Acclaimed business author Theodore Leavitt stated, “Creativity is thinking up new things. Innovation is doing new things.” The idea of innovation captures the spirit of growth and progress. The opposite of innovative is unoriginal, unimaginative, uninventive, and uncreative. The opposite of being an innovator is an imitator, a follower, a lagger. Who wants to be characterized in those ways? Clearly, entrepreneurial innovation is highly desirable. 

What is the Definition of Entrepreneurial Innovation?

Entrepreneurs may feel that innovation is “only for the big guys.” But entrepreneurial innovation is just as important for the success of a small business as it is for a large one. In fact, those who innovate best will sustain the most success. Innovation is simply the process of modifying existing products, services, or operating processes in ways that those offerings are improved, or new ones developed. It also includes implementing new ideas and improving customer service.

The benefits of entrepreneurial innovation include staying ahead of the competition, improving your brand, increasing efficiency, and being better able to attract and retain top talent. Innovation keeps businesses relevant in a changing world. It helps companies grow, becoming more successful and more profitable. 

What Defines Entrepreneurial Success?

Entrepreneurial success is defined largely by the measures an entrepreneur puts in place to evaluate the meeting of his/her objectives and milestones. Those can include the amount of revenue generated, the amount of good accomplished, production or quality levels achieved, customers satisfied, and more.

How to Achieve Entrepreneurial Innovation

  • These factors influence entrepreneurial innovation success:
  • Put processes in place to capture new ideas. 
  • Look for creative attributes in hiring new employees. 
  • Create an environment that encourages and supports innovation. 
  • Encourage experimentation and risk-taking. 
  • Promote openness and sharing. 
  • Constantly assess the marketplace, looking for opportunities. 
  • Reward innovation and celebrate innovative success.   

Seek Expert Financial Assistance

Contact Hemingway Financial Group based in Malibu, CA, for financing solutions that will be a great fit for your business needs. We have a wide variety of funding sources beyond what banks typically offer, including alternative financing solutions.