A new study highlights characteristics that foster innovation

Necessity, opportunity and ingenuity are driving small businesses to meet changing market needs and consumer demands, says one new study.

According to the Intuit Future of Small Business Report small business owners are "natural innovators."

Roy Rosin, vice president of innovation at Intuit said, "Innovation isn't restricted to science labs and corporations. It's the driving force behind small business entrepreneurship."

"Small businesses instinctively use innovation to create new products and services, efficiently manage their business or find and acquire customers," he added.

The study suggests that small business have a number of advantages compared to big corporations to foster innovation.

Personal passion, customer connection and information sharing are a few of the characteristics that give small businesses an edge on innovation, says the study.

Because small businesses have limited resources, they excel at doing more with less. According to the report, small business owners are more willing to experiment and accept failure as part of the growth process.

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