ENTREPRENEURSHIP

Detailed explanation-1: -Product development–also called new product management–is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.

Detailed explanation-2: -The innovation process begins with an idea. An invention describes the transformation of an idea into a new product or process, or the modification and recombination of existing ones.

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: -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-5: -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.