ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the action or process of innovating
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the process by which businesses or other organizations develop international influence or start operating on an international scale.
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the quality of being objective.
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moral principles that govern a person’s behavior or the conducting of an activity."medical ethics also enter into the question”
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Detailed explanation-1: -Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
Detailed explanation-2: -The root verb to innovate is to “make changes in something established, especially by introducing new methods, ideas, or products”. The 16th century origin of the word is from the Latin verb innovare that fuses “into” and “make new”.
Detailed explanation-3: -4 Stages of Innovation Ideation – Basic research and conception. Project Selection – The decision to invest. Product Development – Building the product or service. Commercialization – Bringing the product or service to market and adapting it to customer demands.
Detailed explanation-4: -A process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
Detailed explanation-5: -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.