Why innovation is important in entrepreneurship?
Successful innovation enables you to add value to your firm and improve profits — if you don’t innovate properly, your business will stagnate. Staying ahead of the competition is made easier with innovation. There are more competitive enterprises than ever before as a result of globalization and a fast changing market. — Innovation is the bedrock of long-term economic development and prosperity. It is the application of new ideas that leads to the development of new goods, services, or processes.