INNOVATION AND CREATIVITY
INNOVATION IN ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Demographics
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Trends
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Customer Needs
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Experience
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Detailed explanation-1: -VALUE TEST To convince lenders and investors to put their money into the venture, a business plan must prove to them that it offers a high probability of repayment or an attractive rate of return.
Detailed explanation-2: -There are many risks associated with innovation such as the loss of money, the loss of time, the loss of company reputation/image, and the loss of potential.
Detailed explanation-3: -The invention involves the creation of something entirely new, while innovation involves the improvement or modification of something that already exists. Creativity, on the other hand, is the ability to generate new ideas or concepts.
Detailed explanation-4: -Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique or want in the market that group of customers is WILLING to buy.