As an entrepreneur, constant innovation is critical for the long-term sustainability and success of your business. But innovating doesn?t require you to be the next Steve Jobs or to create something the world has never seen before. In the context of a small business, it rather involves responding to your market?s needs quickly and accurately ? and ensuring that you put appropriate systems and processes in place. This will ensure that innovation becomes an extension of your business? thinking and operations.
While innovation is often thought of as something involving cutting-edge technology, in the context of SMEs it should rather be defined as a small business? ability to adapt to changes in its environment ? with the process catalyzing new ideas, products and service offerings, and potentially different ways of doing business.
As such, innovation can enable your SME to exploit changes and opportunities in order to stay relevant and gain market share. This is especially possible given the speed with which you as an entrepreneur can effect change in your business.
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Source: http://www.innovationmanagement.se/2012/09/27/gearing-your-small-business-for-innovation/
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