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Entrepreneurs can play an essential role in innovation. An important part of innovations is not born from large companies' Research and Development (R&D) departments but from the ideas of people who observe the market and are capable of identifying new innovative business opportunities.

Innovation and entrepreneurship: a close relationship. There is a strong link between these two concepts, which is why it is common for them to be mentioned together, although they are different.

While entrepreneurship refers to the action by which new businesses are started, innovation corresponds to implementing novelties or significant improvements. Thus, a venture can entail something other than innovation, although it is ideal.

It is called an innovative venture when both processes come together, generating a new business based on innovation.

Innovating can generate high growth since it is common for innovative ventures to be more complex than those not based on innovations since they must face, along with the tasks of starting up a business, those complexities inherent in introducing something new. In the market. However, the expansion in production and sales is usually much greater when the activity being started is based on innovation.

Today we hear a lot about Digital Transformation in companies; this process can be difficult to achieve if you cannot define what we mean when we talk about this term. If you check Wikipedia, it has a simple explanation: "Digital transformation refers to the changes associated with the application of digital technology in all aspects of human society." As we can see, this definition goes beyond the impact in the business field. It includes the impact on society, be it education, government, leisure, sports, art, etc.

It must be clear that technology is only a means within the digital business transformation. The main change that companies must assume has to do with the culture within the organization and not only with the use of new technologies.

  • Transform the organizational culture: Digital transformation in companies cannot be reduced only to using a corporate email, a management system or implementing a CRM solution. This transformation begins with a change in the company's mentality, moving towards a model of innovation and efficiency.
  • People and groups: All change must start with the people and groups that are part of the company. Having employees capable of understanding the advantages of new solutions, processes and systems is a key factor in implementing new technologies.
  • Leadership: An extremely important factor is how company leaders position themselves regarding digital transformation. They must deeply believe in the process and transmit it to the rest of the employees. Those responsible for the team, area or department must set an example and support the top-down strategy.
  • Environment: Collaboration environments, videoconference rooms, and instant communication tools are technologies that, if used properly, are capable of optimizing teamwork, overcoming distance barriers and favoring mobility.

We must understand Digital Transformation as a change of paradigm, business model and business vision. Since we live in a digital world, making changes entails implementing technology. However, Digital Transformation goes beyond just that. The reward for those who embrace this Digital Transformation is generating value, obtaining competitive advantages, and discovering new business opportunities. The threat for those who do not carry out this process will, unfortunately, be disappearance.

Digital technologies transformed the environment in which businesses operate, affecting their way of relating and competing and the stages of their operational processes. For this reason, companies must adapt to change to ensure their continuity in the market.

Although this process only occurs after some time, it is vital to have the appropriate advice. The tools applied in organizations cannot be chosen at random. Still, the best alternatives must be sought according to budgets, strategies, objectives and organizational culture.

Digital transformation requires a more radical change, which may take time and include slightly higher investments. However, large companies with million-dollar budgets can still implement it. In addition, it is also an investment of time since it is a question of technology and management.

Technology is a very powerful tool, which through digitization, allows more effective management of processes, helping teams waste less time, achieve their objectives, better distribute work, and measure productivity indicators. Likewise, it helps to improve the efficiency of the processes and the costs to have a better product value and reduces the risks of the operations.

So, in order for a company or business to survive and be competitive today, it must focus on technological innovation and social responsibility, which are the issues that will make it grow and be sustainable over time.

What is innovation?

Innovation represents the action of innovating. It is a process where something new is added that adds value; that is when elements or ideas that already exist are changed, transforming them into something better or creating new ones that generate a positive impact. It can be applied in different fields; in technology, it is used when there are modifications of a technical and scientific nature that imply the improvement of something. When Innovation is personal, it has to do with all those physical and intellectual improvements carried out by a subject to feel good about himself.

