Which statement best describes innovation in entrepreneurship?
Answer and explanation
Correct answer: Solving an old or new need in a better way
Innovation means putting a new or improved product, service, process, or method into practical use so that it creates useful value. It does not require an expensive machine or a completely new market; improving an existing solution can also be innovation. A changed name alone has no functional improvement, and an unchecked idea may not help customers.
Frequently asked questions
What is the correct answer to this question?
Solving an old or new need in a better way
Why is this the correct answer?
Innovation means putting a new or improved product, service, process, or method into practical use so that it creates useful value. It does not require an expensive machine or a completely new market; improving an existing solution can also be innovation. A changed name alone has no functional improvement, and an unchecked idea may not help customers.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
