Chapter Name: Determine the role of innovation in the development and growth of a new venture
Description:Explains how innovation can improve products, services, or operations.
Purpuse:To instill the importance of continuous improvement and adaptation in business.
Rational:Ventures that innovate are more resilient and competitive in changing markets.
Chapter Assessment
Scope of Practical Skill
Key Requirement 1: Determine the role of innovation in the development and growth of a new venture
Learners are expected to analyze how innovation contributes to the establishment and expansion of a new business, considering aspects like product development and market differentiation.
Assessment Questions
Assessment 1 : The concept of innovation is described and discussed in relation to new venture creation.
Explain the role of innovation in developing and growing a new venture.
Assessment 2 : Types of innovation are identified and explained with examples.
Identify and explain different types of innovation.
Assessment 3 : The impact of innovation on a new venture is explained with examples.
Explain the impact of innovation on a new venture.
Assessment 4 : The relationship between successful entrepreneurship and innovation is explained with examples.
Identify and explain factors that contribute to the development and growth of a new venture.
Assessment 5 : Factors that contribute to the development and growth of a new venture are identified and explained with examples.
Apply innovative thinking to generate new products or services for greater profitability.
Assessment 6 : Innovative thinking is applied to generate new products that the business can make and/or new services it can provide for greater profitability and/or viability.
Demonstrate how innovative thinking can contribute to generating new products, services, or operational processes.