The recent economic troubles that have plagued the world have spurred some to a new spirit of innovation and entrepreneurship. Much of this is driven by need since so many have found themselves locked out of the traditional jobs and careers.
A willingness to engage in entrepreneurship and innovation has helped some avoid the most dire consequences of unemployment and poverty. Moreover, learning how to become a smart entrepreneur is in active task. You learn by doing, not by reading about it.
A crisis is an opportunity
Innovation and entrepreneurship are qualities that many people suspected that they did not possess. While others were profoundly struck with hopelessness by poverty due to the housing crisis and the rise in unemployment others found themselves strangely liberated. They were motivated to use the tools around them and in their minds to survive in new circumstances.
As a shining example, you only have to think of the products from Apple (the mac, iPhone, iPod, etc.). Just think of how their combination of creativity and innovation management techniques has brought them from being also-ran’s to Microsoft in the 90′s to the current leaders in desirable cutting-edge technology.
While few would say that these experiences were all positive many look back on their struggles and are grateful for the personal discoveries brought on by recession and poverty.
Technology and innovation go hand in hand especially in our highly technological society. Unable to find work in traditional areas some people used their computer skills to create moneymaking websites that at the very least provided a minimal income for them.
In other cases people discovered ways to become wealthy thanks to the troubles that forced them to find a new way to live. Any list of successful entrepreneurs you find will always show the startup businesses to satisfy the needs they themselves were seeking.
Using Entrepreneurship and Innovation as Profit Multipliers
Entrepreneurship and innovation go hand in hand when it comes to innovation management. When your business want so develop new products or improve existing one you should consider a strategy that focuses on creativity and innovation. These days you cannot simply have a product that is interesting or functional. You need to use corporate entrepreneurship & innovation to create the best product possible and make it stand out from the rest.
In fact you can use entrepreneurship and innovation within several aspects of your business. For instance you can use innovation management with seven different areas of your company: strategy, business, organizational, product, process, technology and marketing.
- If you were looking into corporate entrepreneurship & innovation for your strategies you would focus your methods on corporate growth venture and competitive strategies that use creativity and innovation as their basis.
- When you start to look into innovative business ideas you may focus on new business models as well as new management models and find new forms of customer service selling and strategic partnerships. It can also involve new approaches to information idea knowledge and value chain management. All these creative methods are geared toward aiding your public image in the eyes of customers and possible investors through cutting-edge products & services. You should also look at innovations that help you run your company internally.
- Organizational innovation focuses on creating a better climate communication and motivation within the company. When you implement new forms of employee and stakeholder participation you can come up with an improved culture of creativity and innovative systems.
- This can help you as you work on product innovations that helps you improve your products and services that are new the company as well as local markets.
- With your process innovation you can create new ways of production that will improve the efficiency of creating products and the overall quality of the products. You can also work on technology innovation to develop new technologies for your products that will catch the attention of the market.
- Speaking of which you will need a method of marketing innovation that incorporates creative design and presentation techniques as well as customer service and distribution.
The spirit of innovation and entrepreneurship lives on among the population at large. Some did not know that they were able to do the things they have done to stay alive in these troubled times. Others have simply been grateful for the entrepreneurship and innovation of others that may have enabled them to find a job in a new company.
Innovation and entrepreneurship have always led people out of times of trouble such as these. It should not surprise anyone that it has happened again. There are always people who can rise to a challenge.