ENTREPRENEURSHIP

Detailed explanation-1: -Competitive advantage As already mentioned, for organizations the ability to get ahead of the competition is one of the most significant reasons to innovate. Successful, innovative businesses are able to keep their operations, services and products relevant to their customers’ needs and changing market conditions.

Detailed explanation-2: -Innovating can allow you to outperform your competitors and become the standout firm in your field. An innovation mindset also positions you to react better to the unforeseen opportunities and challenges that will inevitably arise throughout your business journey.

Detailed explanation-3: -Increases productivity One of the benefits of innovation in business is the increase in productivity of individuals, processes, and business models, among others. Simply put, innovation presents new ideas to business leaders to increase efficiency with minimum resources. Furthermore, reducing business and other risks.

Detailed explanation-4: -Key Takeaway: Competition can have both positive and negative effects on innovation. Positively, it encourages companies to explore new ideas and technologies quickly; however, excessive rivalry can stifle creativity and lead to subpar products being released into the market.