Unit-2

Q-1> Innovations? Types? Concept and Role Of Innovathion ?

Ans Innovation is the process of translat ng id eas into procducts,
efficiency effectiveness, or
services, or methods that improve
Compeitiveness.
Creative ideas hi Use h l existing
SHn Htg tah a
eT me thod s
product f improve hti aG ur product, seruices
develop hil |
. Main focus:
Solve hiol |
utt problem
behtar lT

Importance of Innovation ’
Gtet IGI-T Ear
Improve eFficiency ’ cht
AR industries grow
>ideas à business
Economic Grouwth
’ a Companies Competitors
·Competitive Edge helpful
products rit à ràe
life eassier o technology
. Make
Conclusion+ duniya t ep
Innovation Ei i Process
Real- Life Examples GIft
level q
1 SMart phones dicch tife

pping
2. Ontine Sho
3. Electric Car
 Types of Innovation:

1. Product Innovation ’

Example- keypad phones ’ Smartphones

Nor mal Car Electric- Car (Gt environment -friendlyE)
2. Process Innovation +
h tta Production methods Sudhar rall
Example- factories A manual hl l GJTE JIobot s T Use h t |

- Zomato Swiggy t GPS System GÌ delivery fast

accurate

3.Service Innovation
R USer- friendly k efficient |
. Service
transportation i 3AHI accessible d
"Example- - ola a uber jaisi apps
vices
-E-banking line ÀT GR banking ht chì GPE online banking ser
intyoduce ct)

Innovati on
4. Business model
tareeqa badalna AR E customers ni attract htT|
Business chalane ciT
"Example -Ama20n Reail shoping chl al ternative ei global e-commer ce plat for mddT|

- Poytm å cash transacthi ons lcie digital wallet itR pay ments soluhion (qu

>
5 Technoloqical Innovatior
34d1l istemal chl)
techaologies
Example 4 - 46n H Sn inter net )

Artificial Tntellig ence ft industry

à
 Role of Inngvathion:

1. Problem Soving
Ihnovation gt Chalienging poblems h) Solution ideas faniaal)
t
Example - Pollution àt Reduce ht n e Electic- Vehicles dil UBe hi|

2 Economic Grouwth -
technologies develop r t , Economy grow
· Ga He industries atz
Create

grOwth t e jobs 3te opportunities create chi |

Example- IT sector di

3. Com petitive Advantage competitors E

Companies innovotion cit , di apne
Aurtomatic i fe features a|
Example - Tesla electric car

4. Customer Satis faction

mer il needs
·Innovation e beiter products TMert E, GT custo

ER K procluct delivery hT|

"txample - Amazon staer

Improvement -
S. EFficiency
GAIa eFfiient, fast Easy
Innovation
Use robotic arms -
manufacturing car, produts --
Example- factorY Automati on -

6. Social Development
E resources giR Solutions eH
Innovatiorn Society

Example - Health Innovaton Solor Energy -

4. Environmen tal Sustainability -

solutions develop ot A
Innovation environment - friendly AR Sustain able
madad m
Example - Elec
Electi Vehicles, win d and Solay Power
 6- Social Innovation+
ATGT â problems dhilT solution aicn lett tete fe ideas di Use chiH)
Example: - Solar enerqy i Use 3a areas À GEI bijle(Electnuty) aàr
toe
-Low - cost water purificatiorn system JIural areas h

7. Incrementol Innov ation+

h|
- Gi -da already exist ail E, SAA -~d improvements
Example:- . Smari phones E features add t )
feature add Eot|
Car A oautomatic qears d+i

8. Disruptive Innovation a
products T Services jo pure market sac &t El
Bt e
Example- - Diqital cameras -
texi systemn t Reblace dr lr|
Uber & ola + traditional

3. Sustoinable Innovation
energy- etticient solutions ol (ddh|
aur
· Ervironment - friendly
wind turbineS i Use energy
" Example . Solar panels a
crdT
vehicles â) develop ment ct pollution
Electric
 Entrepreneurs and managing foY Value Creation?
Q-2’ Management Skills fo

" Management Skiils for EntrepreneuYs Managinq for Value Creation

Customer Needs
1 Leadership skills 1. Understanding
2. Tnnovation foY
Vatue Creation
2. Decision - Makinq Skillp
Resource Uilizothon
3. EFficient
3. Financial Management
4. Strategic Planning
4. Time Management
S. Probilem - Solving Skill S. Continu ous Improvement
Evauation
6: Communicahion Skill^ 6. Monitoring and
7. Netw or king SKill3.

