The first five years of opening and starting a business are the most precarious, and 77-80% of businesses fail within that time. No one starts a business with the intention of closing in just a few years; no one invests countless hours in a business that may not fully fleshed out and headed for success.
Innovation generally means creating more effective processes and products. For a business, it can mean the implementation of new ideas, creating dynamic products and improving current services and products. If handled correctly, innovation is a potential catalyst for business growth and success. It can also help your business adapt to and ultimately dominate a new market.