12 Questions
What is a key characteristic of successful innovations mentioned in the text?
Improving the quality of products or services
Which stage involves questioning the feasibility of an idea, product, or service?
Prestart-up stage
What is a crucial aspect for an entrepreneur transitioning from a new venture to a long-term enterprise?
Developing it into a small business or a bigger company
Which of the following is NOT an example of a successful innovation from the text?
The formation of a business in the start-up stage
What is the role of invention in the innovation process?
Discovering or devising new products and processes
How is development different from innovation in the context of entrepreneurship?
Development embodies ideas from the invention stage, while innovation focuses on improving methods.
What is a key requirement for an innovation to be successful?
Providing value to buyers beyond that offered by competitors
In the context of entrepreneurship, what is necessary for a new venture to succeed?
Creating a competitive advantage through value creation
What might happen to the entrepreneur's profits if the competitor offers better innovations?
Decline
Why must businesses, regardless of size, adapt innovative approaches?
To effectively compete
What advantage do small businesses have over large businesses regarding business concept switching?
They can switch without spending much
In large businesses, what approach have they started to engage in to create innovation?
Implementing entrepreneurship within the corporation
Test your knowledge of successful innovations that have reduced costs or improved the quality of products and services. Examples include cordless microphones, microwave ovens, cellular phones, and more. Explore how innovation plays a crucial role in business success.
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