Welcome Guest

Businessex.Com
Home Article Features Ecosystem  Innovation in Entrepreneurship

Innovation in Entrepreneurship

Being innovative means being entrepreneurial. Entrepreneurship involves providing solution to an existing problem and in-turn creating employment and growth for all. The ability to offer something new and unique to the market, challenging the status quo

Tags: Innovation, Entrepreneurship, Micromax Informatics, Aseem Chauhan, Rahul Sharma, Decade of Innovation

BY Sandeep Soni  |  May 17, 2014 comments ( 0 ) |

Being innovative means being entrepreneurial. Entrepreneurship involves providing solution to an existing problem and in-turn creating employment and growth for all. The ability to offer something new and unique  to the market, challenging the status quo involves hard work, grit and determination.

“Entrepreneurship and innovation are interlinked. Innovation comes when you move away from the conventional methods followed by the industry,” says Rahul Sharma, Co-Founder, Micromax Informatics.

 

In a start-up especially, the entrepreneur plays the key role in turning the idea into reality. In competitive business environment, the entrepreneur along with his enterprise should keep looking for new ideas and opportunities.

 

Innovation Everywhere

 

Innovation in an organisation has to take place in areas viz, first, innovation in processes and methods to increase productivity and lowering cost. This eventually leads to increase in demand. Second, innovation in products or services that also leads to effective demand thereby having more investment and more people employed. Third is innovation in management and human resources to maintain the enthusiasm among employees and teams in order to remain united and focused towards work in a fun way.

 

“For creating a novelty, one needs to observe what is happening in the market, identify the unfulfilled needs and then work on fulfilling those needs through creative and innovative ways,” says Aseem Chauhan, Chancellor, Amity University.

 

Growth Constraints

 

While it is critical to apply innovation at every growth stage of a firm, there can be numerous constraints to the process. Absence of analysing failure in different segments of the business, lack of innovations in non-core business areas, poor management, informal team formation, lack of rewards and recognition, procedural delays, inadequate management of ideas, etc. are some of the bottlenecks to driving innovation in entrepreneurship.

 

In order to strengthen innovation in entrepreneurship, the government can play a significant role in promoting innovation through right education policy and skill development at the grassroots level.

 

Moreover businesses can leverage the increasing usage of ICT tools to disperse information on innovation and create platforms for inclusive participation. Also it is essential to help new businesses provide necessary resources and support and urge associations and industry bodies to create better collaboration between small businesses and large corporates.

 

“Government has announced 2010-20 as "Decade of Innovation". It is creating awareness about the importance of Innovation by setting up Sectoral Councils and State Councils. Government has also created inclusive Innovation fund of Rs 5, 000 crore to promote innovation in the country and in each and every sector, councils are being set up to promote and highlight creativity,” says Dr B.K Gairola, Member Secretary, National Innovation Council.

Please add your comment

Rating
Not readable? Change text. Enter the characters as seen on the image (case insensitive)
  Notify me of follow up comments via e-mail   Subscribe for daily newsletter

Related Articles

IIMs entrepreneurial grads

BY Entrepreneur

IIM grads have beaten the common belief that finance and marketing are the sectors for them, choosing every other possible sector and managing them...

Why Women are Better Entrepreneurs?

BY Entrepreneur

Recently a study by FICCI’s ladies organization (FLO) has found that women entrepreneurs face an uphill task when it comes to starting their ...

Small Business in India

BY Ritu Marya

Today 95 per cent country’s industrial units come under Micro, Small and Medium Enterprises (MSME). This sector has around 128.44 units (prov...

Time to Walk the Talk

BY Entrepreneur

A high level task force was set up last year under the Chairmanship of T.K.A Nair to recommend effective measures for the overall development of th...

Education: No Bar, Success: Baar Baar

BY Entrepreneur

It is not the academics that decide one’s success at business but the determination to succeed, the will to work hard and the guts to face ad...

Green with Pride

BY Entrepreneur

Going green is in vogue these days! A survey conducted by Ernst and young recently showed that companies worldwide are likely to spend 70 per cent ...

Enter the ecosystem

BY Entrepreneur

Why do 90% of startups fail within less than two years of starting up? Their ideas are brilliant but they fall sick because of lack of proper guida...

Buzzing Helpline for Enterpreuners

BY Arindam Ghosh

Entrepreneurs are now just a phone call away from getting assistance from the government towards helping them in setting up their own business vent...

Upcycling CWG waste for environment cons

BY Entrepreneur

We have often heard the phrase, “Good riddance of the bad rubbish”, how about turning the tables for once and accept the rubbish and re...

SMEs and Crime

BY Entrepreneur

What’s more, without any proper regulatory body the tentacles are alarmingly growing. Don't you think, it’s about time; we take a stock of...

CWGs waste management

BY Entrepreneur

Further, the Games signage supplier, Signage India Pty Ltd sold this flex banners and billboards which is made of polyvinyl chloride or PVC to Cons...

FISME’s Pre- Budget Wish list for FM

BY Entrepreneur

FISME has put out its wish list for the MSME Ministry and the Finance Minster to look over and react upon. It covers major issues like GST, PMEGP,NSIC...