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Business and management

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Business and management

The economy's current condition has pushed organizations to strategize and act upon

available prospects. To strive in the competitive market, companies must be innovative enough

to survive in the market. An organization's creative ability determines its success. Organizations

look for innovative chances to safeguard themselves from the expanded rivalry and stay

influential for a significant stretch. Companies that don't embrace innovation are more likely to

fail and see their profits decline over time. Innovation has substantial advantages in the market;

hence, organizations must seek innovative opportunities. Entrepreneurial organizations can

satisfy clients' needs, adapt to the changing work trends and enhance growth through innovation;

therefore have to pursue opportunities for innovation. In this essay, I will explain why

entrepreneurial organizations must seek innovative opportunities.

The critical reason organizations seek innovative opportunities is to increase their

advantage in competition in the market. Innovative organizations can produce products of higher

quality than their competitors and hence strive in the market and also offer services satisfactory

to their customers, and also be able to develop strategies in the market, brand, and improving

customer services. (Lee & Yoo, 2019). Organizations also try to establish ways existing products

can be more cost-friendly and efficient, helping them stand out in the market. Competitive

advantage for entrepreneurial organizations makes it possible to dominate the market. For

entrepreneurial organizations to compete in the market, they, therefore, become innovative.

Through innovation, entrepreneurial organizations can grow. The invention enables

new markets and increased sales, and organizations can obtain new customers (Purcell 2019).

Small, growing entrepreneurial organizations seek innovation opportunities as it helps improve

their reach in the market. Operation expenses of organizations are also reduced through
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innovation and cut time for production. The growth of organizations is also fulfilled by buying,

which increases existing products' value achieved through innovation. By embracing innovation,

entrepreneurial organizations can grow and succeed.

Innovation makes customer satisfaction achieved by entrepreneurial organizations. As

the needs of the customers change, entrepreneurial organizations have to realize and develop

ways to satisfy these needs (Mahmoud et al., 2019), which may be long-term needs or even

immediate ones made possible through innovation. Satisfaction with the customers is essential as

organizations may lose their customers and lower their profits (Purcell 2019). This causes

organizations to remain appropriate at all times and maintain their customers. Therefore,

Entrepreneurial organizations must embrace innovation to meet diverse customer needs.

To adapt to changing commercial dynamics and remain competitive, entrepreneurial

organizations must seek innovative opportunities. Successful organizations can transform

business environments by providing innovative solutions (Lee &Yoo 2019), pointing out

emerging needs, and quickly responding through innovation. This puts entrepreneurial

organizations ahead of their competitors, which would otherwise be difficult if they cannot seek

opportunities for innovation to enhance their adaptation to the changing business dynamics.

Conclusion

In conclusion, many entrepreneurial organizations must understand that to succeed in the

long term, and they need to understand and embrace innovation. Innovative organizations are

more likely than their counterparts to survive and thrive even in the most challenging economic

times. Entrepreneurial organizations are pushed to achieve essential business outcomes through

innovation, such as satisfying customer requirements, increasing their advantage in the

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competitive market, help them grow and adapt to changing commercial dynamics. To keep

producing goods that delight customers and satisfy their shifting requirements, entrepreneurial

organizations need to look for opportunities for innovation.

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REFERENCES

Lee, K., & Yoo, J. (2019). How does open innovation lead to competitive advantage? A dynamic

capability view perspective. PLOS ONE, 14(11), e0223405.

https://doi.org/10.1371/journal.pone.0223405

Purcell, W. (2019, October 31). The importance of innovation in business. Northeastern

University Graduate Programs.

https://www.northeastern.edu/graduate/blog/importance-of-innovation/

Mahmoud, M.A., Hinson, R.E., & Duut, D.M. (2019). Market orientation and customer

satisfaction: the role of service quality and innovation. International Journal of Business

and Emerging Markets, 11(2), 144 – 167.