There are 3 different types of entrepreneurial innovations that outline creativity in business. Innovation is a facilitator of entrepreneurship and a way of empowering people to take charge of their lives and economic prosperity.
Entrepreneurial innovations
There are 3 different types of entrepreneurial innovations that outline creativity in business.
Innovation is a facilitator of entrepreneurship and a way of empowering people to take charge of
their lives and economic prosperity.
Product Development refers to all of the stages involved in bringing a product from concept or idea,
through market release and beyond that will offer benefits to the customer. A great example of this
is waterproof phones whose innovation is protecting devices form accidental water accidents that
are common. This was completed by analysing the problems that need to be solved with electric
devices such as if they’ll continues to work, whether they were fixable or not and even the fact that
a new phone will have to be bought which may affect the consumer financially. This resulted in the
technology companies creating a new, waterproof phone/ tablet etc. This was innovative because of
the way the technology companies were able to design and create a new model that considered the
problems that needed to be solved in order to improve their products.
Market development is a strategic step taken by a company to develop the existing market rather
than looking for a new market. The company looks for new buyers to pitch the product to a different
segment of consumers in an effort to increase sales. Companies find a strategy that is profitable and
figure out whether it is new or modified products that are required. Apple uses market development
as a low-priority intensive strategy for growth. Using the company's competitive advantages, their
market development involves selling existing products in new markets. this has increased sales
massively as apples market development innovation support the ability to maintain a strong position
in the global market. this is market development due to how apple has been able to maintain their
position in the market by selling products to new markets.
Changing the business model is one also. A business model is designed to help a company build a
competitive advantage. When an old model puts a company in an unfavourable competitive
position, it has to be changed. Tiffany and Co are a company that succeeded by changing their
business model. Tiffany’s started out as a stationer before making the transition into luxury
jewellery. The business model and overall strategy when the company smartly recognized a market
for high-end jewellery pieces early and jumped into the market to strike.
Tiffany and co innovation is amazing due to the fact that they sensed a trend and latched onto that
trend and made a whole new model and business in that trend. The idea to change their whole
brand and business was innovative as not all businesses will succeed by just changing their business
model but Tiffany and co did. this is changing the business model as changing what they sell and who
they are as a business, not only were they able to create a huge revenue stream they are now widely
worn by celebrities across the world.
Analysis of entrepreneurial
innovations
An example of product development was done by Apple. They created a waterproof phone as they
inserted an IP68 which made apples phones extremely waterproof. This appeared to have a positive
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