Many small business entrepreneurs believe that innovation is the key to growing revenue for their businesses. Small businesses are in a prime position to be innovative as they are more nimble than their larger counterparts. There are several different types of innovation. Open innovation is the use of external knowledge to advance one’s business. Disruptive innovation upends the status quo and transforms an existing market. A breakthrough innovation is the implementation of a radical idea. Being innovative requires a lot of resources and hard work but is critical to staying ahead.
Read more: How to Use Innovation to Fuel Your Small Business
