The twenty-first century is one of the centuries that have experienced significant changes, growth, and development ranging from advancement in information and technology, business world, political factors as well as social and cultural factors. Importantly, the twenty-first century is characterized by a business industry that has high competition and firms have been forced to develop strategic plans to survive the stiff completion. In today's corporate world, the employees and business owner have to develop entrepreneurial mindset so as to succeed in today's business industry.
Innovation characterizes the corporate entrepreneurship that is led by entrepreneurial mindset, creativity in dealing with already existing or new problems; the firms are dynamic and flexible as an important strategy that will enable a firm to take advantage of new growth and development opportunities. In the recent past, the business world has experienced significant growth including the adaptation of technology in the day to day operations of businesses which in turn have led to increased competition. The ever increasing competition poses threats to firms as they might be forced to leave the market due to high competition rate, and therefore, the firms have to develop strategies that will enable it compete with other firms.
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Innovation which involves developing new strategies is a key strategy in the ever competing business world as it enables corporates to use innovation to develop competitive advantage over their rivals and hence to enable the corporation to survive and cope with the competition. Finally, the internal environment of a corporation plays a significant role in shaping its success; therefore, corporate owners should take into consideration the internal environment which includes employees' creativity, innovation, and flexibility of the business so as to survive the competitive business environment.