What does innovation mean?
Answer and explanation
Correct answer: Bringing a new or improved idea
Innovation means introducing a new idea or applying an improved idea in a product, service, process, or business method so that it creates useful value. It may be completely new or a meaningful improvement. Repeating an old mistake, stopping work, or avoiding customers does not create innovation.
Frequently asked questions
What is the correct answer to this question?
Bringing a new or improved idea
Why is this the correct answer?
Innovation means introducing a new idea or applying an improved idea in a product, service, process, or business method so that it creates useful value. It may be completely new or a meaningful improvement. Repeating an old mistake, stopping work, or avoiding customers does not create innovation.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
