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Innovation | A Crucial Aspect of Entrepreneurship

Entrepreneurship is the process of identifying, developing, and carrying out a vision. Potential entrepreneurs with the ability to produce something new must constantly innovate to support the nation’s economic growth and development. Many businesses have changed their business models bringing innovation, prosperity, and value to their customers. To innovate, business leaders must generate novel concepts and then put those concepts into action through strategic planning and sound judgment. Innovation can be introduced by developing new goods, procedures, or approaches or improving existing ones.

 “Innovation must be disruptive. And by disruptive, I mean disruptive. You gotta fracture and break the rules and disrupt” -Howard Schultz, chairman, and chief executive of Starbucks.

Although entrepreneurship has cascading effects by bringing opulence to the economy, it is always challenging to be recognized as an entrepreneur in Pakistan, one of the lowest-ranked countries in terms of entrepreneurial activity. The spirit of innovation necessary for successful entrepreneurship appears to be non-existent. It seems that most businessmen are carrying on family enterprises. Only a small number of business owners intend to start their own company; those that seem to have an edge in knowledge. Numerous businesses are mere “imitators” of successful ones. At this point, we must determine why this pattern continues to predominate. The most common reasons businesses fail in innovation include fear of failure, lack of finances, team motivation, improper assumptions of consumer needs, and no investments in R&D. Because of this, only a tiny percentage of companies ever become truly global powerhouses. Most small enterprises only expand across metropolitan areas and become global powerhouses.

Encouraging Innovation in Start-ups

It is crucial to create conditions that encourage business ventures powered by innovation, particularly in the tech sector. Young entrepreneurs should be assisted by government policies that are easy to follow and backed up by finances from the private sector. Pakistani conglomerates should support innovative start-ups to expand, create more job opportunities, and create value for society. However, young people need to be encouraged to pursue careers in information technology to emphasize more on technological innovation to benefit from the ever-evolving technology.

Conclusion

The ability to innovate is crucial for anticipating market trends and satisfying consumer demands, as the competition among companies is more than ever because of globalization and rapid market shifts. If your business doesn’t innovate, you’ll have to scramble to stay up as innovative competitors introduce fresh concepts to the market.

It is safe to argue that innovation is the only way forward for Pakistan to keep pace with the ever-evolving and innovating world. Therefore, necessary measures should be taken to promote innovative ideas for entrepreneurship.

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