Innovative Entrepreneur: Definition, Examples, Characteristics
Innovative Entrepreneur: Definition, Examples, Characteristics
To make an entrepreneur’s ventures to be successful, an entrepreneur needs to be innovative and creative. Since the economy and technology emerge over time, they must keep up with it to survive against their competitors and earn profit.
To be an innovative entrepreneur, he/she must be knowledgeable of the following:
- Innovation and Invention
- The entrepreneur must find ways to overcome problems such as generating new ideas to produce innovative products that the customers need. The ideas must differ from the competitors that give the company advantages.
- The entrepreneur can improve the existing products to match the customers’ demand. Also, they can create products or services that are new to the public eye.
- Ideas generated can be the solution to the customers’ problem for them to be engaged to their products or services.
The diagram above pertains to the following:
- NOVEL: New products and services are considered inventions and if not new, it might be an optimization of an existing product/service.
- SOLUTION: Entrepreneurs’ products or services must solve the customers’ problems.
- ART: If the idea is not to solve economic problems, it might be considered as an art and it is still valuable.
- VALUE: Innovations have values. Inventions also lead to the creation of values by relating them to innovation.
Conclusion
Innovation is a process and has uncertain outcomes. As long as the entrepreneur is seeking to create values by solving problems and giving novel solutions, the entrepreneurial process has a higher chance of success and leads to better opportunities.
Generating feasible ideas is a part of the process of any entrepreneurial venture. Ideas must undergo some process such as brainstorming, comprehensive, and analysis to examine if it is feasible and economically justifiable.
