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A person says entrepreneurship is only for those who create completely new inventions. What is the correct correction?

Answer and explanation

Correct answer: Useful improvement in an existing product process or service can also be entrepreneurship

Entrepreneurship is not limited to inventing something that has never existed before. Invention means creating a new product or process, whereas innovation can also mean making an existing product, service, or process more useful, affordable, accessible, safe, or efficient. A business opportunity may therefore come from improving an ordinary solution to meet customers’ needs better. Service businesses can also be entrepreneurial when they create value and solve problems.

Option D is correct because useful improvement in an existing product, process, or service is a valid form of innovation and entrepreneurship. Option A wrongly limits business to patented ideas. Option B confuses simple copying with useful improvement, and option C incorrectly excludes service businesses. The key correction is to distinguish invention from innovation: entrepreneurship can use either a new creation or a valuable improvement.

Related tags

Invention-MythInnovationImprovementMyths About EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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