INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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translating business into a profit
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satisfying a need
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the process of translating an idea or invention into a good or service that creates value. it further satisfies the needs of customers,
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A good idea that satisfies the needs and expectations of customers.
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Detailed explanation-1: -Definition English: The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.
Detailed explanation-2: -Simply put, innovation is about successfully implementing a new idea and creating value for your customers and stakeholders. Innovation starts with a new idea. It could be a plan for an improved product or service; it could be an updated method for running your operations; it could also be a new business model.
Detailed explanation-3: -Innovation is the creation and implementation of new processes, products, services and methods of delivery which result in significant. improvements in outcomes, efficiency, effectiveness or quality.
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: -Document your idea. All great things come from great ideas, but ideas are infinite and intangible. Check for patents. Research the market. Make a prototype. Consider filing a patent. Market your product. 03-Feb-2023