It is often thought that innovation is a phenomenon limited to small, hungry entrepreneurs, but this isn’t true. Businesses can also be innovative. However, in order to do so they must follow certain steps.

The first is to have standardized policies that create an environment where innovation can flourish. The second step a business needs to take is to create an organisational structure that rewards entrepreneurship. Lastly, there should be an appraisal system within the company to improve its entrepreneurial performance, as it is essential to know if the results of its efforts meet its expectations.

This post will provide some practical steps that businesses can follow to be entrepreneurial organisations.

• Your start-up needs a business plan. A business plan will force you to think through all aspects of your start-up; it will help you highlight potential problems, prepare for anything and it will help you explain your concept more clearly.

• Being the first to enter a market yields huge advantages. A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena.

• Exploit the market gaps your competitors don’t see. A gap in the market is an opportunity to make and sell something that is not available yet. However, consumers would like to have it. The ‘gap’ refers to the difference between the supply and demand for that product. For companies, a gap in the market represents an opportunity for it to widen its customer base.

• Find your niche position in a market. One common path to success for many small businesses is to find a niche market and establish a dominant position as a player in that niche.

• Entrepreneurs can become successful by creating increased demand for an existing product. Creating a new product is an exciting venture, especially if market and consumer research has revealed a need, but comprehensive solutions aren’t available yet. Customers want solutions for their problems, but they can’t quite identify what they need. This is where you come in.

In conclusion:
There are sources of innovation that you must keep an eye on in order to become a successful entrepreneur. The ability to identify these sources will provide you with the perfect opportunity for you to thrive.