Innovation is the hallmark of entrepreneurship"". Why is ""innovation"" referred as the
Answers
“Innovation is the hallmark of entrepreneurship” :
Innovation is the first and foremost function of an entrepreneur. A successful entrepreneur is the one who has invented something new and innovative.e.g 'zerox' was the company, who invented the photocopier machine for the first time and hence enjoyed up a patent for over 25 years which helped it to become a market leader in the concerned industry.
So, innovation is a tool in the hands of entrepreneurs which enables them to dream big and achieve bigger. It inspires entrepreneurial thinking and helps them to exploit a business opportunity.
An entrepreneur may innovate in the following ways :
- Introduce new products.
- Find a new market for a product or service.
- Find a new use of product service.
- Use a new method of production.
- Improve an existing product or service.
The above-mentioned innovations will help him to surge ahead of his competitors.
Therefore innovation is referred as a basic function of an entrepreneur.
Hope this answer will help you….
Here are some more questions from this chapter :
Differentiate between entrepreneurial functions and managerial functions of an entrepreneur.
https://brainly.in/question/18056761
What is the need of entrepreneurship in an economy? Give at least six benefits.
https://brainly.in/question/18056728
Answer:
“Innovation is the hallmark of entrepreneurship”. Yes, it is correct. It inspires entrepreneurial thinking, dream big and make things happen.” It is the specific tool of entrepreneurs, by which they exploit change as an opportunity for a different business services.