Now that your business is established, with sound structures in place and a good staff complement, it’s time to get innovative. After all, innovation is at the heart of entrepreneurship. All aspiring business owners should understand what innovation is, why it’s important, and how they can take advantage of it in their own business. Innovation is the creation of something that did not exist before, be it a product, process or idea. It also happens when two or more ideas merge that have never been merged before.