Innovation in General Management with respect to Entrepreneurship

In the competitive world, people can no longer establish a business just by imitating an existing business. Out of each new business started, people expect something different and this makes every entrepreneur to be an innovator not just a risk taker. It is important to convince that the innovative idea would actually work in favor of the society and overall development of the economy. It is important for the innovative entrepreneurs to ask themselves the eight questions presented by McKinsey to understand where they stand and where they need to improve. This paper tries to highlight the importance of innovation in this competitive world.