Why Organizations Need To Foster Entrepreneurial Culture In The Workplace

            According to Theresa. M, creativity has always been at the heart of business, but until now it hasn’t been at the top of the management agenda. Related research indicates that to survive the dynamics of modern day market rivalry, organizations need to motivate individuals to innovate and even take risks by nurturing core values such as openness, adaptability, outcomes, and rewards. This way, employees can begin to accept the personal obligation of using their creative imagination to explore and assess new ideas and possibilities. For such organizations to initiate and sustain workplace creativity and innovations, cultivating active orientations toward an entrepreneurial culture becomes a distinguishing factor. “Based on a survey of firms in Vietnam, organizational innovation was seen to be a direct cause of improved performance,” says Phan.

Some of the reasons why organizations need to allow and promote workplace innovation includes the following:-

●   Product Differentiation Advantage

●   Match Changing Customer Preference

●   Nurture And Reward Talents

Product Differentiation Advantage

            Due to extreme products competition, companies must continue to come up with innovative concepts in order to stimulate the development of new products that appeal to a wider range of clients. As such, organizations that introduce novel products always have an advantage with this frontage. This is because they stand the highest likelihood of gaining client loyalty, and hence grow their market stake. When seeking to build and sustain competitive benefits through product differential, organizational innovativeness becomes a substantial affair.

Match Changing Customer Preference

            With appropriate innovation strategies, different parts of an organization can easily avoid conflicting priorities. Since customers’ needs evolve perpetually, workplace innovation can serve to foresee future market orientations and variations. For instance, through sales representatives, organizations can track down the hidden present and future needs of their customers. Also, through marketing innovation, firms can identify opportunities for expanding their market stake through new distribution channels, which means coming up with new ideas. However, it is difficult to satisfy the long term needs of the niche market unless organizations begin to realize the primacy of innovation and start acting. Entrepreneurial Orientation is frequently cited as a forecaster of exemplary performance, according to Kraus &J.P Corn 

Nurture And Reward Talents

            Organizations can also inculcate a culture of innovation through instituting talent-inclusive policies. With this, organizations can be able to generate new ideas from entrepreneurial thinkers and contributors within the workplace. By employing such policies to identify, develop, and reward creative expressions from employees, an organization is set to inspire increased market share. As such, the main priority of organizational leadership should be to commit the right people, at the appropriate moment, to the right degree in creative work. This engagement starts when the leader begins to recast the role of employees.Here, rather than simply roll up their sleeves and execute top-down strategy, employees can be allowed the freedom to contribute creatively.

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