Is innovation an important component of entrepreneurship?

“I believe that innovation plays an extremely important role in entrepreneurship. Despite the common phrase “If it ain’t broke don’t fix it” many companies and businesses need to learn to innovate their products to better fit societal needs around the country or even the world. Entrepreneurship is defined as, “The process of designing launching and running a new business, which is often initially a small business…” and innovation is “the introduction of something new”. Just by definition, an entrepreneurship is an innovation on its own. This is a clear point that innovation is an important component of entrepreneurship. However, without continuous innovation entrepreneurships would be forever stuck as small businesses never expanding; butInnovation-Foundation with innovation, the businesses undergo growth and continue to grow until the company stops innovating. I believe that a true entrepreneurship cannot exist without innovation and to continue growth there must be innovation to either the core idea of the business or the products themselves.”

-Dustin Terrell

“Innovation is a huge part of entrepreneurship. Without innovation the ability for people to make and create striving businesses would be nearly impossible. The creation of new and better products is what any new business owner must achieve. Innovation is the key to any entrepreneurship’s success. Little businesses competing with bigger businesses must overcome being the same. They do this by making new or improved products.

black and white blackboard business chalkboard
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They innovate to make themselves stand out from their competitors. Innovation can be as simple as changing one component to making a whole new line of product. Innovation can be the most important thing that a small entrepreneur could offer. Innovation is the most important component in any business and must strive to be the best innovator to succeed. Innovation is the most key element in any entrepreneurship. In the world of entrepreneurship you will have to create the most innovative product.”

-Cory Lewis

“Innovation is an important component of entrepreneurship because it is a key source to competitive advantage. Innovation allows entrepreneurs to see potential investments in a totally different perspective. Innovation is literally an imperative in the corporate world.  In a 2014 study 43% of senior executives agreed innovation is a “competitive necessity” for their companies. Innovation isn’t only for building new products; it can also involve the creation of new services. For example, companies like Google and Starbucks have did little things to innovate their corporations for years. From Starbucks and their custom cup sizes ( ex. Venti, Grande) to google and their featured add-ons (ex. docs, hangouts, or google plus). The right innovation methods will lead to a lot of money and time saved so you can expand your business beyond belief.”

-Kristina Satterwhite

“Innovation is a big component of entrepreneurship. Without innovation, you wouldn’t have new designs, new ideas or, new concepts. Without new designs, the world would be harder to grow and modernize. We wouldn’t have tv’s, or cars because nobody would have tried to think of digital entertainment or faster transportation. Many goods of the world have been built off of innovation. When you think innovation you can’t just think of new ideas, innovation could be services as well.

idea bulb paper sketch
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It could also be the process an organization needs to generate new things. For example, when automobiles were first invented their suspensions were terrible this made the ride very bumpy. Over time major innovations were made to better solve the problem of a bad car ride. When it came to automobiles innovations were occurring rapidly and still are to this day. From better tires to more fuel-efficient engines, to less exhaust pollution. Cars are prime examples of how an entrepreneur created their idea then continuously made it more marketable and appealing to consumers.”

-Franklin Asenjo

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