Why is innovation useful for an entrepreneur?
Answer and explanation
Correct answer: It helps create new or improved solutions
Innovation involves introducing a new idea or improving an existing product, service, process, or way of serving customers. It can help an entrepreneur solve problems more effectively, create value, and respond to changing needs. Innovation does not mean stopping ideas, removing customer needs, or automatically closing a business. Its value lies in useful newness or improvement.
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 involves introducing a new idea or improving an existing product, service, process, or way of serving customers. It can help an entrepreneur solve problems more effectively, create value, and respond to changing needs. Innovation does not mean stopping ideas, removing customer needs, or automatically closing a business. Its value lies in useful newness or improvement.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
