Examine the significance of Entrepreneurship and Innovation in an organization
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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New products and services are at the heart of the economic growth of any country or society. Firms innovate because research shows a significant correlation between profitability, productivity, employment growth, and innovation for manufacturing or service firms. Innovation is one of the most important tools that an organization should highly invest in if it is to compete effectively in the market. Innovation refers to a particular feature of entrepreneurship that can be seen in an existing business, a public institution, or even a new venture. It is the process through which an entrepreneur creates new resources or replenishes the existing ones to create wealth. According to Global Entrepreneurship Monitors, entrepreneurship and entrepreneurial activities in the world have intensely developed.
What is the importance of innovation in an Organization? Organizational innovation is the foundation for developing a new system or product in the business sector market. This is so because it offers immense benefits to entrepreneurial practices. Innovation also promotes the growth and development of an organization thus it being able to stay competitive in the business world. Organizational innovation is asserted to explore and treat change as an opportunity for a business.
What is the role of entrepreneurship in an organization? Entrepreneurship encourages investment, and a sense of competition boosts innovation, develops better and developed markets, improves people’s standards of living, and results in better distribution of income among so many others to be addressed in detail in the following sections of this essay.
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Examine the significance of Entrepreneurship and Innovation in an organization Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Get in-depth knowledge and understanding of entrepreneurship and innovation, and their role in economic progress
- Identify how innovation and entrepreneurship impact the operations, sales, and profits of an organization
- Appraise and recognize the use of Entrepreneurship and Innovation within a business context
1.0 INTRODUCTION
Generally, entrepreneurship is acknowledged as the principal factor of economic growth, productivity, innovation, and employment. Entrepreneurship is also a significant aspect of economic development. In a market, as businesses enter and exit the most current one to enter will be more effective compared to the ones leaving the market. The firms that are still in existence are now obligated to develop better ideas and become more productive and dynamic to compete efficiently. According to Joseph Schumpeter, several studies have rendered realistic support and maintenance to the progression of creative destruction. This paper is going to examine the significance of Entrepreneurship and Innovation in an organization or business.
What is the significance of entrepreneurship? Entrepreneurship encourages investment, and a sense of competition, boosts innovation, develops better and developed markets, and improves people’s standards of living by creating jobs and manufacturing safer products, and it also results in better distribution of income among so many others. Important to note is that the benefits of entrepreneurship serve not only them but also the societies and people in which they operate.
What is the importance of innovation in an Organization? Innovation is significant to companies because it helps them to get used to and overcome the challenges that might be brought about by a change in the business environment. Organizational innovation is the foundation for developing a new system or product in the business sector market. This is so because it offers immense benefits to entrepreneurial practices. Innovation also promotes growth and development of an organization thus it being able to stay competitive in the business world. Organizational innovation is asserted to explore and treat change as an opportunity for a business.
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