Innovation and entrepreneurship are often interlinked because one marker decides the future of the other. That is why both enjoy the same place of prestige.
Innovation and entrepreneurship are considered the two faces of the same coin. This is because both of them have the tendency to change the future just in different ways. Innovation shapes up the ideas whereas entrepreneurship nourishes them and makes them available for the world to witness. This is why both of them are always considered essential for each other. It is believed that an entrepreneurship venture which is not unique is utterly useless and this uniqueness is immersed in the venture through the aid of innovation. In reality, innovative ventures are always the ones that make up their distinct place in the ever-going race.
A BIRD’S EYE VIEW
- Innovation and entrepreneurship correlate with each other in the business world.
- Both of them are active agents of success and the presence of a unique idea acts as the fuelling power for a successful business venture.
- Many of the leading entrepreneurship ventures in the world today are the outcome of innovation as the customers prefer uniqueness as compared to mediocrity.
- If you are intending to create your own name in the market, uniqueness is a much-needed ingredient. Success is measured by the uniqueness and scope of the venture in long-term use.
Innovation and Entrepreneurship: A Definition
Well, there are no technicalities involved at this point. We know that both of these terms indicate productivity just in a contrasting sense. Innovation means, “the introduction or creation of new ideas or thought patterns which could transform the world because of the uniqueness attached with them. These ideas essentially need to be the solution of a certain problem so that they can be considered actually useful and applicable.”
Entrepreneurship is an act of, “sorting out all the unique ideas together and combining them to formulate one single concept which can stand the test of the time and can be converted into an entire business plan which eventually ends up being a business, making that innovative concept profitable for both the developers as well as consumers.”
If innovation is considered the first step of setting up a unique identity, then entrepreneurship is the end goal that makes the idea work for the benefit of the majority along with the developer.
Can Innovation and Entrepreneurship be Employed at Same Time?
A number of people think that innovation comes first and then becomes the reason for the startup. However, there is no hard and fast rule for this too.
Many entrepreneurs who enter the entrepreneurial world-first find out the significance of the process sometime later. It is then they start hitting down a number of unique ideas that can lead to one innovative concept.
Innovation and entrepreneurship often come hand in hand. Many entrepreneurs are just keen to become a part of the rat race. They are the ones who set themselves according to the business plans of the successful lot.
They never pay attention to their own uniqueness and this is why their ventures often end up being mediocre ones only. If you are setting your goals high, then you definitely need to make a go in the direction of innovation because without being innovative, you won’t be able to attract consumers’ attraction.
Consumers’ Choice Today
This is because the consumer today has become highly aware of his requisites and what he wants to see in the market. So, uniqueness is always the alluring factor that makes him invest both time and money in the venture.
Best Innovative Ventures of All Time Which Later on Became Businesses
Innovation and entrepreneurship have a very deep relationship and this is not from today but even if we look back at the history of entrepreneurship, we will always end up finding some very useful ventures that changed the world completely and whose foundation was based on innovative principles.
Let’s check out some of the finest entrepreneurship ventures which became the leading businesses because of their unique concept.
Deemed as the most successful search engine in the world today. Google initially was just an idea in the minds of a few Ph.D. scholars of Stanford. Sergey Brin and Larry Page founded the idea in the autumn of 1998. At that point, no one had actually thought about the success of the venture as it enjoys today.
The initial creators presented their idea to the tech giant Alphabet Inc. which took up the idea and then Google was presented before the world. Today, it entertains millions of users every day and is extending its subsidiaries consequently being a subsidiary of Alphabet Inc. itself.
Who would have thought that in the presence of a competitor as strong as Microsoft, another creator would dream of creating desktops, phones, and tablets that imitate quality and design but the highest level of perfection as well?
Starting from the ambition of Steve Jobs, Apple made its debut movement in the market in 1976. At that time, it was criticized because of the opponent’s strength. However, it soon proved its critics wrong because of its innovative designs and a number of new features which made their way every time an update happened.
Soon this was considered as the chief contender and the strongest entrepreneurial venture history has ever witnessed. Today, Apple enjoys a capital of $2 Trillion and is ever-increasing afterward. Management with innovation and the right sense of marketing, Apple has now become a status symbol for this entire world.
Who had thought that there would be a platform for your skills which are very dear to you and your talent will make you earn a lot of bucks every single day? Perhaps, Fiverr had.
This company which has now become a chief brand in freelancing and online remote work services started from the very unique idea of combining sellers and buyers of various services on one single platform.
It started operating in 2010 and ever since its initiation, it has found an elevated graph of its earnings because of the number of people who get employed over the platform. This one is the most efficient innovation which has changed the perspective of society regarding talents that were once considered useless.
Wondering why I have added Flo to this list of the most successful stars of the innovative sky? This is because Flo has made the lives of millions of women easier and helpful through its expert services and an in-built period tracking feature which makes the right predictions about the cycle and helps you find out the remedies for certain ovarian and other reproductive issues.
Women’s reproductive health in the past was mostly overlooked on all platforms because it was usually associated with the taboo concept. Flo, not only helped in changing this mentality but has also proven that with the help of a fine idea, you can easily solve the gravest issues of the time.
Making its way in 2015, it has made itself available in 22 different languages according to the personal convenience of women. This can be considered as the best use of innovative ideas to set up a business because some of the features including personal health therapy and consultancy with ob-gyn require a premium account.
Who doesn’t know about WordPress? This one innovation changed the destiny of the business world completely as it became the backbone of any business. WordPress today supports all sorts of writing talent and allows you to construct your own website and release authentic blog posts on various market niches.
Emerging as the chief publishing website, WordPress became known to the writers in 2003. From that time, it’s continuously enhancing the skills in writing and easing up the publishing of bulk. Furthermore, the latest release supports you to get a template along with a portfolio to create a separate yet unique identity for your website.
These features are however included in the premium package. This indicates that when there is a passion for innovation, ways can smoothly develop a business that becomes profitable not for a single individual but for all.
Why is Innovation Necessary for Entrepreneurship?
It is because innovation makes a business unique. You cannot expect to create a unique identity of your business until it has a unique standing ground based on the solution of a certain problem.
You don’t only need innovation in terms of the idea itself but even if your idea is innovative at first, afterward you would be needing an innovative team that can help you in establishing your roots stronger. It is also a necessary requirement because an innovative idea is picked up for the first time for practical implementation so if the team is inexperienced or not qualified enough to create a reality of it, your experience would be totally wasted.
Hence, it is necessary that you start realizing the significance of both innovation and entrepreneurship for success.
Innovation and entrepreneurship are not just some ideas that let you proceed in whatever direction you want yourself. They are also the agents of change in an already present setup.
Anything which is sparked up by change works brilliantly out of the convention because the mainstream market loves change. It loves innovative and unique ideas to take hold which is only possible if the entrepreneur is restive enough to consider it.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.