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Question
What do you mean by 'innovative ability' of an entrepreneur?
Answer in Brief
Solution
- The "innovative ability" of an entrepreneur encompasses the skill to conceive and implement novel ideas.
- This involves the development of new product concepts, exploration of alternative uses for existing products, identification of untapped markets or locations, adoption of inventive production methods, incorporation of new features into products, and formulation of innovative business models.
- The ultimate goal is to either enhance the value of products and services or reduce their costs.
- In essence, an entrepreneur's success often hinges on their ability to introduce creative and forward-thinking elements into various aspects of their business.
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Factors of Production
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