  • Innovation classes
    The type of Innovation will depend directly on the field in which it is required, as well as on the basic needs and demands of each sector in particular. Certain areas of the economy depend even more constantly on innovation projects than others.
  • Technical Innovation
    This is born from the constant need on the part of the productive apparatus of the different companies to obtain greater profits from their products and, at the same time, reduce costs and simplify the productive processes; this is the case of agricultural Innovation, and large daily companies are created and launched on the market. Quantity of accessories, machinery and additives that promote the ease of tasks related to the sector, increasing its efficiency and productivity.
    This type of Innovation should be distinct from the technological type, which is practically based on scientific knowledge, while the technique is based on already created or established patterns that are modified and perfected to adapt to new trends and needs.
  • Service innovation
    Unlike most areas of product innovation, in which the creation or update of something new is sought to increase its physical sales, in the case of services, the aim is to satisfy the client's needs in the sense of comfort. And the experience lived in the place.
    That is why today, food and entertainment venues, beyond offering quality food and beverages, must maintain a balance of said quality with the comfort of the environment that they offer to customers; it will also depend on the public or clientele to which is stipulated to direct the services, the family environment and tranquility that an adult probably requires in their free time or after work is different than the needs of adolescents or young adults who want to have fun.
    Through social studies, it has been possible to demonstrate that most clients have preferred places to have coffee or breakfast based on the pleasant experience offered by staying a stipulated time in it, including not only the setting and comfort but also the treatment of the staff towards them.
  • Business model innovation
    Business models are nothing more than how each company or institution creates, offers and recovers value at a monetary level; therefore, in a changing world, these models must be updated to current needs in real time, and for this, there is a talented work team in the area of creativity and Innovation that constantly adapts the scheme.
    Most companies make use of digital Innovation to adapt to current markets; other systems that are purely technological, such as those that offer music and movies online, are constantly renewed in the way they offer their services; that is, they modify the models that allow them to gain value and thus increase income.
  • Design innovation
    The designs and logos through which companies and organizations are presented to the world have a fundamental impact as part of a first impression; due to this, they must constantly update these designs, focused first on transmitting an ideal or a sensation when seeing it. And secondly, adapt them to current trends in aesthetics and design.
  • Social Innovation
    It is based on innovative ideas and programs aimed at improving people's quality of life in a specific community. That, in turn, has the potential and strength to expand and even cross the borders of different countries. Most of them focus on improving the technological level and scope of already established programs, but they seek to expand to meet greater demand for needs.
  • Technological Innovation
    It is based on updating existing products or services and adapting them through new technologies to the needs and requirements of the population. Every company needs to innovate and be innovative when offering its merchandise to stay active in the commercial world and break through among the competition.
  • Personal innovation
    It refers to the changes, improvements and variations that are applied in the individual life of a person, and these changes can be both on a physical level, through a new exercise and diet routine to improve the physical condition or a haircut to changes at the level of personal growth and mentality.
    In general terms, these types of changes are made with the main objective of turning the lifestyle that is being led around, and many reasons inspire this type of change. It may be due to a simple personal decision wanting to improve some aspects or by actions related to third parties that affect an individual's life on an emotional level.
    It is always important to consider that regardless of the reason that motivated you to start a new stage that includes life changes, the objective should always be based on personal growth and feeling satisfied and comfortable with yourself.
    At the level of physical changes or innovations, the most frequently made by individuals are some modifications in the way they dress, perhaps a change or new haircut or the way women make up, start training the body or even the use from surgeries and beauty treatments to aesthetic improvements.
    However, radical Innovation is considered when the change goes beyond the physical; it usually occurs after negative life experiences that mark people, leading them to seek to grow spiritually and mentally. This type of change ranges from simple characteristics, such as maturity, to profound changes in the way of thinking and seeing life.

Importance of Innovation

From a business perspective, the main advantages of ongoing Innovation in the fields of productivity and marketing are the ability to accomplish more in less time and with greater profit, i.e., the ability to develop methods or use tools and machinery that increase efficiency, effectiveness, and consequently business effectiveness. It also allows for maintaining and expanding customers interested in services; through Innovation, it is possible to capture the attention of new groups of the population every day who are attracted by technology and modernity. This translates into another of the benefits that would be to improve satisfaction and meet the expectations and needs of each client.

Innovation also allows the personalization of services, and this refers to establishments that provide care and offer food or beverage service, including restaurants, cafeterias, bars, and nightclubs, among other places of this type; a more personalized service translates into a client satisfied and that you will return to the site consistently.

Having a team specialized in innovating also improves decision-making within the organization since they are focused not only on the best alternatives but also on the most up-to-date and adapted to the world market.

However, from the perspective of Innovation on a personal level, changes are often positive since they enhance people's quality of life, free them up to focus on new goals and side projects, and promote development in both the emotional and professional realms.

  • Examples of Innovation
    Among the prominent examples of Innovation according to the different classes mentioned above, we find in the case of technical Innovation, one of the examples with the greatest impact is the case of Toyota; it has even been written a large number of times through blogs about its policies, actions and corporate securities in constant Innovation that have allowed it to maintain itself over time and improve its income in securities.
    On the other hand, when mentioning the quality of services, the best example is Starbucks, which provides its customers with such pleasant attention and atmosphere that they are the world leader in their branch, thanks to constant updates and innovations. In their techniques, at the level of innovative business models, the flag is carried by platforms such as Netflix and Spotify, which have constantly adapted to the needs of their users.
    In the area of design, one of the most current examples is that of the Burger King food chain, which has chosen to return to one of its designs from previous years, trying to rescue its beginnings, but adapted to new trends, giving it colors and more minimalist details, drawing the attention of all customers.

