Innovation and Change Essay

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Innovation and Change in Organizations

Entrepreneurship is commonly understood as a process of starting a new business or restoring existing organizations on the basis of the new explored opportunities. In other words, entrepreneurship is directly linked with innovations and new practices in an organization. In this regard, in the view of Katz (2003), innovation is a creative step towards formulating new ideas and practices, and implementing it through products and services within an organization. For this purpose, there are a number of reasons due to which entrepreneurial organizations seek opportunities for innovation and change.

As a matter of fact, every organization has to undergo a number of changes with time where the foremost reason to implement innovations include the idea of business survival. Consequently, they have to bring in change in what they are, the services and products they provide and the strategies of the company. Therefore, change is not only essential for the sustainability of the business but also for the growth and expansion of the organization.

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Innovation and change in entrepreneurial organization is necessary for the economic growth and consequently the progress and well being of human beings. Since innovation is another name of transforming information into products and services required by the market, it in turn becomes the source of economic growth of the industry. Similarly, innovation gives rise to new businesses which results in more job opportunities and ultimately benefits the human race. Therefore, change is significant in the progress and development of a society and mainly because of this, this world has come out of the period of stone-age and entered an era of enlightenment and revolution.

Another major reason for organization resorting to innovation and change is for competitive advantage. Such organizations leave behind other companies who continue to….....

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