Entrepreneurship and Innovation

Entrepreneurship and Innovation

Innovation means creating new and more effective products, ideas, and or processes that help improve on the existing ones. Innovation should be a continuous process to facilitate easy adaptation of the various dynamics. Innovation has many critical benefits to companies, nations, leaders, and employees. Do you need urgent assignment help ? Get in touch with us at eminencepapers.com.

Innovation Increase efficiency

One of the critical importance of innovation is that it boosts efficiency in a firm’s production and management processes. The creation of new tools of work and methods or models change how work is done (Dodgson, Gann, & Phillips, 2014). The organization can move from the traditional way of carrying out specific tasks by adopting new methods and tools that help make the work easier. The new tools and processes drive production work faster because the firms would produce more products than before (Startup Hong Kong Ltd, 2020). Attaining a certain efficiency level leads to higher production volumes and more sales and revenue.

Innovation is a tool of economic success

In the contemporary world, entrepreneurship is a global movement growing in emerging markets. Countries such as India, China, South Korea, and Singapore have realized that entrepreneurship is a tool that can be used to gain economic success (Dodgson, Gann, & Phillips, 2014). To enable the full flourishing of entrepreneurial activities, the countries invest heavily in sectors encouraging innovation since innovation is an enabler of entrepreneurship. Innovation empowers entrepreneurs to take complete control of their businesses and create more economic opportunities for others, boosting nations’ economic growth.

Adapting to Workplace dynamics

Innovation plays a significant role in the employees’ workplace experiences since it helps them to adapt to evolving workplace dynamics (Dodgson, Gann, & Phillips, 2014). In the modern world, young employees or the millennial area frequently shift from one job to another at an increasing rate as they seek more meaningful and quality work. Moreover, employees are now operating more of a co-working and collaborative workplace environment, meaning they are teaming up to share their knowledge and experience (Startup Hong Kong Ltd, 2020). All these workplace dynamics areas compel firms to venture into innovative options that would facilitate staff engagement, empowerment, and retention. A firm that manages to innovate accordingly would be able to retain talented employees. Thus, innovation within a firm helps in adaptation to the work dynamics of the employees.

References

Dodgson, M., Gann, D., & Phillips, N. (2014). The Oxford handbook of innovation management.Oxford: Oxford University Press.

Startup Hong Kong Ltd. (2020). 4 Important Benefits of Innovation in Business. https://medium.com/swlh/4-important-benefits-of-innovation-in-business-64ed0d78d150

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Entrepreneurship and Innovation

Hypothesize a set of at least three arguments as to why innovation is essential to the competitiveness of nations, companies, leaders, and individual employees.