneurial Organizations Seek Opportunities for Innovation?

ORGANIZATIONS OFTEN TRY TO DEVELOP AN ENTREPRENEURIAL CULTURE THROUGH A


STRONG ORIENTATION TOWARD ENTREPRENEURSHIP

The need for an entrepreneurial culture is an eminent requirement in today’s world


where every business leader strives for competitiveness. Entrepreneurial culture is not simply
turning an imaginative idea into reality but it has a broader sphere. The word entrepreneurship
refers to possessing a mind-set which is characterized by innovation, empowerment, creativity
and an audacious attitude. Certainly, in today’s globalized competitive world, every business
organization should strive for an entrepreneurial culture driven by entrepreneurship i.e.
innovation and open ideas.
There are several organizations where an entrepreneurial culture is developed and the
opportunities for innovation are seek. The terms entrepreneurship and innovation are
meticulously linked to each other. As aforementioned, entrepreneurship refers to creativity and
innovation, the word innovation depicts to have a new idea, to break the status quo of extant
procedures and to rejuvenate. Thus, entrepreneurs and innovators contemplate about issues
differently in a germane domain and come up with such ingenious quick fixes that others can’t
think of. Resultantly, that innovation and inventive approach becomes one of the most crucial
components of a business’s success and organizations chase ways to promote innovation.
Innovation is essential for entrepreneurial organizations for a number of reasons
including the following:

 Company’s Growth
 Competitive Edge
 Adhere to Customer’s Needs
 Attract the Best Talent

1. Company’s Growth:
Businesses that have a bigger share in the market have a higher number of customers.
They acquire a colossal share by adding more employees when they scale up. Innovation helps
those organizations to elevate their curve of contemporary and creative product development
– which is scaling up in the competitive market – by bringing on-board state-of-the-art
technology and solutions.
Innovation is that critical factor of all entrepreneurial ventures which helps businesses
to grow regardless of their existing size. A business needs to be stable in order to grow and such
stability is brought around with the help of empowered, willing and inventive approach of its
employees.

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Why Entrepreneurial Organizations Seek Opportunities for Innovation?

2. Competitive Edge:
The contemporary globalized world faces far more competition that ever before. Every
organization is surrounded by a niche – it’s not alone in the industry or market. There are
thousands of companies producing the same products but how they can each stand out from
their competitors is an important consideration to survive on an uplifted rank in the market.
This can ultimately be done through innovation as innovation offers unique solutions to
problems and needs.
There are a number of ways through which businesses can innovate, for instance,
advancing an extant popular product. This revival of products in an exceeding mode will make
the organization stand out in a market of thousands and the business gains a competitive edge
over others.
3. Adhere to Customer’s Needs:
The best way to develop a loyal customer base is to understand and fulfill their
customers’ which are constantly changing. In this era, the advancement is on a really fast track
which lifts customers’ expectations higher. However, an innovative entrepreneur predicts the
need of the customers even before they realize it and come up with an exciting solution which
keeps the customers satisfied and loyal.
4. Attract the Best Talent:
Every individual with an innovative cognitive power would prefer to work in an
innovative environment because they like to be challenged and then prove their capability
through creative developments. Hence, a business, in order to engage with cream of the crop,
direly need to nurture an entrepreneurial culture which promotes innovation.

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