Entrepreneurial ten keys to innovation

Innovation is the development of new values through solutions that meet new needs, inarticulate needs or old customers and market needs in value adding new ways. It is accompanished through more effective products, processes, services, technologies or ideas that are readily available to markets, government and society

The word innovation derives from the Latin word innovates which is the noun form of “innovare” to renew or change

Entrepreneurship is the implementation of an individual’s talent in the resources in which he is available with and expanding these resources in the future so that one can get individual as well as general i.e. social success

It can also come from the French verb “entreprendre” which means “to undertake”. Hence, entrepreneurship is the act and art of being an entrepreneur or one who undertake innovations or introducing new things, finance and business acumen in an effort to transform innovation into economic prospect. This may result in new organization or may be part of revitalizing response to a perceived opportunity. An Entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation

Realization and development of innovative prospects is one of few objective of prospective entrepreneur but certainly the adoption of entrepreneurial responsibility does not automatically guarantee success. Every intending entrepreneur aspire to  clinch the reward within a short possible time but arguably not all entrepreneur are more concern with innovation but rather using control situation to realize personal objective

Innovation is one of the main priority of” intend to be successful entrepreneur” but ironically, there are keys or ingredients of innovation. This implies that for innovation to be accompanished by an entrepreneur or would be entrepreneur certain phenomena must be considered. These methods below can be adopted to enhance entrepreneurial innovation which is a pathway to sustainable productivity.

o   Reinvent the familiar.

An entrepreneur is a value builder who takes advantage of the environment to create or modify existing opportunity to achieve more economic advantage. Hence, reinvention is an integral part of innovation adopt by most entrepreneur to create more utility. This ideology become imperative in atmosphere where one needs to add or modify existing situation through new discoveries to create more opportunity. This can eventually assist the business owner create more appreciable products modeled on already known product to achieve huge success. Reinvention the familiar implies introducing existing related product through new discoveries accompany with value addition on existing known circumstances

o   Improve the familiar.

Everything in the environment are changing every minute by the way is a subject of taught to all aspire seasoned entrepreneur. Hence, there is need for all want to be entrepreneur to realize that peoples interest, taste, preference, want and choices is never static. Therefore, there is need for all individual entrepreneurs to realize that what they offer as service must be improve upon in other to remain resourceful in the market

o   Reduce loss.

A rational person desire to minimize their loss regardless whether one is entrepreneur or consumers. Therefore, an entrepreneur must also ensure putting necessary mechanism in place to reduce any form of loss.

o   Solve problems.

Problems are part of human existence and ironically, problems are there for all entrepreneurs to take advantage of the situation to create economic prospect through innovation. Problems is part of life therefore an entrepreneur must look out for one to help relieve their impact on humanity and thereby use the opportunity to create economic prospect

o   Take what nobody wants.

The rejected stones most often become cornerstone. Therefore, an entrepreneur takes advantage of situation, markets, product or price which nobody wanted to create self and business opportunity. This enables such entrepreneur to be the market leader and trailblazer of such innovation hence the result shall bring so much economic prospect in the long run

                                                                 

o   Make the expensive cheap.

It is part of man motive to derive maximum utility from what they consume given the least possible cost. Therefore, innovative entrepreneur must realize that people are served with products that meet their demand at a least cost possible

o   Get the price right.

An innovative entrepreneur must give to all customers’ goods at the least price possible. To enhance your consumer demand horizon you need to give to others what they can afford to pay

o   Add value.

An entrepreneur must always look out to offer to his customers what we give them real value for their money. Value addition must be one of priority of intending entrepreneur

o   Invent a name.

Products that sell must have a symbol and trade name hence, this couple with other organization characteristics will go along way to market your means

o   Don’t forget the master key.

Master key open doors of unlimited opportunities therefore all entrepreneurs must develop appropriate methodology and strategies that is capable of guarantee success in business.