ENTREPRENEURSHIP

Detailed explanation-1: -The main difference between innovation and entrepreneurship is that innovation involves introducing something new. This can be a new business model, product, idea, or service. On the other hand, entrepreneurship involves turning a great idea into a business opportunity.

Detailed explanation-2: -On the other hand, in thedeveloping countries it is difficult to spread the market of product. So developingcountries need imitative entrepreneurs. New method of production: It is very difficult to make a new method of production for thedeveloping countries. As innovative entrepreneurs adopt new methods of production.

Detailed explanation-3: -Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovative entrepreneurs develop business models to identify to meet the needs of an organization and improve their competitiveness in the market.

Detailed explanation-4: -The role of entrepreneurship in economic development is substantial. After all, entrepreneurs don’t just build businesses and grow their personal wealth; they also impact the economy by creating new jobs and opportunities, driving innovation, and developing new markets, products, and services.