Deseye Umurhohwo, DBA, is a successful entrepreneur, She is passionate and committed to creating value through collaboration, knowledge impact, and research. She promotes innovation through the implementation of innovative techniques and models.
Deseye has a solid educational background as an alumna of the University of Ibadan, Lagos Business School, and the International School of Management in Paris. Lastly, Deseye is an experienced administrator and business consultant who has worked in various industries and sectors for the last 16 years.
Innovation and entrepreneurship are vital sparks to human evolution and advancement. It is important in entrepreneurship because we live in a highly competitive world and need innovative ideas to distinguish ourselves from others. In order to create an outstanding product, strong brand, and customer network, there is a need for entrepreneurs to innovate.
Across the globe, entrepreneurial dynamism is giving birth to innovative solutions to the problems the world is facing. Ideas are the sources of innovation just like energy is the basis for life itself. Innovation does not always mean creating something new. Innovators often improve on an existing product/service or change features in order to make it better for their customers.
For the long term prosperity of enterprises, innovation is necessary, and a favorable culture is important. While many different models have been developed about the appropriate organizational structure and culture for achieving innovation, there is some agreement about the process. The innovation process according to some studies begins with an ideation phase in which a large number of ideas are generated, after which they are evaluated and the very best selected for the purpose of development. Upon successful development, novel products are then produced and introduced to the market. If their market introduction is met with success, then the product in question qualifies as a genuine innovation.
Being innovative does not happen overnight. It requires time and effort to create something that will make a difference. Studies have shown that the innovativeness of women is sometimes hampered by low self-confidence which also has a negative impact on female entrepreneurship.
The purpose of innovation is to continuously grow and renew an enterprise with new or better products, more efficient processes, or enhanced business models. Innovation and creativity walk hand in hand when we talk about entrepreneurship. Turning invention to innovation relies on how an entrepreneur positions herself and manages her venture to become successful. Entrepreneurs should not be afraid to challenge themselves to find a new pathway to profitability even if it takes a little more work. The combined power of breakthrough innovations and unleashing entrepreneurship will spur prospects for the business.
Written by: Deseye Umurhohwo, DBA alumna from the International School of Management, Paris, France
Photo source: Nong Vang @californong