Need for Innovation and Value Addition — Chapter Summary
NIOS · Class 10 · Entrepreneurship
Summary of Need for Innovation and Value Addition for NIOS Class 10 Entrepreneurship. Part of the NIOS Class 10 Entrepreneurship syllabus.
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Overview
Innovation is quickly becoming a survival skill in business. Globalisation has increased competition, so enterprises need new ideas, better methods, and useful products to stay ahead. Innovation is the process of transforming creative ideas into useful products, services, or methods of operation. It
Key Concepts
An idea is centered on
An idea is centered on a product or service that can be offered in the market for financial gains. It is an unproven concept and may need support from
To invent is to develop
To invent is to develop a new thing that did not exist before. An invention is a unique or novel device, method, composition, or process.
Innovation is the process of transforming
Innovation is the process of transforming creative ideas into useful products, services, or methods of operation. The test of innovation lies in its s
Creativity means producing new
Creativity means producing new, useful ideas, approaches, or actions. It is one of the three concepts of innovation.
Improvements mean making an existing product
Improvements mean making an existing product, machine, or process better in quality, speed, affordability, or usefulness.
Learning Objectives
- Explain the meaning of innovation and its need in business
- Differentiate among idea, invention, and innovation
- Understand creativity, improvements, and inventions as parts of innovation
- Classify innovation by degree and type
- Explain value addition and its types
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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