ENTREPRENEURSHIP

Detailed explanation-1: -Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.

Detailed explanation-2: -Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society.

Detailed explanation-3: -Innovation is not just represented by introducing or implementing new ideas or methods. The meaning or definition of innovation can be defined as a process that involves multiple activities to uncover new ways to do things. This definition of innovation puts the emphasis on new ways to get the same or better results.