Description should include a definition of innovation, the relationship between entrepreneurship and innovation, and the reasons for the necessity of innovation in society:
- To differentiate a product/service
- To introduce a new product/service to meet a community demand
- To deliver value to the customer
- To reach new markets
Innovation can come in the form of a financial model, a marketing strategy, or a sales strategy.
Process/Skill Questions:
- Can a person learn to be a creative thinker? Explain.
- How does the discovery of a new product line or service affect the business’ bottom line?
- Why is important to differentiate one’s product?
- How have entrepreneurs used innovation to reach new markets?
- How can demand force entrepreneurs to introduce new products?
- What factors influence an entrepreneur to select certain products or services to sell?
- What are examples of innovation that are not related to technology?
- What issues of intellectual property are raised when innovation takes place?
- Why is innovation important in a free-market economy?
- What are types of innovation in entrepreneurship?
- What role does innovation play in entrepreneurship and business?
- What is the relationship between innovation and entrepreneurship?