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Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity4 Marks
Question
What is innovation? Explain the elements of innovation process. What values can be ascertained by innovation?
OR
Innovation is the process of entrepreneurship'. With reference to this statement, explain the meaning of innovation and the elements of this process.
✓

Answer

The process of translation of a useful idea into an application is innovation. Entrepreneur through his persistent efforts analytically work out the details of the product/ service, develops marketing strategies, organises finance and strategies operation in bringing out something new.
The various elements of innovation process are as follows:
  1. Analytical planning: It requires identifying the product or service features, design as well as the resources that will be needed.
  2. Resource organisation: To assemble the required resources in terms of physical resources, financial resources, technology and human resources.
  3. Implementation: Once the resources are acquired, they have to be applied and used to accomplish the plans to deliver results.
  4. Commercial application: Finally, the project has to be commercially launched and customers should get value, employees should be rewarded.
Values that can be ascertained by innovation are as follows:
  1. Efficient use of products and services.
  2. Provides value to customers.

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