Who is an entrepreneur?

The entrepreneur or entrepreneur is a person who starts their business project upon detecting a business opportunity, assuming financial risks to carry it out, to obtain benefits.

There are many types of entrepreneurs, but certain common characteristics can be found among those who achieve success.

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Characteristics of a successful entrepreneur

  1. Independence
  2. Initiative
  3. Innovation
  4. Passion
  5. Persistence

Let's evaluate in detail the characteristics of the successful entrepreneur:

  1. Independence
    We must place this characteristic first because if entrepreneurs do not like something, it is receiving orders from someone else. This does not mean that they are rebellious. An enterprising person is usually autonomous and likes to lead their projects.
    He always wants to be one step ahead, which is why working in the shadow of another is difficult. She is an excellent team player as long as they are the one spearheading the project at hand.
  2. Initiative
    He always goes and looks beyond: he gives good ideas and is willing to take intelligent risks as long as he follows his hunches. He brings a different vision to the challenges or problems presented to him.
  3. Innovation
    They have the desire to change how things are done and are often perceived as perfectionists. They want to control their business, and their lifestyle and vision allow them to create great things with simple tools.
    Entrepreneurs are creative and spend time conceiving new goals since they always look for trends to continue learning about their industry.
  4. Passion
    To be a great entrepreneur or businessperson, you must have a strong conviction in your actions. This is especially important since there will be moments when things do not go according to plan, and your drive to complete the project will keep you motivated.
    Being an entrepreneur is more complicated than you might think. There will be people who will not believe in your success. The key is to focus on your decisions and persevere until you show what you are capable of.
  5. Persistence
    Have you ever met a negative entrepreneur? Negativity and entrepreneurship are concepts that don't mix, not because they think everything will always be fine. When things go wrong or don't work, the entrepreneur observes her mistakes or failures, analyzes them and starts again.
    Although everyone may fear failure, the entrepreneur knows how to handle it differently. Many perceive fear as a brake on their goals; an enterprising person, like an engine that drives him to continue.
    One of the reasons for this optimism is that he is confident in his abilities. And if she doesn't trust herself, how can she expect anyone else to?

How to become a successful entrepreneur?

Being an entrepreneur requires many things, but if you are willing to face the challenges soon, we will tell you how to prepare to meet your goals. Let's look at each aspect of the Infographics in detail:

Learn to relate: To be a successful entrepreneur, you must know how to create and maintain good relationships with other people by building support networks. Thanks to them, it is possible to summon many friends to try your products or share your ideas.

To be a good entrepreneur, you must be friendly and kind without losing authority.

  • Solve the problems
    You don't have time to waste when you're running the show on a project. While many are paralyzed by problems, as an entrepreneur, you must know how to analyze and give a quick, intelligent solution with efficient use of resources.
  • See business opportunities
    Curiosity moves leaders. At every moment, even when they watch television, they can find a business or idea to start. Entrepreneurs seem like magnets for new opportunities. Their attitude allows them to see new projects where others only see difficulties.
  • Land your idea well
    The first step is to know what you want to undertake, especially when you want to create an innovative service or product. Who are your buyer personas? What problem are you looking to solve?
  • Know your market
    You must spend a good part of your time analyzing consumers' different trends and behaviors. Investigate the current situation of the sector you have decided to undertake, meet your competitors and analyze your areas of opportunity.

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These aspects will help you understand how profitable your new business can be:

  • Create a business plan
    Define a step-by-step business plan to establish how you will start investing, whether you have savings or are looking for financing. So you can start building your financial model. Remember to use the previously collected information in the market and consumer analysis.
  • Get organized
    Planning will lead you to success. Define your daily, weekly and monthly tasks well and set a work routine. Set goals to meet in a certain time, and continually review your achievements and failures. Give feedback on your project with the experience acquired to understand your opportunities better.
    Think about how to be more productive and achieve your goals individually and in a work team.
  • Define how you will publicize your business
    In addition to traditional advertising, make sure you have social networks and a website to publicize your company. Remember that you miss most sales opportunities if you are off the internet.
    You can hire a designer to assist you in building your website if you are not an expert or need more programming or design skills. If you don't have the money to employ someone, you may find out how to create a website online.
    It is worth starting to create a marketing strategy to consolidate your business. Good inbound marketing practices will help you get more people to know about your services or products. It is always possible to make your dreams come true. Start undertaking and go to success! There is no magic formula: you only need to value your skills and several doses of ingenuity.

Next Article

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