Original ideas
Thinking of a new product or a new idea can be challenging for anyone. A calculated risk-taker who sets up a business in return for financial gain. need to be creative but also insightful about what customers want. For example, Trunki designed a unique suitcase product for children that many other companies are now trying to copy.
Invention
Invention means creating something that did not previously exist, eg self-tying shoelaces. Entrepreneurs are always trying to think of new products and services to launch, but it can be challenging to come up with a completely new and unique idea. Entrepreneurs focus on answering the following questions:
- Is there a potential gap in the market that I can fill?
- How can I introduce New methods, ideas or products. into this product or service?
- How can I do this better or differently than existing businesses?
Innovation
Innovation is the successful The process of making a product or service available for sale in return for money. of an invention, or the In business, the process of modifying an existing product or service so that it is suitable for different customers or markets. of a product over time to improve its features. It involves changing existing processes or creating new, more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating new products, or improving existing products or services. Innovation can increase the likelihood of a business succeeding. An example of an innovation would be the traditional light source of the candle, which has been replaced several times over the years, most recently with the ultra-efficient, low-energy Light-Emitting Diode. LEDs glow when current passes through them. bulb.
