It has been established that there is a correlation between innovation and the survival of a business. On the other hand, improved or new products and services to meet the market needs and the ever changing tastes and lifestyle of customers can bring about development and high productivity which will reduce the probability of failure. As the business world comes to terms with the current global and local challenges, the need for the survival of firms has become a critical issue. Interestingly, inspite of difficulties being faced, new opportunities have been created while some existing ones will be discovered. Undeniably, opportunities are a good source for innovation as they suggest ideas for new solutions. They can be recognized by actively searching for information and discerning connections between events or trends. Firms are encouraged to earnestly look out for opportunities within and beyond their environment as a means of surviving and sustaining their businesses.