NEW YORK, NEW YORK, UNITED STATES, Jan 22, 2021 /EINPresswire.com/ – In times of rapid technological growth that is having a profound impact on almost every area of our lives and daily lives, the concept of innovation has come under increasing control . This is hardly surprising as innovation is a necessary part of progress and is used everywhere, such as in the economy, social and political systems, education, technology, healthcare, marketing, and business. In short, we simply cannot imagine life without innovation.
What role does innovation play in entrepreneurship? Just to give a simple answer to this rather complicated question, we can say that entrepreneurship and innovation are two essential ingredients that are difficult to separate from each other in order to build a profitable trading company.
Although innovation has a much broader meaning and scope, the very term “entrepreneurship” already implies the concept of innovation. In other words, innovation is anchored in the idea of entrepreneurship.
In today’s business landscape, two terms are very popular – sustainable innovation and disruptive innovation. The first of these is more relevant for established companies that need continuous innovation to hold onto their market status.
For entrepreneurs, however, disruptive innovation is becoming much more important, as entrepreneurs (start-ups or medium-sized companies) either try to penetrate an already established market or want to create a completely new niche of their own. Both are equally challenging, and it is innovation that can help them meet those challenges.
But what exactly is innovation? Innovation consists in offering something new to your potential customers. It is the introduction of something new in a particular industry. So it can be an improved business model, a new or improved manufacturing process, new and more affordable sources of supply, technological development and new methods, services, products, etc.
From a different perspective, all innovations should be aimed at providing a better user experience. A typical example: In this pandemic-related scenario, a car insurer offers a new payment protection plan in addition to its regular insurance policies. And this plan is designed to protect against unexpected layoffs and temporary unemployment (which, unfortunately, have become alarmingly common due to all kinds of pandemic conditions). If marketed effectively (which also requires innovation on the part of the company), adopting such a plan can give the insurer in question a competitive advantage.
The example above shows that the company is offering its customers something new or extra. And this could be achieved through idea generation (creative thinking) to take the necessary steps to turn the idea into reality. And innovation is this complete process from the generation of the idea to the realization of that idea.
Gurps Rai on the importance of innovation in entrepreneurship
Gurps Rai has already made a name for himself in his relatively short career as a future-oriented company leader who is always striving to explore unknown areas and new approaches. Gurps Rai, currently CEO of Dropp.tv, always prefers to always be one step ahead when it comes to innovations. In other words, he is someone who is a firm believer in “disruptive innovation”.
When asked about his role as innovation in entrepreneurship, Gurps Rai said, “In today’s advancing technical scenario such as machine learning, Internet of Things, and Big Data, all entrepreneurs need to keep abreast of all current ideas and inventions. This is the main requirement Next, you need to develop your own “innovation style”, mainly by exploring different approaches so that all of the knowledge acquired can actually be used for innovation.
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January 22, 2021, 11:00 GMT
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