Entrepreneurship is the willingness to take risks involved in starting and managing a business.
Innovation is a new idea or taking an idea that already exists and making it more efficient in order for it to work better.
REASONS WHY ENTREPRENEURIAL ORGANIZATIONS SEEK INNOVATION OPPORTUNITIES.
There are a number of reasons why there is an extraordinary opportunity for innovation within the enterprise sector and they include;
Economic growth ; innovation is the root to economic growth. Industries and products are maturing. Innovation in a business is creating and transforming knowledge into new products, processes and services that meet market needs. As such it creates new businesses and is the primary source of growth in businesses and industries hence economic growth.
For a stable constant flow of innovation; some companies find themselves either scooping up wealth of new ideas turned into new products or waiting for one to arrive, or using money into existing projects with no visible productivity. Innovation therefore can provide a continuous stream of ideas for the constant flow of it which will boost the businesses.
For business survival; for a business to survive a discontinuity it has to face the rather unpleasant reality that there may have to be basic changes in who they are, what they do, and how they do it. As dislocating as it may be they will have to go through a transformation for that business to survive, and innovation helps a business survive.
For the progression of human well being; innovation creates new businesses hence new jobs. New jobs create personal income and thereby assisting in the well being of humans. New products provide employment and economic growth for those directly associated with them and for people employed in supporting industries. When innovation is properly managed, a variety of new products come forth and these products respond to the changing needs of a society.
Desire for higher revenues; innovation is more important than ever as it can result in major efficiency gains as well as new markets and new revenue streams for your business.
Lorraine Yapps Cohen, TOP 10 reasons why we need INNOVATION