The terms Innovation, Entrepreneurship & Innovative Entrepreneurship can be considered as a three-tier sandwich with three distinct layers and each layer being different from the adjacent one. The layers are neither identical nor miscible. So, each holds a different meaning altogether. Let’s deal with them separately and then later in differences.
What is Innovation?
Dictionary meaning gives us – “The process of innovating or making changes something established by introducing new methods, ideas or strategies.”
But is that all to innovation?
Innovation is like opening a whole new dimension towards perceiving everything at new angles. It’s like unlocking the doors of untapped and untouched solutions against existing challenges. But keep in mind that Innovation is NOT Imagination; they are not even remotely related. Although, a lot of imagination is involved while innovating random things, still, both are poles apart.
What is Entrepreneurship?
Literally, it means – “The activity of setting up a business with a strong-willed mindset for tackling (mostly) financial risks in the expectation for earning a significant profit.”
It’s much more than just setting up random businesses.
It’s also about making corporate allies & friends in the highly competitive marketplace; allies that will help you in tackling multiple risks. Entrepreneurship incorporates all the characteristics of a businessman, data scientist, fact – finder, manager, notes – taker, leader, motivator, smart worker and analyst. Mathematically writing, it is a Power Set of all the above. Entrepreneurship cashes the opportunities of job creation, simultaneous to the business expansion.
What is Innovative Entrepreneurship?
One might think of it to be a balanced mixture of the two words forming the complete term; but, it holds more meaning to it than what appears in a straightforward manner.
Innovative Entrepreneurship is a complex function of many business processes being planned, directed, executed, observed, analyzed & troubleshot simultaneously. In terms of computer architecture, it is more like a pipeline program. One that involves a process to be implemented at the same time when an ongoing process has been completed at least 10% – 20%
The following examples of modern-day innovative entrepreneurship have taken the business world to another level of broad and innovative thinking: –
Refinery29 or R29; an American global women’s media company that covers fashion, style & culture for women… especially plus-sized women!
R29 (along with Getty Images) started the 67% Project considering the survey report that found this many American women to be plus-sized but seldom featured anywhere. So, R29 decided to showcase such women as they are in real life.
Airbnb; an enterprise that acts as a platform for hosts to make money by opening their homes to welcome travelers & visitors.
Now, it has expanded its services. Now, users can look for activities based on their passion for traveling abroad.
Giphy; a one-stop destination for people looking to season their social media posts with GIFs.
This GIF-providing portal is integrated into many social media platforms. Next level innovation is Giphy Studios for creating original animated content.
musical.ly; an App that makes it easy to create music videos by allowing users to lip sync with songs by popular artists.
Recently, a live streaming platform – live.ly has been launched where music lovers will be given a live experience to broadcast. musical.ly has more than 135 million users around the globe.
These examples inform the budding entrepreneurs that not only one has to think innovatively, but innovative work culture also has to be embedded within the enterprise.
Innovative Entrepreneurship has the following characteristics, most observed: –
It does NOT fear bankruptcy but faces fears like allies.
Nearly all successful entrepreneurship and business ventures have faced financial crunches. But, the advantage with innovative entrepreneurship is that challenges like this are welcomed with open arms. No cribbing and frustrating behavior is allowed to overwhelm the solution finding capacity. Few pros for it are – heightened awareness and unbreakable commitment to survive at all costs.
Doesn’t wait for things to break.
Innovative Entrepreneurship prevents things to break under their able and infallible watch. The mantra followed extensively is – “It can always be better..!”
So, precautionary measures are always a priority and thus things get constantly fixed & iterated. Rather waiting for a problem to surface and then find a solution, the idea to not let the problem even exist in the first place is followed.
Observes patterns everywhere… every time.
Innovative Entrepreneurship has leaders that observe opportunities, connections, hidden potentials, untapped resources in almost everything. They are in the continuous observance mode. A strong perception towards approaching things differently comes naturally to them.
Follows a never-ending pursuit of multiple streams.
Nurturing multiple interests simultaneously is the marked – sign of an Innovative Entrepreneurship. Alternative interests overlap and exist in a perpetual survival realm where they feed off of each other but never cease to subsist. Running multiple projects simultaneously gives the business less pressure of failure in any one venture (because you can still celebrate the success of 2-3 other ones).
Difference between Innovative Entrepreneurship & Innovation in Entrepreneurship: –
The following points will clarify the business – world’s commotion regarding the two (often wrongly used interchangeably): –
While Innovative Entrepreneurship will ALWAYS have an Innovative Entrepreneur leading the organization; the same is not always true for innovation in entrepreneurship.
Risk – related solutions and strategies are MORE comprehensive in Innovative Entrepreneurship; while innovation in entrepreneurship might only be limited to the financial & geographical growth prospects of the business.
Confidence & risk – tacking / tackling ability is GREATER in Innovative Entrepreneurship; while innovation in entrepreneurship focuses majorly on increased production, market presence & new ideas for advertising & branding.
Multiple interests and streams are valued & executed SIMULTANEOUSLY in an Innovative Entrepreneurship; while innovation in entrepreneurship might not always work on the pipeline procedure of operation.
Paradoxical thinking is APPRECIATED in an Innovative Entrepreneurship; while innovation in entrepreneurship mostly avoids opposing ideas but selects the optimum best for the business or in other words, welcomes least risks.
Thus, be it Innovative Entrepreneurship or Innovation in Entrepreneurship, both are choices to make according to the requirement and need of the market & business. The real catch is to choose & implement wisely because when you realize about making the wrong choice, time might not be ripe or adequate to start from a scratch again..!