The business world we live in today is a “dog eat dog” world and there is no such thing as slowing down anytime soon. If you rest that means you may fail because there is always someone or a company thinking and creating new ideas or products all the time that may be better than your current ideas or products. That is why many companies have adopted an entrepreneurial culture to help survive and thrive in today’s marketplace (Ryan May). There are four main reasons why entrepreneurial companies seek innovation in today’s marketplace; Independent action, Innovation, Competitive aggressiveness, and Risk taking. Independent action is a key factor for an entrepreneurial culture because it allows and encourages employees to create new ideas and then implement the changes that are needed to go forward with those ideas. These new ideas could and may lead to new products which in turn could lead to new revenues for the company. Independent action also triggers an internal need for people who need and want to be personally recognized for their hard work which pushes them to work harder.
Innovation is the opportunity to create something from nothing or to expand a current idea into a better idea. Innovation can only take place when a company and its workers allow for the opportunity to create new ideas or theories. This is important in the business world in order to keep up with the times. Competition is where the strong will survive and where people will be the best that they can be. A competitive environment feeds into a person’s desire to always want to be the best against the best. This will allow for many new ideas and theories to be shared and created. Competition is what keeps a business alive and fresh because when a company because complacent they tend to become vulnerable and weak and then are easily surpassed or taken over by a competitor (Ryan May).
Lastly, risk taking, is the aspect that every entrepreneurial company will have to face in order to be successful for a long period of time. This aspect is the hardest to overcome because it will involve a burden to the company initially by either the labor to create the new idea or product or the finances that will have to be put up in order to make the new product or idea a reality. That is why companies are gearing to have an entrepreneurial culture because it allows every individual in the company to feel important and significant which also leads to more creative ideas and theories.