Innovation can take several forms, each contributing to an entrepreneurial venture in different ways:
Product Innovation: Developing new or improved products that meet customer needs more effectively. Process Innovation: Enhancing existing processes or creating new ones to improve efficiency, reduce costs, or increase productivity. Business Model Innovation: Redefining the way a business creates, delivers, and captures value. Examples include subscription models or platform-based businesses. Marketing Innovation: Introducing new marketing strategies, such as leveraging social media or influencer marketing, to reach a broader audience and drive sales.