Question

Conduct the appropriate research and discuss the role of innovation in monitoring and managing small business operations.200 words

Answer 1

Role of innovation- Small Businesses:

Innovation is most important key success factor for a business growth and development. We often think that innovation requires a lot of time and money, where small business find difficult to afford with. But this is a big NO.

Rather, the small business grow up well with innovation supporting themselves with few factors. The small businesses are highly innovative, but they aren't aware of it. The managers or employees are highly innovative and posses a great market approach.

Small businesses are customer-centric, hence they look up their grievances and further requirements which is a perfect add-on for the business. Customers are everything for a business.

Small businesses keep up their time aside in day to analyze the workings, management, further improvements etc.,

They don't waste up huge capital for investments. They go on with an idea of less investment with high returns.