Innovation is important and the soul of entrepreneurial journey, a way of empowering people to take charge of their lives. Your business, work, or overall economy survives because the leaders have been able to adapt to changing times and cater to the ever changing needs of the community.

Every economy is largely driven by the business that operates in there, without which it would be difficult for an economy to survive. But a business must also sustain itself and be able to constantly evolve to fulfill the demands of the community and the people. It is therefore imperative for a business to be innovative and resourceful.

Innovation can be a facilitator of success at both individual and national level. Innovation and creativity walk hand-in-hand when it comes to entrepreneurship. Here are five great ways to look at innovation in order to understand its importance in entrepreneurship.

Innovation Only Tool to Solve Problems

We cannot solve problems with the same thinking we used when we created them. – Albert Einstein

Creative and innovative ideas with far sighted vision are needed to solve the problem, at the same time, such solutions will not emerge from simple and linear planning and problem-solving processes. One need to understand that innovation is quintessentially is about seeking, perceiving and solving problems in creative ways. In a fast changing world, every company needs to be more agile and responsive to their customer needs.

Innovation is the driving passion for Global Startup Movement

Starting up with your own venture and giving up corporate work is a rising trend in emerging markets like India and China. Startups with their passion and enthusiasm are largely motivated to cater with their out-of-box ideas to social and economic problems of society, making the world a better place to live in. Government too is taking initiatives to support entrepreneurs in achieving their dream by supporting them with different schemes and programs.

Cloud technology or cloud computing has been a strong enabler for startup eco-system because it gives them the flexibility to scale their business as when the need be.

Internet of things

The rise of the internet has created a platform to enable connections, data-sharing, and streaming. It has transformed how people go about their daily lives and given birth to many new businesses and revenue streams. While some large organizations find it disrupting, there are many who are picking up it as an opportunity and entering the space with all their might.

Changing trends of Workplace dynamics

Today’s Individuals, Millennials as they are called, are increasingly jumping jobs when compared to earlier generations; they are on a constant lookout jobs where they believe they can work to their maximum potential. This has considerably changed the recruiting process and recruiters are now looking to source candidates from unconventional platforms like Social Media. To them, the reputation of an organization is becoming more and more important. They also seem to work better with flexible hours and hence freelancing and project based hiring co-working and collaborative working are fast emerging trends. Millennials are at the core of revolutionizing traditional workplace and companies are adapting to changing needs of both their potential hires and existing employees.

Innovating at the pace of customer expectations

Businesses have always been about meeting and enhancing customer expectations and experiences. The Internet and mobile technology are constantly lifting customer expectations and making it difficult for organizations to catch-up. Customers now have an increased control of what they want and how they wish to purchase it. Companies are therefore looking to leverage same mobile and internet technology to gauge the ever-changing demands and attributes of their target customers. Use of Social Media by brands is the best example to support this case.