Probing The Theoretical Foundations Of Entrepreneurial Innovation: Exploring Diverse Constructs

Abstract

Innovation is continuous process and every organisation has to plan for it accordingly. Innovation facilitates with the ongoing advantages to be managed and new ones to be created, it is the most important source of sustainable competitive advantage as it is through innovation that companies are more adaptive to the new challenges. This paper delves into the continuous nature of innovation within organizations, emphasizing its pivotal role in sustaining competitive advantage. It probes into how innovation is defined in academic literature and explores the emergence of various types of innovations. By examining nine key types of innovation as significant value drivers, the paper offers valuable insights for entrepreneurs navigating the realm of discovery. The review aims to elucidate the definitions and concepts of innovation, recognizing its subjective nature and the importance of perspective - from micro to macro levels. Economic impact hinges not solely on novelty but also on market novelty, broadening the scope of what constitutes innovation. Contemporary trends are shaping innovation in the corporate sector, with researchers investigating structural and environmental factors that foster it. The paper highlights the positive outcomes associated with innovation, including cost reduction, enhanced product and process quality, and its overarching impact on entrepreneurs.