Innovation and Entrepreneurship
It is difficult to decrypt innovation without considering the contribution of entrepreneurs, as the boldest ideas cannot be materialised otherwise than based on the actions of the latter.
On the other hand, a successful business implies an optimum configuration of activities (distinctly from a common approach), this involving: the satisfaction of customer’s needs, a lower production cost and, sometimes, decreased price levels, a revolutionary design for products, based on novelty elements etc.
Therefore, innovation and entrepreneurship are two continuously adapting, organically connected “realities”.
It is an illusion to perceive a business as being immortal. We have to adjust all the time to the arising contexts. A moment of apathy is enough to make a business vanish, as in the demand-supply relationship only the ones anticipating the market needs and being able to educate the market will survive.
The use of market research specific instruments in order to understand the perception of potential consumers about a given idea is not a guaranty of success. There are situations where experiments are recommended, a small scale business revealing the real reactions of the market. Process observation allows detecting the chances for a successful transposition of an idea into business.