Innovative thinking is a required skill for technological advancement purposes. A person, who has some innovative ideas, means he can execute them to explore his business. So, innovative thinking leads to emerge of an invention.
Generally, innovative thinking comes through brainstorming. For a result oriented brainstorming, people must be familiar with historical and contemporary facts of the given technology. If they have sufficient background knowledge of that field or technology, then the success rate of their innovative ideas for business execution will get increase.
1. Role of innovative thinking in pre-existing industries or technologies
– If someone has keen interest in innovative thinking for technology advancements, so he can also run huge organizations (preferably related to research and development) with great aplomb. To explore successful advancements on a pre-existing technology, some other skills are also necessary such as competitive intelligence, portfolio analysis and strategic planning.
– Re-designing of engineering technologies is only possible through the creative and innovative thinking. Implementation of innovative idea generally seems easier in pre-existing technologies, instead of new technologies.
2. Role of innovative thinking in entrepreneurs
– Entrepreneurship and innovation both are necessary for the successful establishment of a new start-up. In economic recessions, business experts suggest that if there will be an increase in new entrepreneurs, then markets and economies can recover easily. And, new inventions are the first need of an entrepreneur.
– Now-a-days, these both terms are more frequently used in growing markets and economic sectors. By using entrepreneurship skills and innovative thoughts, we can exploit a small tradition business to a higher level technological business. These skills and new inventions are more attributed to the tremendous growth rate and development of economic sectors.
– Today`s developing countries like China, India need more inventions and entrepreneurs, to enhance their growth and development according to their increasing population.
3. Role of innovative thinking in advanced development of traditional methods
– In tradition methods, if someone can put a little innovative effort, then same traditional method can reach beyond the limits of modernity. Traditional methods and businesses already have a significant background such as full of raw materials, cost effective outputs and sufficient labor. So, to exploit them in a modernized way with a great success, entrepreneurship and innovative skills are substantially required.
– In modern management, innovation is the most powerful and preferred method of entrepreneurs, the means by which they explore alteration as a fortuity for their traditional businesses.