Entrepreneurship and Innovation
The development of civilization primarily relies on innovation. Several innovation practices that occasionally arise in organizations give entrepreneurs a break to toughen their competitiveness in the global market by implementing innovations (Piątkowski, 2020). For entrepreneurs to succeed, individuals and global change agents must ensure that they develop creative ideas through innovation to thrive globally.
There is an excellent relationship between global entrepreneurship and innovation. Entrepreneurship primarily depends on creative ideas to thrive in the global market. Thus individuals in an organization have a crucial role since they have to ensure that the goods and services they produce are creative enough to prosper in the competitive global market (lux, 2018). The global change agents in an organization must ensure that their establishment majorly focuses on innovative schemes to achieve a competitive advantage over other organizations. One of the implications of innovation is that it provides the production of quality goods and services. This implies that the agents of change and the individuals in an organization incorporate up-to-date, innovative skills and ideas to ensure proper customer satisfaction.
When innovation is incorporated in entrepreneurship, it includes modern technology and new competition methods in the global market. The production cost tends to be relatively low when innovative techniques are applied in an organization, and the profits gained are also higher. These are some of the implications of innovation that promote the success of entrepreneurship in society today. As a global change agent, this has greatly influenced my approach positively towards risk-taking since it is through risk-taking that innovative ideas are implemented. Based on my strengths as a global change agent, I strongly encourage the existence of this relationship in any organization to enjoy a competitive advantage over other organizations.
References
Lux research benchmarks innovation at 40 top chemicals and materials: Compares innovation effort and business execution to rate leaders and highlight how innovation impacts different industry segments. (2018, Oct 25). NASDAQ OMX’s News Release Distribution Channel Retrieved from https://search.proquest.com/docview/2124705314?accountid=45049
Piątkowski, M.J. (2020). Implementation of innovations in enterprises using the EU funds: A comparative analysis. Journal of International Studies, 13(2) doi:http://dx.doi.org/10.14254/2071-8330.2020/13-2/8