What is the importance of innovation in entrepreneurship?
Answer and explanation
Correct answer: It helps create new or improved solutions
Innovation applies a new idea or an improvement in a product, service, process, or business method. It can solve customer problems more effectively, reduce costs, improve quality, or create a new market opportunity. Hence option A is correct. Innovation is not merely copying and does not remove the need for planning, testing, or customer service.
Frequently asked questions
What is the correct answer to this question?
It helps create new or improved solutions
Why is this the correct answer?
Innovation applies a new idea or an improvement in a product, service, process, or business method. It can solve customer problems more effectively, reduce costs, improve quality, or create a new market opportunity. Hence option A is correct. Innovation is not merely copying and does not remove the need for planning, testing, or customer service.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
