If we refer to the Real Academia Española de la Lengua (R.A.E.), by Entrepreneurship and Innovation, we mean “action and effect of undertaking” and “creation or modification of a product, and its introduction in the market”.
Both terms must always be intertwined. While entrepreneurship refers to the entrepreneur’s ability to execute the project, the entrepreneur must always consider innovative thinking as the spearhead of their idea.
“The price of success is hard work and the determination that, regardless of whether you lost or won, you gave your best to the project” – Vince Lombardi, coach of the Green Bay Packers.
Vince Lombardi’s words make it clear that an entrepreneur is a hard worker. He is not a sage, nor is he a boss; he is a discoverer of needs where others only see problems and offer solutions to them.
Every entrepreneur must have sufficient imagination and creativity to take a step towards being an innovator. Being original and different and having the capacity to respond, change or adapt will ensure that, as entrepreneurs, they can survive in a constantly changing environment. An entrepreneur has to innovate or be prepared to innovate in everything. Contemplate entrepreneurship and innovation as a whole at all times.
But what are the main innovations that an entrepreneur has to consider? In addition to the aforementioned technology, it is necessary to innovate in:
- Information systems and technologies.
- Commercial aspects.
When talking about innovation, we must also reflect on what makes it more successful? And above all, the path that must be taken for it to be successful.
Advancing in the concept of innovation implies the need to understand the concept of organisation and its composition. An organisation is an economic, financial, social and legal entity made up of inputs that must be transformed into outputs. As inputs, we can highlight those that makeup customers, products, long-term and short-term investments, cash and debtors that have to combine personnel, equipment and information to generate the aforementioned outputs. It is precisely at the moment of combination, also known as transformation. One organisation can differentiate itself from another by combining resources and inputs in different ways to generate new outputs, new products.
The perfect combination of entrepreneurship and innovation must be a constant in every entrepreneur’s thinking, of every innovator.