Innovative Entrepreneurship in Business

Innovative Entrepreneurship in Business

Image source: Courtesy for Pyramid College. 

It's unfortunate that most of the people prefer to do Service instead of being an innovative entrepreneur. Everyone should learn from the lifetime happenings, try to get exposure to potential and expected solutions to the problems arise in life. After practicing the solutions, problems seem to be opportunities. Ultimately, survival of a person or business leads to Success. Therefore, "Learn. Practice. Prepare. Survive. Survival situations can happen when least expected. The best defense is knowledge and confidence in the skills that will keep us alive--whether it's for a few hours, days or long term." 

Innovation to reduce cost of operations:

The entrepreneurs seek the ways to reduce the cost of operations, a lot of companies are coming ahead in logistics, online marketing, e-commerce by innovating the operations earlier performed by the traditional shop-keepers. The reduction in cost of delivering goods and services, creating new opportunities for such companies. The Pepkart Logistics which is popular today for delivering large-sized furniture items, was the result of an innovative idea.

Building Teams to face cut-throat competition:

The entrepreneurs build teams and then rely on the teams by empowering them to come up with ideas of success. The new experiments which deliver good results in terms of achieving the goals, are preferred to be recorded and made part of the procedures to perform functions. The events are organized to disseminate such ideas among various team-members to deliver maximum performance with framing strategy to defeat cut-throat competition.

Retain the Talent and Bring the Results:

The talented employees who performed better, are always appreciated, motivated, and inspired to generate more results. The abilities of the talented employees, to turn ideas into profitable activities are not only appreciated but also rewarded to show-case the same to the other employees.

Positive Environment along with proper delegation of authorities:

The principle of staffing is, “Right person should be provided the right job”, is followed and the authorities are delegated properly as per the capabilities of the employees. The whole organizational environment seems positive and the manpower involved in functions bring maximum performance.

Removing Barriers with Business Process Re-engineering:

The organizational systems, structures, and processes are re-framed as per the practices under Business Process Re-engineering (BPR). The ideas are transformed to reform the processes by removing the barriers and hurdles in the work of employees. The leadership plays critical role in it, as the change through Business Process Re-engineering depends upon the will-power of Chief Executive Officer or Head of the organizations.

Thinking outside the box:

The creativity and innovation works everywhere, in every function, procedure and process. The entrepreneurs re-look the workings and think outside the box to improve the overall output or outcome of the organizational activities. The leveraging entrepreneurship potential is the key for success of present businesses. Everytime, efforts should be made to achieve the goals with intellect than to seek support of others. Let's take the example of Acharya Chanakya who described the qualities of an intelligent person. In business, whenever any loss is occurred no need to tell others about the loss because the people receiving this information may either laugh upon you or try to harm you or plan to get any advantage out of it. Instead of telling others it should be tried to do hard work and get rid of the problem. Telling others who are unable to guide seriously, can increase the problem and the people can take advantage out of it. 

According to Chanakya every person has his own personal life and no person should disclose the issues of his personal life to others because others may make fun behind you. 

Copyright © 2019 Dr. Lalit Kumar. All rights reserved. 

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