ENTREPRENEURSHIP

Detailed explanation-1: -Innovation is the process of taking something that already exists and making it better – whether it’s a product, a service, or even a process. It can be as simple as making a small change or as complex as completely overhauling an entire system.

Detailed explanation-2: -Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value. The creation of value is a defining characteristic of innovation.

Detailed explanation-3: -Incremental innovation Incremental innovation, also known as continuous improvement, consists of improving a product or service in its market.

Detailed explanation-4: -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-5: -Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service. How is an invention different from an innovation?