MAIN CHALLENGES IN APPLYING INNOVATION MANAGEMENT IN SMALL BUSINESSES ENTITIES AND STRATEGIES FOR OVERCOMING THESE BARRIERS

Abstract

This article examines the main challenges faced by small business entities in applying innovation management and proposes strategies for overcoming these barriers. As small businesses are crucial for economic growth and competitiveness, the article highlights the significance of innovation management in driving sustainable development. It explores the common obstacles such as limited resources, resistance to change, and lack of knowledge, while offering practical solutions such as fostering a culture of innovation, investing in employee training, and leveraging digital technologies.