Innovation and Entrepreneurship!

One of the main ways to keep an organization relevant over a long period is “Innovation”. Innovation can also be defined as “the act that endows resources with a new capacity to create wealth”.

Although traditional industries and new-gen organizations focus on wealth creation and expand the business in traditional ways, present-day entrepreneurs continuously try to bring innovative products and services to the market. Evolution is the key to sticking to the rat race of today’s competitive world. Companies that failed to keep pace with the environmental changes have perished over time.

Entrepreneurs bring in innovation by creating new products that may offer simple ways to solve an existing problem in society. The invention can also be made in the current manufacturing processes of development. The method of innovation includes the following steps in a broad way:

Identifying the current problem in a society or an existing process. Developing a product/service to address the problem Providing the offering to the target market by proper means.

Innovation also includes copying an existing product or service and then adding another creative touch by the entrepreneur. It can also involve discovering a new product by mixing two or more existing products or services.

Entrepreneurship can be defined as the summation of creation which includes thinking of new ideas and innovation, which broadly refers to creating new things. So Entrepreneurship can be looked up as creating value for the target market and the society as a whole.

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