In 2007 an innovative product that caught the attention of the market was the iPhone. It is imperative for companies to invest in research and development to spur innovation within the firm.
A third business principle that is essential for the success of entrepreneurs is teamwork. Teamwork has become a critical success factor in the 21st century. When teamwork breaks down within a firm the members of the group find it difficult to accomplish their tasks and goals (Cross, 2013). Teamwork within an organization can be enhanced by providing the employees of a company with training to develop important skills such as leadership, communication, and collaboration. A fourth business principle that is important for the success of entrepreneurs is active listening skills. Businesspeople must understand that the opinions of others are of importance since products should be developed based on the desires of the target customers. Listening to others also improves the communication process within a firm.