What is the most accurate meaning of innovation in entrepreneurship?
Answer and explanation
Correct answer: Creating value through a new or improved method
Innovation means introducing a new idea or making a meaningful improvement in a product, service, process, or business method so that useful value is created. It does not mean merely making something look different. Repeating an error, spending without a plan, or ignoring customer needs cannot be called innovation because none of them provides a useful improvement or solves a need.
Frequently asked questions
What is the correct answer to this question?
Creating value through a new or improved method
Why is this the correct answer?
Innovation means introducing a new idea or making a meaningful improvement in a product, service, process, or business method so that useful value is created. It does not mean merely making something look different. Repeating an error, spending without a plan, or ignoring customer needs cannot be called innovation because none of them provides a useful improvement or solves a need.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
