Innovative thinking is a necessary skill for technological advancement functions. An individual, who has some revolutionary ideas, means he can execute them to research his business. So, innovative thinking leads to emerging of an invention.
Normally, innovative thinking comes through brainstorming. To get a result oriented brainstorming, individuals have to be knowledgeable about contemporary and historical facts of the given technology. If they have enough background knowledge of that area or technology, then the success rate of the innovative ideas for business implementation will get an increase.
1.) Role of innovative thinking in preexisting businesses or technologies
- If somebody has a keen interest in innovative thinking for technology advancements, so he may run enormous organizations (preferably linked to development and research ) with wonderful aplomb. To research successful advancements on a preexisting technology, a few other skills will also be necessary such as competitive intelligence, portfolio analysis, and strategic planning.
- Re-designing of engineering technology is only possible through creative and innovative thinking. Implementation of the advanced idea generally seems simpler in preexisting technologies, rather than new technologies.
2.) Role of innovative thinking in entrepreneurs
- Entrepreneurship and innovation both are essential for the successful establishment of a new startup. In economic recessions, business experts indicate that if there’ll be an increase in new entrepreneurs, then markets and savings can recover easily. And, new creations are the primary need of an entrepreneur.
- Now-a-days, these both conditions are more often utilized in growing markets and financial sectors. By employing entrepreneurship skills and advanced ideas, we could exploit a little tradition business to a higher level technological business. These skills and new creations are more attributed to the enormous growth rate and growth of financial sectors.
- Today’s growing nations like China, India need more creations and entrepreneurs, to improve their growth and development in accordance with their increasing population.
3.) Role of innovative thinking in advanced development of traditional techniques
- In tradition procedures, if a person can put a small innovative effort, the exact same conventional method can reach beyond the limits of modernity. Conventional approaches and businesses currently have a considerable background such as filled with raw materials, cost-effective outputs and adequate labor. Thus, to exploit them in a modernized way with terrific success, entrepreneurship and advanced skills are substantially required.
- In modern management, innovation has become the most powerful and preferred method of entrepreneurs, the means by which they research alteration for a fortuity for their traditional businesses.