Question

Why are invention and innovation important in entrepreneurship?

How do they relate to the concepts of ‘competitive advantage’?

Use examples to support your response.

Answer 1

Creativity, invention, and innovation are all interconnected and necessary for growth to occur. we will follow associatey winning company and see an investment of your time and energy into these 3 ideas.

- Innovation is that the method of turning a replacement conception into business success or widespread use.

-Invention is that the creation of a replacement plan or conception.

-Creativity is that the act of turning new and originative concepts into reality.

Importance of innovation and invention in entrepreneurship are-

1- Invention is that the physical creation of a replacement conception or plan. Innovation policy toolkit, it's outlined because the creation of a concept to try and do or build one thing while not verification that it works, or is commercially valuable. Invention cannot occur while not creativeness, however simply creativeness isn't enough to properly develop a concept.
For example- product styles, business models, or operating prototypes and Uber channeled invention in making a solid and dealing business model, primarily based upon the concepts they'd fashioned within the creation stage.

2- Innovation ties everything along in business. Innovation is that the winning exploitation of latest concepts. It involves turning associate invention into a poster success and inspiring its widespread use. this is often the stage wherever daring concepts, once properly developed, ar dropped at the general public eye. this is often what Uber has achieved, currently that its product is in use everywhere the globe and advantages individuals all over.
For example- winning merchandise and services like Care of, Amazon Scout, not possible Food, Google’s self-driving taxis and winning method innovations like Amazon prophetical orders, or additive producing processes.

Innovation will deliver vital advantages and is one amongst the vital skills for achieving success in any business such as-

- Competitive advantage
Competitive advantage suggests that the mandatory advancements in capabilities that offer a foothold compared to competitors of the business. What these ar precisely, depends on your business model and also the business you use in. As already mentioned, for organizations the flexibility to induce prior the competition is one amongst the foremost vital reasons to pioneer. Successful, innovative businesses ar able to keep their operations, services and merchandise relevant to their customers’ desires and dynamic market conditions.

- accrued productivity
Economic growth is driven by innovation and technological enhancements, that cut back the prices of production and change higher output. If we glance at this from the attitude of a company, totally different automation solutions decrease manual, repetitive work and unharness time for additional necessary, value-creating tasks. Improved productivity and potency makes work additional purposeful as less time must be spent on low impact tasks. The longer you’re able to pay on tasks that have an immediate impact on your business, like rising processes, resolution issues or having conversations together with your customers, the additional doubtless you’re able to really cut back prices, increase turnover and supply your customers with solutions that actually profit them.

- Positive impact on company culture
Innovation practices will facilitate build a culture of continuous learning, growth and private development. this sort of innovative surroundings will once more inspire individuals to perpetually improve the manner they and their team work. once the complete organization is certificatory and provides the proper tools for the staff to reach their jobs, it eventually features a positive impact on however individuals understand their jobs.