Innovation : A Key to success for SMEs and Entrepreneurs

BANGALORE, INDIA:

Why don’t SMEs and entrepreneurs naturally adopt an innovative mindset? For one, innovation is often associated with expensive and large-scale projects. It’s also thought of as R&D (Research and Development), which many small businesses don’t have the resources to undertake. Then there’s also the fact that many entrepreneurs simply want to be their own boss — they latch onto the first idea that intrigues them, or they do what they know or simply enter the family business.

Also read: AP moots separate industrial estates for MSMEs

There are many ways that innovation can help SMEs, startups and entrepreneurs — here are just a few:

#1 — Avoiding the “falafel shop” syndrome

#2 — An innovative mindset makes you more agile

#3 — Innovation tools keep you focused

#4 — The competition is not who you think it is

#5 — Disruptive ideas get funded

#6 — The best publicity is free

#7 — Your resources are limited

#8 — You owe it to yourself

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