Why Do You Need Entrepreneurial Innovation?

Biz Start-up

February 15, 2021

Why Do You Need Entrepreneurial Innovation?

Why Do You Need Entrepreneurial Innovation? In fact, it’s an exposé on How Entrepreneurship and Innovation are Linked. It again, defines entrepreneurship as new ideas. In fact, entrepreneurship and innovation go hand in hand. This is Why Do You Need Entrepreneurial Innovation?

Therefore, the concepts of entrepreneurship and innovation are similar. So, you see, to innovate is to create something new, while to undertake is to create a new business. Click here to get to the beginning of this article.

What happens is that, if this business does not bring anything different from what the existing companies offer, your chances of success decrease. In other words, it is recommended to always seek innovation when starting a project, because starting from scratch and fighting with companies that have been in the market for decades is very difficult.

Contents

1 A niche for a traditional differentiation:

A niche for a traditional differentiation:

It is worth mentioning that, to innovate, it’s not necessary to be an inventor and create a completely new product. Sometimes the opportunity is to create a niche in a very traditional area. To seek a differentiation that nobody has thought of before. Take, for example, the coffee trade. One of the most traditional segments of the Brazilian economy. As the bean was once the main export product in Brazil.

Coming from a family with a tradition in coffee cultivation since 1886, entrepreneur Liana Baggio Ometto innovated by launching the line of flavored coffees. This was previously unheard of in the country. Great example to be inspired. Isn’t it? Now, think of such a product in Nigeria, how to improve on it; or how to change the appearance or flavor. That’s it!

Digital entrepreneurship: an endless field on Why Do You Need Entrepreneurial Innovation?

Digital entrepreneurship is a field of immense potential. Those over 30 years old are able to remember perfectly the time when the internet existed in very rare homes. Today, the reality is different and most Nigerian families have unlimited connections to the world network. Computers are almost becoming a thing of the past, to the detriment of smartphones, tablets, and other mobile devices.

As a matter of fact, the popularization of these devices and internet access has had an immense effect in all areas of the economy. With each passing day, a new online service appears that reinvents the way a certain activity is done. Uber, for example, has revolutionized the transportation of people in cities. Airbnb forever changed the real estate rental market and rooms per season. Spotify and Netflix are companies that have changed the logic of the music and television industry. These are just a few examples, and there is still a lot to come.

Want to enjoy and surf the wave of digital entrepreneurship?

So, start studying the business model of these companies and think in which market the logic has not yet been applied. Perhaps you will find a great opportunity there. Check out more from Why Do You Need Entrepreneurial Innovation?

A tip: many applications and online services that are successful today work by connecting two stakeholders. That’s, (a customer and a service provider) and charging a commission for it. This is a highly scalable and profitable business. Can you think along this way?

Entrepreneurship lecture or Coaching:

A good entrepreneurship course can be vital to the success of your business. So, is it worth taking an entrepreneurship coaching course?

You probably have heard someone say that “the market is the best school”, or that “it is in practice that you learn”. Really, you will never really understand what the challenges and difficulties, joys, and satisfactions of an entrepreneur are, if you don’t feel it.

But that does not mean that formal learning is expendable. On the contrary, it guarantees valuable lessons that are sometimes only learned in practice when a failed project and a huge loss follow.

Qualification is essential, and you can start with a bachelor’s degree in Administration. If you already have a college degree, don’t stop there. The postgraduate Business Management: Innovation and Entrepreneurship is a great option. For those who already own a business, but do not want to stop growing, our recommendation is the MBA Business Management: Market Intelligence. Read more about Why Do You Need Entrepreneurial Innovation?

The importance of theory for best practice:

It’s necessary to understand that, in administration, the theory only exists because it has already been tested in practice. The lessons learned in the courses have to do with experiences, techniques, and methodologies used in real companies.

Thinking that entrepreneurship didn’t come yesterday?

Private profit-seeking institutions have been around for centuries, and in that time, a multitude of practices have been tested and perfected.

It is a known fact that entrepreneurs who have no prior knowledge in management have more difficulties to manage their companies. If your owner does not know what it is and how to make a cash flow; for example, how will the organization have the minimum financial security to meet its commitments on time? This is good for Why Do You Need Entrepreneurial Innovation?

Processes to increase productivity, pricing methods, and people management skills are other examples of knowledge that can be acquired in a course.

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Summarizing Why Do You Need Entrepreneurial Innovation?

Did you enjoy this write-up on Why Do You Need Entrepreneurial Innovation? It’s our duty in Cessummit to enlighten and educate entrepreneurs on contemporary business issues. And that’s what we have just done. But if you need to follow us up! Wwe has some entrepreneurship training/development manuals on various products like ginger, garlic, and more. We have in stock various sizes of business plans for any business of your choice. Just name it and it’ll be made ready.

Furthermore, on this site, in particular, we have many articles on entrepreneurship development. In any of them, we indicate some strategies that address leadership, planning, and new ideas. Another essential source of ideas is through consultancy and direct contact with professionals from different segments at fairs, events, and courses on entrepreneurship and innovation.

How we reach out: Why Do You Need Entrepreneurial Innovation?

As a matter of fact, here at cessummit Blog we seek to share stories and basic knowledge so that managers, young entrepreneurs, and market professionals can increasingly develop entrepreneurial skills,. And, innovating in their businesses and achieving success in the market.

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Why Do You Need Entrepreneurial Innovation?

A niche for a traditional differentiation: