For entrepreneurs, R&D is vital for several reasons:
Innovation: R&D enables the creation of new products and services that can disrupt markets and provide a unique value proposition. Competitive Advantage: Continuous improvement and innovation help maintain a competitive advantage in the marketplace. Problem Solving: It helps in addressing existing problems or inefficiencies within a market, providing better solutions. Market Entry: Innovative products can open new markets or expand existing ones, offering more opportunities for growth.