Why innovation is important for entrepreneurs?
Innovation is a process to convert the ideas into unique and valuable product or services for those customers are willing to pay. Entrepreneurs are the persons who start a new business. Following are the reasons of innovation’s importance for entrepreneurs:
Mr. Sadruddin Hashwani (Hashoo’s group) is well known entrepreneur who make his name in the field of Real Estate, Oil & Gas, and Hospitality, IT and Pharmaceuticals. He achieved success due to his innovative & creative skills, punctuality, cleanliness and intelligence. He learned these skills from his mother.
* Differentiation and uniqueness:
Entrepreneurs are the persons who start a new business by accumulating the human, physical and financial resources. There are so many competitors in the market offering the same products so to beat that competition ...view middle of the document...
Mr. Sadruddin Hashwani started his career from the cotton business. He faced a lot of difficulties and problems in the starting phase but he did not give up and solved all problems due to his innovative mind and problem solving skills.
* Retaining and attracting customers:
To start a new successful business is difficult but to sustain successful business for a long time is more difficult. Satisfied customers are the key of successful business. Business is usually successful when it offers the quality products and services at affordable price to customers. Customers need changes day by day and they demand changes in products and services. Innovation helps the entrepreneurs to reinvent the products and services in respond to the changing needs of customers. When entrepreneur is innovative then he/she can retain the existing customers and attract the new ones by making them satisfy.
Pearl continental hotels and Marriot hotels operated by Hashoo’s group are standard for hospitality industry in Pakistan. These hotels are for elite class and by providing the remarkable services in hotels Hashoo’s groups is able to retain and attract customers.
* Dynamic market conditions:
Market conditions are not stable but are dynamic. To respond to the changing market conditions quickly and effectively, innovation is very important for the entrepreneurs.
* Different way to fulfill customers needs:
Today, competition is very intense than it was before. It is very difficult to find the areas of competition. So, there is a need of innovative way to serve the customers. Innovation is necessary to make entrepreneurs realize that initially it is useless to compare own self with peers. Initially innovative entrepreneur explores the real needs of market and customers which he/she is intended to serve. Try to find the real needs and then observe the ways in which competitors are fulfilling these needs. After this bring an innovative approach to fulfill the customer’s needs.