ENTREPRENEURSHIP

Detailed explanation-1: -The purpose of innovation is to create business value. Value can be defined in many ways, such as incremental improvements to existing products, the creation of entirely new products and services, or reducing cost.

Detailed explanation-2: -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-3: -It could mean launching new and improved products or services (which can lead to higher revenue), making an existing process more efficient, or solving a current business problem (both of which cut down on costs and save time).

Detailed explanation-4: -Business model innovation can consist of adding new activities, linking activities in novel ways or changing which party performs an activity. Novelty, lock-in, complementarities and efficiency are four major business model value drivers.