ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service.

Detailed explanation-2: -Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovative entrepreneurs develop business models to identify to meet the needs of an organization and improve their competitiveness in the market.

Detailed explanation-3: -Keep an eye on current events and trends that are creating new market needs. Look for new markets or gaps in an existing market. Consider different pain points in your life and how a product or service might solve them. Create a business name and write up a business plan before you launch.

Detailed explanation-4: -Simply put, innovation is about successfully implementing a new idea and creating value for your customers and stakeholders. Innovation starts with a new idea. It could be a plan for an improved product or service; it could be an updated method for running your operations; it could also be a new business model.

Detailed explanation-5: -Innovative entrepreneur. they are those who always make new things by thinking of new ideas.