While starting any business, an entrepreneur has to face risks, dangers that can arise from the market environment. In fact, while an entrepreneur tries to start a new business, he cannot be sure whether his business plan is effective and potentially enough potential to make profits or not or whether he can close his business by losing all his personal capital. . Therefore, innovation, creation of business strategy and effective execution of the plan are important and essential for an entrepreneur through which he can achieve business success and profit while avoiding any kind of potential business challenges (Carland et al 2015). Developing new business ideas and business strategies based on thorough market investigation and based on market demand, modifying existing business ideas can be the best way for an entrepreneur to achieve maximum business success and competitive advantages in the market (Frow et al