There are several factors that have been identified in both theory and practice of management that influence the development of modern entrepreneurial organizations. In recent years, innovative management has been particularly prominent in this field, which is given the role of a basic economic and social factor. In this paper, we want to analytically and objectively present the innovative management. Based on that, we came to the conclusion that innovation is the key to the development of any business, but that it differs significantly based on the type of business. For the effective and efficient innovation implementation, it is necessary that every entrepreneur and manager first gets acquainted in detail with the potentials of their organization, and only then develop a strategy that will ensure the growth and development of their business.