Important Aspects of Innovation and Entrepreneurship

This article discusses the importance of innovation and entrepreneurship in the growth of an organization. It covers the different types of innovation and how they contribute to the economy. It also highlights the interrelation between innovation and entrepreneurship and how they are crucial for the current age.

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Important Aspects of Innovation and Entrepreneurship
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1IMPORTANT ASPECTS OF INNOVATION AND ENTREPRENEURSHIP
Innovation plays an extremely important role within an organization to compete in the growing
business industry. Innovation increases the product attractiveness and multiplies the production
rate also. Faster soft wares, new advanced technologies and progressive manufacturing systems
are among the best kinds of innovation bringing huge changes within an organization. There are
five levels regarding bringing innovation and change in a particular organization. The first is the
‘idea’ to bring the change, the second is the process, the third is technological change. then
comes new products and services and last is their implementation (Baregheh, Rowley and
Sambrook 2009). With the growth of an organization, the cultural and strategical change and
innovation is also necessary. There are mainly four types of innovation in business which
includes Architectural Innovation, Radical Innovation, Incremental Innovation and Disruptive
Innovation. Entrepreneurship on the other hand is all about making use of the opportunities,
being creative and innovative (Czarnitzki and Delanote 2012). According to Qian and Haynes
(2014) the third millennium has been referred to by many scholars as ‘non-elastic’ and ‘non-
returnable’ age. The terms are used to denote the incompetence of the past technologies for the
current issues. Today, the world economy is getting stronger with the emergence of new
entrepreneurs with innovative ideas. Entrepreneurs such as Steve Jobes, Bill Gates and many
other successful persons have incorporated innovative ideas to reach the highest position thereby
proving that entrepreneurship and innovation are deeply interrelated (Qian and Haynes 2014).
Innovation contributes to the development of economy. Innovation has been adopted by churning
the new from the old which is also called the ‘creative destruction’. The introduction of new
methods of production and products, the new business relationships, discovery of new raw
materials are the innovative steps that add value to the economy to a great extent. Innovation

2IMPORTANT ASPECTS OF INNOVATION AND ENTREPRENEURSHIP
does not mean accumulation of new machines or appliances; innovation defines modernity in
every aspect which supports growth. The economy is getting heightened by the introduction of
more new jobs and occupations and variety of business strategies. Higher growth which is
uplifted by innovation, gives rise to greater investments in developments, thereby inviting more
innovations Apple is a company recently considered to be the highest producer of innovative
products such as iPad, IPod, IPhone and many other attractive electronic appliances (apple.com,
2018). The company is highly respected by customers, competitors, investors and suppliers. The
first innovation of Apple is in the business strategy by not following the conventional methods of
occupying the market share with low cost strategy which affects the quality of the product also
(apple.com, 2018). Their products are highly expensive and the quality is equally high. They
understand the psychology of the customers and thus each of their innovations is a breakthrough,
not just an increment in the existing strategies. Apple has created their brand value by
incorporating exclusive features in its products. They consider the market segmentation and
value chains properly and design their products accordingly (apple.com, 2018). The brand
continuously changes the product models and the features thereby not giving any chance to the
competitors to imitate. Apple has become able to employ a mass of young and talented people
which has definitely reduced the problem of joblessness to a greater extent.

3IMPORTANT ASPECTS OF INNOVATION AND ENTREPRENEURSHIP
References
apple.com 2018. Apple (Canada). [online] Apple (Canada). Available at:
https://www.apple.com/ca/ [Accessed 17 Aug. 2018].
Baregheh, A., Rowley, J. and Sambrook, S., 2009. Towards a multidisciplinary definition of
innovation. Management decision, 47(8), pp.1323-1339.
Czarnitzki, D. and Delanote, J., 2012. Young innovative companies: the new high-growth firms?
Industrial and Corporate Change, 22(5), pp.1315-1340.
Qian, H. and Haynes, K.E., 2014. Beyond innovation: the Small Business Innovation Research
program as entrepreneurship policy. The Journal of Technology Transfer, 39(4), pp.524-543.