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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the generation of new ideas
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the evolution of new ideas
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the opposite of creativity
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the successful exploitation of new ideas
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Detailed explanation-1: -Innovation is the successful exploitation of new ideas. A specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service.
Detailed explanation-2: -Innovation generally refers to changing processes or creating more effective processes, products and ideas.
Detailed explanation-3: -The Correct Answer Is: A. the generation of new ideas.
Detailed explanation-4: -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-5: -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.