Challenge and Impact and Role of Innovation and Entrepreneurship in Business Growth

Abstract

Innovation and entrepreneurship are critical drivers of business growth in today's dynamic and competitive global market. This paper explores the challenges, impacts, and roles that innovation and entrepreneurship play in fostering business growth. Through an analysis of contemporary business practices and case studies, the paper highlights how innovation leads to the creation of new products, services, and processes, enabling businesses to stay ahead of the curve. It also examines the obstacles entrepreneurs face in bringing innovative ideas to fruition and how overcoming these challenges contributes to sustainable business growth. The paper concludes by discussing the symbiotic relationship between innovation and entrepreneurship, emphasizing their combined potential to transform industries and economies.