Entrepreneurship and innovation are concepts that are intertwined. Innovation is key to avoid stagnation and in terms of entrepreneurship, it is a driving force. Entrepreneurship generally has a starting point from having identified a particular need that is not being met in a particular market. Entrepreneurs are then inspired to meet this need by offering a unique service or product.
An example of innovation and entrepreneurship at play is an individual identifying what is needed and how they can change things. This individual identifies what’s going wrong and what’s going right and how they can improve on the status quo.
Some of the first steps in innovation and entrepreneurship include doing research, developing a coherent strategy, estimating starting costs, having an operation plan and taking smart steps towards the goal.
The research part is essential for ensuring that you have as much information as possible about your product or service and the market. This provides a solid foundation for the next steps that are taken throughout the process of starting the business. With the right information you are able to plan ahead and manage any potential risks.
The reality of entrepreneurship is that it’s imperative to start with a viable idea. No matter how impressive an idea may be, if it cannot be executed in practical terms, then it isn’t likely that it will succeed.
Doing your due diligence is key, so determining ownership structures is an important part of the initial steps you need to take. Get it in writing to cover yourself from a legal standpoint.
Execution is important. Taking the steps to actually move beyond the ideas phase is vital.
It helps to think the different steps through and to make sure that you’re solving the right problem. Break it into phases to make it easier. Plan your marketing strategy and make sure that it’s effective.
Keep in mind that the more complex a product or service gets, the more complex the innovation process has to be.
The link between innovation and entrepreneurship is important to understand for the best possible results.