Entrepreneurial Innovations

Entrepreneurial Innovations

Entrepreneurship is a process of search and discovery that can be productive, unproductive, or destructive under different institutional conditions (Baumol 1990).

Entrepreneurs of all stripes cause and respond to changes in market conditions. Some of the ideas or strategies that are encouraged by entrepreneurism fail and some succeed. Even though failures in business do happen, business owners are willing to take risks when it comes to organizational change and innovation. Having a clear understanding of innovation and organizational change will help to enhance any business type. When businesses rely on today’s technology as a source of organizational changes, it is also important that business owners realize there may be risks involved. This paper will provide a brief insight to technological risks owners and managers might be faced with.

Innovation and Organizational Change

Organizational innovation has been consistently defined as the adoption of an idea or behavior that is new to the organization. The innovation can either be a new product, a new service, a new technology, or a new administrative practice. Organizational innovation also refers to new ways work can be organized, and accomplished within an organization to encourage and promote competitive advantage. It encompasses how organizations and individuals specifically, manage work processes in such areas as customer relationships, employee performance and retention, and knowledge management.

At the core of organizational innovation is the need to improve or change a product, process or service. All innovation revolves around change but not all change is innovative. Organizational innovation encourages individuals to think independently and creatively in applying personal knowledge to organizational challenges. Therefore, organizational innovation requires a culture of innovation that supports new ideas, processes and generally new ways of conducting business, according...