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Innovation and Entrepreneurial Culture

In: Business and Management

Submitted By mdunc11
Words 467
Pages 2
An entrepreneurial culture within an organization means having a culture that cultivates behaviors & values and a system that fosters creativity and innovation. “Innovation is the development of new values through solutions that meet new needs, inarticulate needs, or old customer and market needs in value adding new ways.” http://en.wikipedia.org/wiki/Organizational_culture. This culture will sponsor an individual’s need for creativity and higher aspirations. Informing and educating all new employees as they are brought into the fold will foster an environment to create new or improved systems, enhanced products and a more competitive place in the market.
Entrepreneurial organizations seek opportunities for innovation: 1. New Products: When a company supports and encourages an innovative environment it tends to lead to new ideas, products and services. These can be tangible or intangible but both will lead to the generation or development of something new. A company can have a research and development department or do a SWOT analysis or consumer marketing to generate new ideas. 2. Improves efficiency: A company when efficient reduces costs or improves their services. A company’s primary goal is to make money. When efficient a company can perform the same objective or end product for less money, time or labor by producing less waste, expense and unnecessary effort. Finding new innovative ways to be efficient can increase profitability and productivity. 3. Product or Service Differentiation: When a company achieves a product or service differentiation it will give the company a competitive advantage. The physical or value difference needs to place the company apart from its competitors. Innovatively changing up the products to target a specific niche or by distinguishing specific features, durability, coloring, track record (reliability) or service...

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