Entrepreneurship and innovation are intrinsically connected. This means that your success as an entrepreneur is contingent on your ability to think outside the box, seek alternative solutions, and be as creative as possible in order to address the needs of a given market. Putting these abilities to work is called “entrepreneurial innovation.”
But what exactly does this concept look like in practice?
Creating New Products
One of the clearest examples of entrepreneurial innovation is in coming up with a product that did not previously exist. It takes a certain amount of creativity to provide a solution for a need where there hasn’t been a solution before.
Improving Existing Products
Is there something about a popular product that bothers you or you feel could be improved? Envisioning a way to address that problem and create a better product is a form of entrepreneurial innovation.
Improving Production Methods
Sometimes, you have a great product, but it costs too much to make. Entrepreneurial innovation can involve the rethinking of your current production methods in order to improve your margins and make the product an overall more commercially viable one.
Reimagining the Business Model
There are certain business models that have been so successful for so long that it’s easy to take them for granted and anticipate that they’ll exist forever.
But those with a strong sense of entrepreneurial leadership (and entrepreneurial innovation) can often find a way to create a whole new paradigm by reimagining that business model
Creating a Whole New Market
This form of entrepreneurial innovation is likely the rarest because it requires both impeccable and fortuitous timing. But it does happen, and it will continue to happen.
Sometimes, great technological and cultural changes open up an opportunity to form an entirely new market, and entrepreneurial innovators who think and act quickly are able to capitalize on that opportunity.
Entrepreneurial Innovation Can Benefit Your Business
Whether through creating brand-new products or reimagining existing products or markets, entrepreneurial innovation can prove to be a beneficial and exciting concept worth putting into practice.