An innovation, entrepreneurship ecosystem for youth development (2) 

Innovation is the key to future successes in any business endeavour. As life is a continuum, so is innovation, because nothing in life ever remains “static”, over time and seasons. In the fashion world, for instance, fashion styles and modes of dressing are trendy, for different peoples and generations because every generation has its own idiosyncrasy. The time value of innovation, therefore, is “trend”,which comes through creative ideas, research and development for all products and services. Catching up with the trend involves competing with contemporaries who appear or seem to be faster at their rate of innovation. It also deals with those with better or superior skills that demand re-planning in strategy, to be able to surmount such future threats in a competitive market. The skills exhibited by promoters or entrepreneurs critically require constant enhancement (with expertise), if the enterprise must remain in business. Creative ideas also come as solutions in technological advancement, for application of new technology to replace the old fashioned pattern. These things are better achieved through innovation teams that are engaged in continuous research activities. These innovation packages come handy through the creative roles and knowledge of the leaders promoting the business ventures.

In profiling the importance of innovation, great ideas are turned into competitive advantage, where healthy competition thrives among contemporaries that confidently operate in the same market segment by improving on the products or services being showcased (no matter how minute or insignificant such added attractive values might be). A little “tweak” from normal (the conventional mode) in packaging, or slight shift from style of service delivery, makes a whole lot of difference (and that is the power of innovation in competition, known as the competitive advantage in marketing). For the youngsters, the entrepreneurship ecosystem blends in their ideas of creativity within their respective operational vocations. Their “age” exposes them to creating what they visualise is suitable for their peers, bringing them to life and to start making a huge impact therefrom as a generational difference, which they collectively buy into. They waste no time in taking action on their ideas, going for it, one time (be it fashion, food and drinks, music, body makeup, trendy automobiles, electronic gadgets, entertainment and hospitality business, etcetera)!

The successful implementation of new ideas is factored into the secrets of innovation, without visible notice of utilising the same technique and strategy in the transformed mode. It all matters to the innovator, the entrepreneur, who intelligently puts out his skills with creative, visionary ideas that consumers in the market then embrace with a huge acceptance. Marketing on its own is an aspect of social psychology in the commercial sector, where interactions amongst individuals that have merchandise to offer for expected gains, effectively and convincingly communicate successfully, with prospects who find a need to utilise such products or services for a fee.

New ideas that are worthwhile in the business field are continuously created for the purpose of retaining consumers’, customers’ or clients’ loyalty in product and service acceptability in the contest for market share. Without this creativity in product and service innovation, the business enterprise is bound to face an unsustainable patronage, followed by a decline, which would eventually lead to losing full grips on future businesses; hence, the enterprise ceases being a “going concern”. This is one of the secrets and, consequently, the importance of innovation in the entrepreneurship ecosystem, which the youths must take note of while in business.

Successful businesses all over the world take cognizance of the fact that marketing research is a very important aspect of the roadmap to achieving business sustainability. It is through such exercises that knowledge (in most case scenarios), in the form of feedback and updates are gotten or received regarding the true position and status of the product or service integrity test and performance. The outcomes or results would, therefore, inform the management further on which line of action should be dropped or pursued next. This is the strategic action plan that is subsequently executed in the course of the sustainable future of the business operation. Companies generally survive and are generally saved from total collapse once the above modes of operation are continuously applied. Such innovation formulae, severally applied by different companies as their secrets, normally make them stabilise as imminent failure is noticed early enough and duly adjusted. Many organisations in most cases shoot up their sales profile beyond the annual budgeted targets once they get it right in terms of product development or improved product releases (such as rebranded products), including in the tastes and styles of presentation/packaging and delivery. Some of these little tweaks appeal to customers and the general public that consume such goods. Many companies through this process displace their competitors by competitively taking advantage of improved customer patronage to increase their market share within their market segment.

Youth entrepreneurs are, therefore, urged to develop their respective innovative skills to accelerate their career path with more passion, joy and be more enthused in seeing their great ideas transform their business enterprises, with new knowledge.

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