Innovation and Entrepreneurship

In the world of business, innovation is considered as one of the most important factor. Nowadays, where the competition rise into its highest level, entrepreneurs must have the ability to innovate what already exist so it can follow up with the demand of the changing environment. An entrepreneur should always seek for change, respond into it, and then take it as an opportunity.

Entrepreneurship lies on the theory of society and the economy. This theory consider change as something normal and somehow a healthy thing. It may even be defined as a task of “creative destruction”.

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In defining an entrepreneur, can we consider those who put up a small business in a certain area as one? Let’s take a deeper look on it. So, what is the difference between couples who open a store or a restaurant in a place, which is the center for trade from the popular fast food? So the couple surely takes a risk, one characteristic of being an entrepreneur, but can we already say that they are now entrepreneurs? What they have done has been already practiced before. They take risk on the increasing demands and popularity of eating out in the area. Even though what they have done is a new venture, they still can’t still be considered as entrepreneur.

What is a real entrepreneur? Popular fast food chains are good example of entrepreneurship. Their products are not an invention. It already exists even years ago and can be found in any decent restaurants. They truly differ with the first mentioned business wherein this one applies management concepts, management techniques, systematizing the product, designing tools and process, and making an analysis on the work to be complete that serves as the basis of the trainings, and the making standards to attain their goals.

Notice those companies that did not survived in the test of time, they didn’t survive because they stick on what has been traditional. They never been afraid to take risks, make hard decisions, and admit that there are things that didn’t go well as they plan. Entrepreneurs know how to change the negative into something positive. They turn the resources from lower area of productivities into the areas where high productivity can be met.

Those who work in an industry or in public services oftentimes just ignore the presence of basic flaws. Instead of providing solutions on it, they just concentrate on improving or fighting the possible outcome, thus resulting in a much worse problems. They didn’t take the innovation process seriously, they just compete with it. Meanwhile, those innovators deal with this by themselves.

Change is what makes businesses grow into big ones. Change open up a door to develop and make something new and different and this what helps entrepreneurs to explore more and find possibilities in the growing market.

Innovation is a tool of entrepreneurship. It is the addition of something new to what already exists. A product is already existing and works well, then innovation will make it work much better. An Entrepreneur can only continue holding a leadership if it recognize that they are living in a world of continuous change and thus adapt and make the best out of it.


About Sandra Nelson