Principles of Modern Management in the Innovative Activity of Economic Entities

In the 21st century, innovations are necessary because they allow us to withstand the rapidly changing and growing competition in a globalized world. Entrepreneurs who do not introduce innovations face stagnation and lagging behind competitors. Regardless of the size of the enterprise, the volume of production or the field of activity, innovation should be the hallmark of any modern enterprise. The innovation processes that take place at enterprises are determined by an extensive constellation of both internal and external conditions, which should be considered in the category of stimulators, as well as barriers to innovation. Enterprises can use various typical strategies to create and implement innovations. However, they must decide how to act innovatively, which strategy to choose and how to use it to ensure market success.The article discusses the basic concepts and definitions of innovative activity of the enterprise, considers various approaches to the formulation of the concepts of innovative activity and innovation system. The basic principles of the mechanism of management of innovative activity of the enterprise are defined. The stages of formation of the organizational and economic mechanism of innovation management were also investigated, the theoretical foundations of the formation of such a mechanism were worked out.