Introduction
The economy consists of enterprises and businesses. Our economy has been afloat because the industry leaders have been able to adapt to the changing needs. Any big or small business is important to the economy. Without it, our economy would not stay alive. But a business must also sustain itself, be able to constantly evolve to achieve the demands of the community and the people. In every business, it is vital to be active, innovative and resourceful (Shukla, 2011).
Entrepreneurship leads to financial gain and keeps the economy on track, which gives rise to the importance of innovation in entrepreneurship. The innovators of the economy are entrepreneurs. It is not only the scientist who invents and come up with the solutions. The innovative entrepreneur is defined as someone who introduces commercial, scientific and technological discoveries to the industry by involving them in new firms. Innovative entrepreneurs not only provide new products and production process but also create new transaction methods, business institutions, and industries that fundamentally change how the economy operates. Their influence on economic growth and development is widespread and obvious (Miller, 1983).
For innovations to be valuable, new products and services need to be strong enough to have an impact on the market for which it has to go through an arduous commercialization processes. Management expert Peter Drucker said that “if an established organization, which in this age