ENTREPRENEURSHIP

Detailed explanation-1: -Innovation is the process by which entrepreneurs convert opportunities into marketable ideas. The innovation process involves only the development of a good idea. The four basic types of innovation are invention, extension, duplication, and synthesis.

Detailed explanation-2: -Entrepreneurial creativity is the ability to develop new ideas and solutions to problems. It is the ability to see into the future and generate ideas, solutions and innovations before they are needed. It is the ability to solve your customer’s or client’s problems before they even realize the problem exists.

Detailed explanation-3: -This moment is traditionally referred to as the “insight” stage of the creative process, or what some have playfully dubbed the “Eureka!” moment.

Detailed explanation-4: -Storyboarding is the process of presenting an idea in a step-by-step graphic format, as Figure 6.12 shows.

Detailed explanation-5: -Creativity precedes innovation Creativity is the novel step of being the first to identify that something might be possible.