Companies take the initiative of backing a concept with their ovum labor and sources then throw it to the marketplace with the risk it could all be for a loss. An example is if a company backs the first ever time machine not knowing if a customer base exist out there, the success rate it might not have and the lack of history to back the machine. Independent action is a company’s encouragement Of having their own staff produce a concept that could be implemented in the organization’s future.
They could produce successful products that could very well generate profit for the company.It also provides the participating employees’ a greater sense of gratification and empowerment. For instance a company holds a idea fair for a new type of blender and the winning project becomes a product of the company. Innovation is just the simple concept of bringing a fresh idea to the table in hope of finding a successful one for the company. This is how some the best products that exist out their came about. For example Mcdonald’s franchise chain came from a man that put a bunch a different food service concept together into this iconic establishment.Competition is the idea that humans are steadily trying to out show one another even in the work place.
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So with a competitive atmosphere in an organization comes a greater quality of work output with everyone wanting to be the best. This creates some of the best ideas. Similar to the example given for independent action the drive to compete in a company sponsored idea fair is the drive to win, to beat the others and to get that top spot of having your idea become a product. The last common reason is need, the need to be different or to create that missing item.If there’s a following for something out there with no main reviver you can bet someone is devising a plan to feed that following. On the other hand if a company’s own ways are getting to be out dated there would be a need to update the methods to stay relevant. Entrepreneurial and innovation goes hand in hand.
If you do one you’ll do the other. Innovation feeds the entrepreneurial field and being an entrepreneurial is all about being innovative.