Basic ideas of Entrepreneurship

Innovation

Innovation: the power to use artistic solutions to issues and opportunities to enhance or enrich people’s lives. it’s the method or act of introducing or inventing one thing new, or a replacement process/way of doing one thing.

PRINCIPLE OF INNOVATION

  • Action-oriented
  • Create the method or service easy
  • Create the method or service customer-focused
  • Begin tiny however aim high
  • Try, test, and revise the method or service
  • Learn from failures
  • Reward smart performance
  • There four basic varieties of innovation:
  • Invention
  • Extension
  • Duplication
  • Synthesis
  • Creativeness
  • The power to develop new concepts and to get new ways in which of watching issues and opportunities.

Creativeness is noninheritable through:

  • Asking queries, such as: ‘Is there a much better thanks to….?’
  • Constructively difficult the routine, status quo, or ancient method of doing things
  • Thinking of alternatives to any right answer
  • Seeing mistakes and failures as obstacles on the thanks to success structure leadership ought to have a culture that encourages individuals to develop new
  • Thinking and new ways in which of doing things
  • Creativeness and Innovation
  • Creativity is concerning thinking of recent things and innovation is doing new things or doing previous things in new ways in which.
  • Entrepreneurial outlook
  • The entrepreneurial outlook entails extraordinary thinking and recognizing opportunities that move on the far side or rethink routine/traditional ways in which of doing things
  • Pillars of the Entrepreneurial outlook
  • There area unit 3 pillars required to make associate entrepreneurial mindset Means
  • Capital/access to resources, which might be external funding, self-funding, the power to harness labor so on. It usually takes one thing to form one thing else. (Often, this is often money; however not always.)
  • Ability
  • Having the physical and brainpower to know the vision in ways in which required to achieve the planned goals
  • Desire means that the aspiration to speculate in new concepts to form one thing useful happen, to an individual, or a community

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