Growing and Sustaining Innovative Enterprises: A Lesson for the Next Generation of Innovators
Publication Date: 08/07/2020
Author(s): Julius T. Ndaghu, Faiza A. Bawuro, Gbenga F. Babarinde, Mathew O. Gidigbi.
Volume/Issue: Volume 3 , Issue 3 (2020)
Abstract:
Countries all over the world, are gradually approaching a new level of technological disruption with innovation being the major catalyst. However, many entrepreneurs are struggling with strategies to initiate innovative activities for their enterprises. Most innovators come up with completely new ideas and turn them into viable businesses. They tend to be extremely passionate and obsessive, deriving motivation from the unique nature of their business ideas. In this paper, we discussed the value of innovation as a strategy to engage entrepreneurial actions to achieve a competitive advantage. A lack of innovative actions in today’s global economy could be a recipe for enterprises failure, hence this paper revealed that, innovators can have a renewed dynamism of approach for the disruptive future they will soon confront. The paper further discusses strategies to create innovative enterprises and innovative approaches to consumers’ needs in order to increase sales, revenue and ultimately profitability for business sustainability. Finally, we discussed strategies for reinvention of new products and how businesses can compete successfully in the new face of technological disruption.
