Entrepreneurship by innovation: the strategy for business success – Do you want to be an entrepreneur? That means, you want to be innovative in your approaches to business. In fact, doing something different in business is the in thing now. And that is what brings you out as a professional. Therefore, if you really want to be recognized as one, this post will help you start with big bang.
The Professionals are needed:
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As a matter of fact, the ability to innovate requires professionals to step out of their comfort zones; take advantage of the public’s interests and create new economic trends. That’s, proffer solutions that are capable of completely changing the lifestyles of customers. That’s why in practice, professionals who want to differentiate themselves and attract customers adopt a culture of entrepreneurship by business innovation strategies.
Are you not aware of some businesses in the last 10 years that appear and gain large market share because of their biggest differential. That is with the ability to innovate. At any rate, the innovation is not present in all businesses and professional profiles, however, it is a skill that needs to be developed with training, information and creativity.
However, it is essential to highlight the company in the market. In this article, you will better understand this concept and discover how to innovate in your business. Check out!
What is innovation?
Innovation is creating something that is useful, that is different from what already exists and has a market. This is because innovation needs to generate profits. Innovation is also related to creating solutions or breaking standards. This means that innovation can represent both the development of a business and service model. Again, it covers as well the development of new products and differentiated services for recurring problems of the target audience or the company. Did you get these?
In fact, with the technological advances registered in recent years, some trends are inserted in the global innovation scenario, such as the use and creation of cloud software for team management and customer service. Also with the creation of new group work spaces that encourage creativity and contact with other professionals, such as co-workings; or even with the production of solutions for the development of smart cities .
Entrepreneurship by innovation: the strategy for business success
Why is innovation important?
Do you agree that the word entrepreneurship connotes behavior of leadership, initiative and discoveries? Do you know that these skills are critical not only for managers, entrepreneurs or business owners? In fact, employees with an entrepreneurial profile can improve services and develop solutions to problems or new ways of performing an activity. It is not by chance that the search for worker-entrepreneurs has grown so much in the market. These are self-starters.
As you can see, entrepreneurship and innovation are like two sides of the same coin, which, if stopped, has no value. To undertake it is necessary to have space to create, put ideas into practice and actually innovate. No company that is “stuck in time” can sustain itself in the long run and continue to grow in the market. In Nigeria, these re referred to as “old schools’’
Effect of new Technologies – Entrepreneurship by innovation: the strategy for business success
Just look at some developments that have been hit by new technologies, such as movie rental companies: with streaming services and online subscriptions, many establishments have closed. However, those who decided to innovate by offering new experiences to customers, with differentiated spaces or investing in specific niches, such as classic films or other nationalities, have survived.
In fact, companies that do not invest in innovation re expected to be out of the market in the coming years. Who makes this prediction is Carlos Faccina, Chancellor of the Universities Anhembi Morumbi and BSP, who are part of the Laureate International network, during the 2018 Administration Forum.
For the chancellor, the skills necessary for good management in the past are no longer sufficient to ensure that companies will survive. “Innovation requires the fulfillment of certain prerequisites in companies, including the understanding that people are different and are talented in their own way, leaving the company to reconcile differences,” explained Faccina.
The representative also criticized the conventional model of organizational structures that’s still very common in companies and this is reflected in the development of products and solutions. For him, creativity and innovation require breaking conventional management models. “It’s enough to note that of the 100 products launched in the last 5 years, only 5 can be classified as successes and the rest re forgotten,” he said.
Investing in innovation is expensive – yes..but…
This has been the argument adopted by many global entrepreneurs. However, to innovate does not necessarily mean spending a lot of resources In fact, some entrepreneurs innovate even without spending $1.
According to some scholars, the problem is that Nigerias, despite being a born entrepreneur – 39% of the economically active population has his own business, does not have as much initiative to innovate. The fear of risking and losing money can be a major limiter. That’s because, even if he doesn’t invest money, the entrepreneur runs the risk of not pleasing the customer.
Against this backdrop, there are the fintechs. Startups in the financial sector, which already total more than 400 initiatives in the country. The growth of this business model is due to the new habits of the population:
- More than 50% of users actively use online banking services;
- 58% of all bank transactions are virtual;
- More than seven million customers have already opened digital bank accounts.
Entrepreneurship by innovation: the strategy for business success
Observing consumer behavior is the first step for those who want to innovate. The entrepreneur needs to be aware of the needs and interests of his audience.
With the recognition of old market and customer demands, the company can innovate with differentiated service or support for some social cause, for example. The solutions range from the company’s space or showcase – which can be online or offline – to the product itself. To innovate, it is not necessary to invest heavily. But it is important to awaken creativity, listen to customers and their team.
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Founder/Managing Partner of Complete Full Marks Consultants Ltd. An Economist turned Chattered Accountant and Tax Practitioner with over 37 years of industrial experience.