ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Invention or creation that is brand new
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Designed change that increase usefulness
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Another source of money for some new businesses
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Start a new business
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Detailed explanation-1: -Innovation is the process of turning a new concept into commercial success or widespread use. Invention is the creation of a new idea or concept. Creativity is the act of turning new and imaginative ideas into reality.
Detailed explanation-2: -The word innovate comes from the Latin and literally means to bring something new into existence, or to renew or change something in a major way. Today, we often use the word to mean something similar to following the example of someone who truly created something new.
Detailed explanation-3: -To invent something is to discover a new thing. Meanwhile, to innovate means “to use a newidea ormethod”. To innovate is to introduce something new to the market, to manipulate existing inventions and turn them into a product or process that is of use in the real world.
Detailed explanation-4: -Take transportation for example. When the first car was created, it was an invention, since there had never been a motorized way to get around before. Compare that to Uber, an innovation in transportation; disruptive as it may have been, the taxi and car service industry already existed before Uber’s arrival.
Detailed explanation-5: -Sustaining, or incremental innovation. Breakthrough innovation. Disruptive innovation. Basic research. 07-Nov-2022