We always talk about innovation in all areas of life. In the industrial world we see innovation as the emergence of new technology or improvement of products. I wonder if there are not new challenges for industrial innovative entrepreneurship.
I understand that the biggest challenge is the generation of new companies to work with local development of small communities.
At present, there are many potentialities for the creation of small businesses, employing people, involving land resources and provide products and services at reasonable prices.
Industrial Growth and entrepreneurship development depends upon the Green Field Units and Diversification possibilities which the economy is opening up...During this period of new Ancillary developments - the special emphasis by the State through Promotional Measures, subsidies and Tax-havens boost the Gross Industrial Value. The new entrepreneur is similar to the evolved manager as the management education has opened up capital opportunities and knows how to work within boundaries; further knows how to challenge frontiers and emerge on to new possibilities.
The positive challenges are (1) Cost reduction and (2) Productivity Optimisation. These provide a leverage to improve profits at current prices. Also they provide an option for profit maintenance / increase through price reduction (More demand and more sales volume)
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