What is the importance of innovation in entrepreneurship?
Answer and explanation
Correct answer: It creates value through new or improved ideas
Innovation means introducing a new idea or improving a product, process, service or business method in a useful way. It can solve customer problems, improve efficiency or create additional value and competitive advantage. Option A is correct. Innovation may involve investment, but it is not merely cost, nor does it require ignoring customers or planning.
Frequently asked questions
What is the correct answer to this question?
It creates value through new or improved ideas
Why is this the correct answer?
Innovation means introducing a new idea or improving a product, process, service or business method in a useful way. It can solve customer problems, improve efficiency or create additional value and competitive advantage. Option A is correct. Innovation may involve investment, but it is not merely cost, nor does it require ignoring customers or planning.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
