What are the Challenges in Implementing Innovation?
While innovation is essential, it comes with its own set of challenges. One major challenge is the financial risk associated with investing in new ideas that may not yield immediate returns. Another challenge is resistance to change within the organization, as employees may be hesitant to adopt new processes or technologies. Additionally, the lack of a structured approach to innovation can result in failed initiatives. Entrepreneurs need to be prepared to navigate these challenges through careful planning and execution.