INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Inventory
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Innovation
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Venture capital
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None of the above
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Detailed explanation-1: -When the first car was created, it was an invention, since there had never been a motorized way to get around before. Compare that to Uber, an innovation in transportation; disruptive as it may have been, the taxi and car service industry already existed before Uber’s arrival.
Detailed explanation-2: -Invention is the creation of new products or processes. These can be completely novel and untried or may be derived from previous products, but with sufficient new features or technical attributes, that a firm can patent the design or copyright ideas included in the development.
Detailed explanation-3: -Innovation is the process of turning a new concept into commercial success or widespread use. Invention is the creation of a new idea or concept. Creativity is the act of turning new and imaginative ideas into reality.