Opportunities, Entreneurial idea hene rahon

OF Tdentitying Business
Q-3’ Coricept skil ÉG eh entre preneur
identity chtd eai critical growth plar
Business opportunities Uski
Hns start ht
apne
business ch

of ldentËying B.O
key pants of EI- G
key point
1 Market Research
4: Brain storminq (Hler-iaur ehe")
2. Customer Pain point 2. Problem- Soluing Approach
3. Emerqing Trends 3. Idea Screening
Analysis
4. Competi tive 4. Market Gap
5: Technological Advancements S. Merging Tndustries
 key Points of Identifying Business Oppor tunities ’

1 Market Research -
"Market Research

problem

AY healthy food
Example- 30R opp d hcr health - conscious a e E,t
start kar
products il business

2. Customer Pain Points -

problems Samajnte E, fl aap 34 pain
Market me logon if
"Ga sT
points focus c Hond (T
services nl establish
Exarmple Zomato 3HR Swiggy food delivery
Fae ER foo d order

A)
3. Emerging Trends -(39T P grÝth
techno log ies nt identify hell jo future
Market àAe trends t
poten ti al
Intelligence a auto mation,
Example- Artifical

Arnalysis -
4. Competitive weaknesses
strengths
A4- Competitors
differentiate karna
t AIT fast delivery
Compeitor t delivery Seruices slow han,
Example
iÛnd
service prouide dn

Technoloqical Advancements -
od
5:
business operations t Ed T
af technolgies A4ATh4 AIY
R nd
Customers t attract

t y .Ontine Edocotion plat forms

Qt ’ Concept Behind Creating and Sustaing an Enterprising Model
Ans+

Enireprisinq Model il Concept iT Hdedd e strategic framewoYk

revenue
hai jo d define chkcll business et operate
generate hw, 3iR time i HiT grow hdr T|

Hl main Focus Sirf eH u busines s hitl

Consistently grouw i adqpt iat E gft É, HT£ a Market
Competition al HH t
place dT à

the Model
1 Creating

Sucessful sal A chR

4. Understand the Problem
uni'queness of product)
2. Define the value pro position (detine
Traget Market Selection
product sel ho)
4 Revenue Model (ar et aIUT| Subscription o T

Sustoining the Model

long-term profitable
R market n dynamic chonges ß l odapt im|
1. Innovation
Seruce d)
2. Custo mer Redention customer loyal 445 leV- Hin auality
margind, cost ophimze,effiient Gugply chain
system)
( proht
8. Cost Management
4, Market Adagtability

S. Sustain able Prachces (Envitonment- Friendly 3tr Ethical prachices adop1 d+t )
 Idea Generatio n
" Key Points of Entrepreneurial

1 Brainstor ming
É TT entre preneur apne team kud
Brainstor ming ech Creat ive process

i business ideas dR A Sochta

2. Problem -Solution Approch

Ga sT market t specific problem identify chut a, t stg 3AGhT Solution
dta ideas t generate
B. Tdea Screenin9
· Entrepreneur ci idea n evaluate rdT qsI h hcll feasible
market A SHGTT potential hcall
t. Market Gaps -
Market ar Giaps identify R i ce business ideas qenerate ae cnd à
. Merging Tndustries
T business
Opportitie,
 Q- Business Model?
Ana- Business model Dh Stateqic plan ÁGt define herllh busine ss ht value
create aite, t t deliver a i , Revenue qenerate |

SHal Main focus customer need ugt 3i effectively fulfill nel |

. Ex - Amazon - E -commerce

Q- Manage rial Skill!

task e ffe ctively perform ohidl,
t abilihies aft quclitie s G ek manager nelp ch 1
sitt organizational go als achive cita
team lead ho|l

Types -
1. Technical Skills
2. Human Skil(S
3. Conceptual Skills

Value Creation?
Customers, sBakeho lders

beneficial irerG other Custo mers oft att ract t |

meaningtul t
key Element -
Needs
1 Understand inq Customer
2 Delivering Unique Benefitp
Services
3. Quality Produts or
4. Economic and Soial Im pact
CSE LLIALE