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Sunday, November 27, 2022

Think Entrepreneurship: Entrepreneurial mindset- Innovation

By Abosede Ajala

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In Africa, particularly in Nigeria, the old traditional ways of doing things are very common among us.  We need to understand that being creative brings about innovation and modernization, which can greatly help an entrepreneur to soar higher in all his/her endeavours. In the entrepreneurial context, innovation is seen as any new idea, process or products, changes in an existing products or process that add value to that existing product or service. Hence, it is the art of creating something new, beautiful, unique and modern, not doing or manufacturing things in the old traditional way.

It is a fact that when growing the economy, creating jobs and improving the quality of life while adapting to modern societal needs will definitely arise.  Therefore, innovative entrepreneurship will provide ideas that can help to grow new and existing businesses, developed products to improve local communities and encourage changes that can enhance customers’ involvements.

Innovation is primarily a component of successful businesses, to this end, it is beneficial to understand what it entails.   In business, innovation can promote growth, help to ensure that the organisation can compete with new market trends and help to generate more profit. One can refer to innovation as an individual or innovative entrepreneur who can develop business models to identify to meet the needs of an organisation, put them above their competitors by their improved products/services in the market.

Do you know that most entrepreneurs use innovative ideas to create their business models or upgrade to their current or new business model.   Often times, it forms innovative strategies for business success. There are many types of innovative business entrepreneur, this includes start-up entrepreneur innovations, enterprise innovations, social entrepreneurial innovations and strategies for entrepreneur innovations.

The startup entrepreneurs innovate a single product or service that is unique to an industry. It is used for innovative marketing strategies to keep customers during and after the purchase or use of the products.  Social entrepreneurs aim at solving community problems on their product or services with innovations, they believed in improving their community rather than success in or huge increase in profit/sales.

Enterprise entrepreneurial innovations is used to develop new ideas for corporations/organization’s/industries that have been in business for many years. This can help an entrepreneur or business owners keep their business or make their business stay relevant and competitive in the market, it easily helps corporations to be able to adapt to market changes by creating strategies to combine new technologies and systems in their business models.

It is important to note that having innovative entrepreneurship, illuminate and identify new trends and market demands, that can help a company to produce new goods or services that will appeal to its targeted audience/customers etc., also include updated branding of products.  Successful innovative entrepreneurs have specific personality traits; this includes; patient, proactive, excellent communication skills, solving problems through innovations that will meet market demands.

Becoming an innovative entrepreneur requires one to have financial plan in case of the unexpected. Also, an entrepreneur believes so much on networking which help to expand their knowledge of the industries, learning of new skills from other professionals to successfully create an innovative product with high demand, huge sales and profits.

Learn a trade today and be empowered for life’.

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