Q.Write a short note on: Innovation

Innovation is the introduction of something new — a new product, process, market, source of supply or organisation — that creates value; it is the core function that distinguishes an entrepreneur from an ordinary businessman. ## Innovation Innovation means converting a new idea into a useful product, service or method. According to the economist Joseph Schumpeter, innovation can take five forms: introducing a new product or improving an existing one, introducing a new method of production, opening a new market, finding a new source of raw material, and creating a new form of business organisation. An entrepreneur who innovates gains an advantage over competitors and drives economic growth. It is therefore treated as the most important entrepreneurial function. …