Relationship Between Entrepreneurship and Innovation

 Relationship Between Entrepreneurship and Innovation

Entrepreneurship is the initiation of a commercial enterprise with the provision of all resources and resources in addition to the willingness to take risks and develop, organize and manage the business in the competitive global market that is constantly evolving. Entrepreneurs are entrepreneurs, innovators, leaders, and inventors.

Entrepreneurial projects are distinguished by some features that distinguish them from traditional business, which make them an independent concept with special nature. Here we will present a set of characteristics that distinguish entrepreneurial ventures, through which you can understand the nature of entrepreneurship in a deeper and more familiar way.

The most important features of the entrepreneurial projects:

  • creativity and innovation

Entrepreneurship is based on finding solutions or filling needs in an innovative and creative way. From this standpoint, we cannot call any project (regardless of its size or level of profits) based on the traditional idea that it is an entrepreneurial project. The pilot project must be based on a new and different idea. This of course does not require the invention of the wheel completely, but here we can get an innovative idea by merging two ideas together, or by making fundamental adjustments to an already existing idea, or adding an exceptional feature or feature to an already existing idea.

  • The risk

Entrepreneurship contains a great deal of risk. This trait basically follows on from the previous one, which is innovation and creativity. In fact, people by nature do not like change, and they need a lot of effort to adapt to the changes that surround them, so it is logical to find that there is a difficulty for the public to accept the innovative and creative ideas outside the box.

Based on all this, entrepreneurial projects often contain a very high-risk ratio, compared to traditional projects. Of course, this is evident through the statistics that acknowledge that the vast majority of entrepreneurial projects fail in their first year.

  • Flexibility

Flexibility is the property by which it is possible to change the path when needed, whether it is a complete or partial change of path. In fact, flexibility is a fundamental requirement in the world of entrepreneurship, because new creative ideas constantly need more adjustments in order to fit reality. There are many entrepreneurial ideas that have succeeded only through modifications and changes that made them fit the real need of the target audience.

  • Continuous development

This feature is very important in the world of entrepreneurship, and it is the only guarantee for the continued existence of entrepreneurial projects. In fact, no one can deny that the world is changing, and as the world changes, the public’s needs, needs, and priorities change. On the other hand, entrepreneurial projects are imitated, hence competition intensifies, and there are possibilities for competitors to outperform the owner of the entrepreneurial idea.
In fact, the ability to develop and constantly add improvements and developments is the only way to preserve entrepreneurial projects, make them able to withstand challenges, and give them the opportunity to grow and prosper.