The truth is that entrepreneurial innovation isn't exactly a new topic. Entrepreneurs have to be innovative by nature to succeed as pioneers and business people. Peter F. Drucker wrote a gerat book which covered these topics in great detail called 'Innovation and Entrepreneurship' but what does this look like in today's society?
Entrepreneurs are looking for something dynamic to pioneer and often they have to innovate an idea to see it come to fruition. Innovation compliments these would-be business owners as it allows for them to think outside of the box and gain the abilities to move through an idea to find the success at the end. When these two leadership qualities collide, a wave of productivity and new business occurs. But what is needed for this to happen?
It seems that the surrounding factors have a huge role to play on whether entrepreneurial innovation is growing or non-existent in certain areas. Our friends over at the Center for Entrepreneurship and Innovation study this phenomenon closely to see what factors excel entrepreneurial innovation and which hold it back. We believe that a specific atmosphere needs to be present for this to happen and will further explore this below.
A growing atmosphere for Entrepreneurial Innovation
There are particular factors needed to proppel this particular use of innovation to succeed. Some will probably seem arbritary but others may surprise you with their necessity.
- An economic push is required in a culture for this specific type of innovation to flourish. Often throughout history the most innovative and entrepreneurial times have come out of a defecit in the standard of living and minimum wage. In times of financial crisis people are more willing to take risks to prosper and even use it as a last resort to find financial freedom.
- Courage is absolutely necessary to see through this new process as it can often lead to disaster. If you read biographies of many multi-billionaires today you'll find many went bankrupt multiple times in their lives before coming up with that one brilliant idea. Often single people are more daring with this but courage comes into play when you have a family to support. Courageous leadership is something i truly admore among all people groups when it comes to business as it takes real guts to roll the dice.
- Justice is another element and maybe a more surprising one. Most entrepreneur's have come out from cultures which are in poverty, war or huge down-turn. People need the hope that entrepreneurial innovation brings in seeing a brighter and more just future in their lives and those around them.
- Political motivations are another surprise although more understandable in today's corrupt governments. People are pushed to move away from traditional ideals of working for a huge company and paying that average tax on that average wage. They want to push against government and earn their own way independantly.
- An inner voice tells us sometimes that either we're too comfortable and need a new adventure or we're not comfortable enough and need to feel like we're working towards our 'dream'. The very mark of an entrepreneurial innovator is that of feeling an itch to make something brilliant and the inability to lead an average existence.
This is a really vital subject for today's innovating world. If you have more to add we'd love to hear from someone who has experience in this field. Please use our contact form to let us know anything more or any ideas you have!
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