Not Just Surviving But Thriving The recent economic recession gives us a sobering reminder of what can happen if innovation fails. Your innovative ideas might drive you up the walls if it fails to give productive results. People from the western countries were believed to be superior in innovating technologies and management ideas. The entire world copied their success formula without giving any second thought. However, their innovation proved wrong after a decade’s time. It left the entire world stranded. Every country is dependent on its government stimulus packages to power the economic growth. This failure has got several lessons for entrepreneurs to learn. The same might happen for the entrepreneurs if they fail to think about the negative aspects of their ideas. Innovation plays a key role: Innovation should not be considered as a part of business ideas rather it should be the foundation pillar of your business. If this can be strong, the entire business can be a great success. Entrepreneurs have to understand some of the important aspects of innovation. Big companies have to foster the culture of entrepreneurship with their employees. This will help the employees to come up with their new and innovative ideas. There are several nurturing clubs which could fund the ideas. On most cases, this will encourage the employees to come up with their ideas to improve the business of company. It is not always possible for the managers to improvise the business and keep it running successful. Innovative ideas must be fostered by market research and it should be easily accommodated for the commercializing concept. Faster market access and reach will help the business owners to achieve their business goals easily. Breakthrough innovations must help in the transition phase of the business and should catch hold of growth. It should exploit all sorts of opportunities available in the industry arena. The incremental innovative ideas must make sure that the businesses continue to keep delivering high end results and it should provide a right kind of platform to expand the market reach. Requirements for business owners: The business owners should have prior experience before doing a start up. It is important to work on the floor before becoming a manager. It will help them to understand the practical issues that are involved in running the business. There might have been different organizational culture, governing tips, managerial systems and leadership styles. The entrepreneur must identify the right kind of system and ideas to be implemented in his own business. When the economy is developing and booming, innovative ideas can further propel your growth. Make sure your innovative ideas make you reach the further stages of business and provide with ample numbers of opportunities. In the down side economy, your ideas might even let you down. Make sure that you have a proper mentor to guide you through the difficult phases of business. This will ensure success in your business.