Task 3 - WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION PDF

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WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION - 4 reasons why must be talked about. Google is your best friend for this task! Passed first attempt. Professor suggested 2 pages to pass with first attempt....

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WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION

Business Management Tasks – QHT1 Task 3 Student ID: 11/03/2021

WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION

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When it comes to seeking opportunities and innovation, entrepreneurial organizations typically have certain things they look for. Innovation is important to keep your business thriving. To grow, we must step out of our comfort zones and explore new options. Four things that entrepreneurs look for are: Stand Out from Competitors, Meet the Needs of Customers, Attract the Best Employees, and Catching up with advances in technology.

Stand Out from Competitors: o

When you have a business that is very similar to another business, you have to think of ways to stand out and be better than your competitors. A way to do that is to come up with new upgrades to your current products or come out with new products. If your competitor doesn’t accept Apple Pay, consider adding that option to your check out process to show you have options and noticing advancements in technology.

Meet the Needs of Customers: o

Meeting the needs of your customers can be difficult when the needs of your customers are always changing. To solve this, your company must always be thinking of ways to be innovative and pay close attention to what customers are looking for. Some customers want more color options, a more digital option, or something that is better built. If your competitor is already supplying these options, your customers will switch to their business due to their upgrades in products. By meeting your customers needs, your

WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION

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Attract the Best Employees: o

When looking to hire new employees, businesses must look for the best employees for their business. They need someone who is relatable and has the same morals, so that they fit in with the company. Finding someone who is highly qualified is easier when you show that you are an innovative company, continuously looking to expand and become better than you are today. This lets employees know that they can grow within the company. Employees want to work for companies who are like minded and can see the effort the company puts into its employees. The best employees want to know that they have room to grow and show what they can do.

Catching up with advances in technology: o

Innovative entrepreneurs are constantly looking for ways to improve their company. By making advancements in their technology, they are making things easier on both their employees and their customers. Staying up to date with technology includes building out new software that improves the flow of certain processes for its employees and adding on online shopping features and additional payment methods for customers.

WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION

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Works Cited Thyagarajan, H. (2018, September 11). 8 Reasons Why Innovation Is Critical To Business Today | HashedIn. HashedIn Technologies. Retrieved November 3, 2021, from https://hashedin.com/blog/8-reasons-why-innovation-is-critical-to-businesses-today/ Tredgold, G. (2021, January 5). 4 Reasons Why You Need To Focus On Innovation. Inc.Com. Retrieved November 3, 2021, from https://www.inc.com/gordon-tredgold/4-reasons-why-you-need-tofocus-on-innovation.html UniqueWritersBay. (2021, May 12). Why Entrepreneurial Organizations Seek Opportunities for Innovation. UniqueWritersBay. Retrieved November 3, 2021, from https://uniquewritersbay.com/why-entrepreneurial-organizations-seek-opportunities-forinnovation/...