Distinguish between the following set of terms: a) Brainstorming and business incubation b) Drone entrepreneurs and imitative entrepreneurs c) Innovation and invention d) Bank loan...

      

Distinguish between the following set of terms:

a) Brainstorming and business incubation

b) Drone entrepreneurs and imitative entrepreneurs

c) Innovation and invention

d) Bank loan and bank overdraft

e) Micro finance and youth fund

  

Answers


Martin
a) -Brainstorming is the process for generating creative ideas and solutions through intensive and freewheeling group discussion. Every participant is encouraged to think aloud and suggest as many ideas as possible, no matter seemingly how outlandish or bizarre. Analysis, discussion, or criticism of the aired ideas is allowed only when the brainstorming session is over and evaluation session begins. See also lateral thinking and nominal group technique.

-Business incubation is the process designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management.


b) -An entrepreneur is someone who devises a new way of looking at things and producing output out of the new concept. Given an existing technology the entrepreneur will come up with a process that will utilize the available tools and technologies to produce a good or a service that will add value to the economy and benefit both him and the society.

-Imitative entrepreneurs are those that adopt best practices. They are revolutionary and important.

c) -Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself.
-Invention is the act or process of inventing a new device, method, or process developed from study and experimentation
marto answered the question on January 30, 2019 at 08:56


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