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Entrepreneurship: Role Of Innovation In Business

Discussion in 'General Business' started by foster04, Feb 15, 2019.

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  1. foster04

    foster04 Member

    Are you thinking of starting a business and looking for ways in which you can make your business different from what others are doing? Then this article is for you.

    What I noticed that is happening now is that most people after searching for a job for a while and can’t seem to find one, the next thing they do is jump and start a business.

    Not to say that it is a bad idea but I am trying to look at starting a business from the eyes of an entrepreneur.

    The truth remains that there is no business on the face of the earth that you can think of that someone else is not into (except God exclusively reveals something to you).

    The mistake most people make is to do the same things that everyone is doing.

    I am a Nigerian and I live in Port Harcourt and I can tell you that over here new businesses are opening on a daily basis but the fact still remains that they are all selling the same thing.

    On my street alone, there are over 7 women that run a provision store and more than 4 tailoring stores (fashion designers) just in one street and all offering the same services.

    A funny story: On my street, there used to be a woman that runs a provision store and after a while probably because the business was not growing and bringing profit as expected she decided to close it down and another woman rented the same shop to open the same business the previous woman was doing.

    When starting a business, there are two things you should consider and they include:

    What business To Start

    Not all businesses are meant for you to do, hence you will have to figure out the exact kind of business to start. It can be in your area of study, passion, experience etc. I don’t believe in starting a business you have a passion for, most at times, you can start a business on any niche that is trending and still succeed without having a passion for it. (This is my own opinion)

    What Can I Add To My Business That Others Are Not Doing

    There are lots of businesses offering the same products or services and if you are going to stand out in every business you venture into, you will have to be innovative. Innovation is the key to succeeding in any business venture.

    This will require you to get to know everything about your business.

    What Is Innovation

    Innovation can be described as the process of discovering new ways to do things. This may involve a person been creative as to how to achieve a particular goal or outperform their competitors. Since technology is advancing at a high level and the competition in any business is increasing one has got to be innovative so they can stay ahead in the business environment.

    Just like the way the fashion industry has evolved in the past decades and new trends and styles are coming out so entrepreneurs need to be innovative to keep themselves relevant. Innovation is vital for the sustenance and survival of any business. It might be in the way your products and services are been delivered to your customers, your packaging etc.

    Read Also: 7 Smart Businesses Ideas Under The Fashion Niche

    How To Get Innovation

    You cannot be innovative if you seat in one place and expect things to fall into place on their own accord so you can supersede your competitors; you have to always be on the lookout for new things that you can add to your business.

    One thing you should know is that there are always new ideas that you can add to your business and this can be gotten by reading books, attending seminars, events etc.

    Read Also: 7 Reasons To Start A Business In 2019

    Innovation is a research process. Get to know all there is to know in your business, be the one to see the loopholes or the new trends coming to that business you are into, look for easy and faster ways you can solve other people problem in relation to your business.

    Becoming a successful entrepreneur requires you doing what others have not done. You have to be open-minded and flow with the changes that come with every business.

    Read Also: How To Carryout A Market Research For Your New Business

    Read Also: 10 Most Lucrative Businesses To Start In Nigeria

    Read Also: 7 Things To Consider When Drawing A Financial Plan


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