ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -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-3: -Innovation is carried out in firms to have competitive advantage over rivals and enable firms achieve a superior position over competitors. A firm may take a proactive or reactive innovation approach to competition. A market leader will use innovation strategies to differentiate its products or services from rivals.

Detailed explanation-4: -Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.