Question

Discuss the importance of innovation in the survival and success of a business. Include three strategies that you, as an entrepreneur, can use to encourage creativity and innovation in your small business in your response. Provide support for your response.

Answer 1

Answer is given below :

Explanation:

• Innovation is part of the business and should be successful in the long run. If the business is not innovative it will one day fail and stop making a profit.
• example shows that it was the number one mobile phone in 2000 but it failed for a long time because it did not change the dynamic market and did not adopt the Android operating system.
• There are three strategies to promote creativity and innovation in small business: -

1. A business should focus not only on the product, but also on the process, delivery and customer service of the product.
2. A business must always come up with new ideas to survive in the market, which will reduce costs and improve production.
3. A business must constantly monitor the current dynamic environment in the business world and adapt to market conditions and change business on time if necessary.