Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. Redundancy in business practices can lead to financial stagnancy. Entrepreneurship is key to innovating at the individual business level as well as inspiring overall business-sector growth. Successful entrepreneurship requires a focus on creativity, integrating innovation and strategic business practices.
In a degree program such as Louisiana State University Shreveport’s Master of Business Administration with an Entrepreneurship and Family Enterprise Specialization, candidates will study the importance of encouraging creativity within an entrepreneurial business model as well as methods of implementing new ideas into business development and wealth creation.
Impact of Globalization on Established Businesses in Developed Economies
Modern business practices have had to evolve rapidly to stay effective. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. Although this is an inevitable aspect of globalization, it means that jobs, growth and wealth have been moving overseas.
This is especially true for large-scale, established businesses. To stay competitive in the globalized marketplace, they have to minimize expenses and streamline business models. As large-scale industry has traditionally accounted for the majority of revenue in developed economies, the out-sourcing of their manufacturing and market distribution can reduce stability and growth in those economies.
New Opportunities for Creative Entrepreneurship
When big businesses pull out of a developed economy they leave a void. Obviously, this is not initially a positive thing for an economy. However, it does open up that economy to smaller, developing businesses, creating opportunities for entrepreneurs to experiment with new business models and ideas. Because of this, innovative entrepreneurial business people are becoming increasingly integral to the stability and growth of developed economies. Many even say the perpetuation of these developed economies depends on the success of their creative entrepreneurs.
Although some consider the advantage-seeking behaviors of large companies as “creative” solutions to modern problems, these behaviors still prioritize the bottom-line: established products and services and reiterations of old business models. In contrast to the globalization of big business, entrepreneurs and startup businesses can benefit from focusing on creating new products and services targeted at occupying previously unexploited niches within a developed economy. The burgeoning creative class is especially suited for this opportunity-seeking aspect of business innovation because they are tech savvy, proficient with social media and knowledgeable about digital marketing trends.
Integrating Creativity and Strategic Business Practices in Entrepreneurship
Imagination is essential to starting a business, whether coming up with exciting new products and services or using modern forms of target-market analysis and engagement. However, this should not solely be the role of the singular entrepreneur, small business owner or any specific employee. The most productive businesses are those that embrace creativity and inspire innovation. Incentivizing creative product and strategy development can help propel a business, with all employees actively seeking opportunities for further growth and innovation.
In general, entrepreneurs excel at recognizing and pursuing opportunities, whereas large, established companies excel at making use of opportunities and appropriating their value. For small businesses to succeed in today’s competitive markets they need to find opportunities and take advantage of them. They should emphasize the importance of creativity and imagination while valuing and employing the strategic business practices necessary to implement new ideas effectively.
Ingenuity is at the core of modern entrepreneurship, which has become an important part of keeping well-developed economies growing. Whether launching a new social media platform, starting a digital marketing company or releasing the next big thing in tech gadgetry, entrepreneurs need to constantly push the boundaries of current trends, using new ideas and creative approaches. With the knowledge of business strategy and practice available in a master’s degree of business administration with a focus on entrepreneurship program, degree candidates can learn how to turn their creativity into innovation.
Learn more about the LSUS online MBA in entrepreneurship program.
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