ENTREPRENEURSHIP

Detailed explanation-1: -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.

Detailed explanation-2: -Process innovation is about implementing a new or improved production or delivery approach, including changes in operational methods, the techniques used and the equipment or software.

Detailed explanation-3: -A firm’s new-product strategy links the new-product development process with the objectives of the marketing departments, the business unit, and the corporation. For a firm that adheres to the product concept, the logical place to start generating new-product ideas is with the customers of the firm.

Detailed explanation-4: -Paradigm Innovation is the shifting of an underlying mental model via a change, the common example being Henry Ford and the motorcar.