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Important lessons on entrepreneurship and innovation for every entrepreneur

‘Start-up’ has become a buzzword in recent times and there is an influx of new businesses all over the world. The start-up scene in Europe is rapidly progressing and getting global attention. The continent is home to many rising and several established entrepreneurs, each coming up with innovative ways to succeed.

 Europe has social media start-ups that rely on building more consumers to gain value such as Just Eat Takeaway or BlaBlaCar. It is also home to consumer companies like Spotify or German e-commerce brand Zalando that depend on sales growth along with software companies like Personio that have a business model built on delivering superior products.

To create value in the marketplace, every business must rely on a new and creative approach. Innovation in entrepreneurship not only sets you apart but also allows your business to boom in a competitive market. The path of entrepreneurship is not easy and bringing an idea to life requires a lot of work. Here are some valuable lessons on entrepreneurship and innovation that will be useful for every aspiring business owner.

Be open to changes

The business landscape is full of changes and the age of digitization has brought in rapid developments for which every entrepreneur needs to be prepared. Changes can be overwhelming but they can also be a golden opportunity if used wisely.

The recent pandemic is an excellent example of how some brands have turned adversity into strength. Many fast-food franchises opted for ‘contactless’ and in-app digital orders which remain popular even now. Similarly, fitness companies started providing fitness products and online classes, one such example of this was U.S.-based Peloton.

One of the most important lessons in entrepreneurship is to be dynamic and be prepared for any business changes. If you are creative and can work well with innovative ideas, then you can make the most of every opportunity.

Believe in what you are selling

As an entrepreneur, you must engage with people and focus on persuasive communication to sell ideas. However, to convince people of your product, you need to believe in it yourself. Sometimes even the simplest or strangest ideas can do surprisingly well if they are well presented.

Joseph B. Friedman became a multi-millionaire by making bendy straws and the idea was sparked when he saw his daughter struggling to drink with a straight straw in 1930. Similarly, Jeff Bezos had a hard time convincing his superiors that he wanted to sell books online. The owner of Amazon's advice for entrepreneurs is to push the boundaries of innovative thinking and be prepared to be misunderstood. Despite resistance, if you think that an idea is worth pursuing then you will be able to passionately pursue it.

Have a flexible mindset

The digital age has already proven that flexibility is among the key factors for growth. In recent times, we have seen that even small business owners have done remarkably well by changing their business models and adapting to new trends and technology. Such changes require a leader who is open to new innovations and willing to change with time.

As an entrepreneur, you have to accept and adapt to changes fast. For example, many businesses realized that their existing business models were redundant and switched to digital selling, brands like Airbnb used social media to attract customers while Zara designed masks and hospital gowns during the pandemic. The educational sector had to do away with traditional learning and switch to digital education. Similarly, many small business owners had to adopt new payment methods for contactless transactions. Being open and prepared for such a bold switch is an important lesson in innovation in entrepreneurship.

 

Being a good leader may be a natural skill but a good programme can help you develop these skills. The MA in Innovation and Entrepreneurship (MAIE) is a programme offered by the Berlin School of Business and Innovation (BSBI) that is specifically designed for future leaders. 

Offered in partnership with the Concordia University Chicago, this programme aims at helping students prepare for the challenges faced on the entrepreneurial path. Additionally, students learn how to recognize opportunities and use them wisely which allows them to thrive in the vast international business landscape.

The curriculum of the programme covers key topics like Strategy for Innovation and Entrepreneurship, Prototyping/Co-Designing Solutions and more which enables students to efficiently start and run their businesses.