NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition

NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition Solutions to each chapter is provided in the list so that you can easily browse through different chapters NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition and select need one. NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition Question Answers Download PDF. NIOS Study Material of Class 10 Entrepreneurship Notes Paper 249.

NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition

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Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Entrepreneurship Chapter 5 Need for innovation and value addition, NIOS Secondary Course Entrepreneurship Solutions for All Chapters, You can practice these here.

Need for innovation and value addition

Chapter: 5

Intext Questions 5.1 

1. State whether the following statements are TRUE or FALSE: 

(a) An invention is a unique or novel device, method, composition or process. 

Ans: True.

(b) Innovation leads to invention. 

Ans: False.

(c) Innovation is the process of transforming creative ideas into useful products, services or methods of operation. 

Ans: True.

2. Fill in the blanks: 

(a) The purpose of innovation is to come up with new ideas and technologies that increase……………………….. 

Ans: Productivity.

(b) Organisations which give freedom to employees to innovate, often witness high…………………….. 

Ans: Morale.

(c) Technological advancement and increased productivity result in increase in…………………….. 

Ans: GDP.

(d) Rejecting the existing way and creating a completely different way of doing business is …………………..degree of innovation.

Ans: Greatest.

Intext Questions 5.2

1. State whether the following statements are TRUE or FALSE: 

(a) Inventions are patentable. 

Ans: True.

(b) Innovation has been adopted and proven to create negative value. 

Ans: False. 

(c) Value addition can be understood better when you see your business through the eyes of a competitor. 

Ans: False.

2. Choose the correct answer: 

(A) Which of the following ways shows how value addition is done? 

(a) Increased profits. 

(b) Increased turnover. 

(c) Increased market share. 

(d) All of the above. 

Ans: (d) All of the above. 

(B) Spiritual value includes……….

(a) Insight. 

(b) Awareness. 

(c) Truth. 

(d) All of the above. 

Ans: (d) All of the above.

3. Match the following:

 Ans: 

Intext Questions 5.3

1. Choose the correct answer: 

Ans: 

2. Multiple choice questions: 

(a) Intellectual Property Rights protection is critical to 

(i) Fostering innovation.

(ii) Creativity. 

(iii) Imagination. 

(iv) Empathy.

Ans: (i) Fostering innovation.

(b) The right which grants protection to the unique expression of ideas is called: 

(i) Trademark. 

(ii) Patent. 

(iii) Copyright. 

(iv) All of the above. 

Ans: (iii) Copyright.

(c) Which of the following is an example of copyright? 

(i) © Himalaya Publishing House, New Delhi, 2009. 

(ii) Himalaya Publishing House, New Delhi, ©, 2009. 

(iii) 2009, ©, Himalaya Publishing House, New Delhi. 

(iv) Himalaya Publishing House, ©, 2009, New Delhi. 

Ans: (i) © Himalaya Publishing House, New Delhi, 2009.

(d) Which of the following is an example of trademark? 

(i) Name. 

(ii) Logo. 

(iii) Symbol. 

(iv) All of the above.

Ans: (iv) All of the above.

(e) A patent describes: 

(i) An invention. 

(ii) Creativity. 

(iii) Expression of ideas. 

(iv) A design.

Ans: (i) an invention.

1. Name the source of generation of new ideas. 

Ans: Generally, the sources of new ideas are: Consumers, existing products and services, distribution channels, (federal) government, research and development. 

2. Define innovation.

Ans: Innovation is the manner in which the entrepreneur searches for new opportunities or presents it in a way that turns ideas into profits. The test on innovation lies in its success in the marketplace of ideas, rather than in its novelty alone. Innovation is the process of transforming creative ideas into useful products, services or methods of operation. In other words, innovation allows you to commercialise invented products.

3. What is creativity?

Ans: It is the act of producing a new, useful idea, approach or action. Creativity is not just to think out of the box but to imagine that there is no box! Creativity involves the development of unique or novel responses to problems and opportunities such as e-ticketing and e banking.

4. What is intellectual property?

Ans: Intellectual Property Rights (IPRs) are legal rights that protect creations and/or inventions resulting from intellectual activity in the industrial, scientific, literary or artistic fields. The most common IPRs include patents, copyrights, marks and trade secrets. 

5. Explain functional value.

Ans: Functional values or tangible values are physically presented or can be seen in a more visualised way, experienced or measured in some kind of process. Functional value refers to core characteristics of goods that could fulfil a person’s practical needs such as possession, physical attributes, reliability, ownership of a product etc. 

6. What do you mean by value addition?

Ans: Value addition literally means, adding value to a product or services. An activity is considered value-added when the customer is willing to pay extra money for the additional output. 

7. What is the use of copyright?

Ans: Copyright is provided to the creators by providing exclusive right to the creator to use or authorise others to use their works. The reproduction in various forms, copying, printing, recording, public performance or adaptation are prohibited. A copyright protects a tangible form of expression, rather than the idea or subject matter itself. Symbols used for copyright are © + name + year.

Uses for copyright are:

(i) To reproduce and make copies of the work. 

(ii) To prepare derivative works based on the work. 

(iii) To distribute copies of the work to the public. 

For example, © Himalaya Publishing House, New Delhi, 2009. Duration of copyright is the author’s lifetime and then 50 years from the end of the calendar year in which the author dies. It is 50 years for film and sound recordings and 25 years for typographical arrangements of a published edition.

8. Discuss the benefits of innovation. 

Ans: The benefits of innovation are:

(A) For an organisation: Innovation can deliver significant benefits to an organisation. It is one of the critical skills for success in any business. 

(i) Competitive advantage: Innovation gives competitive edge over competitors. Product, services, method, process can all be innovated. 

(ii) Maximise ROI: Increased competitive advantage and continuous innovation often have a direct impact on performance and profitability. 

(iii) Increased productivity: Economic growth is driven by innovation and technological improvements, which reduce the costs of production and enable higher output. 

(iv) Positive impact on company culture: Innovation has a positive impact on company culture as it increases the ability to acquire, create and make the best use of competencies, skills and knowledge. 

(v) Boost employee morale: An organisation which gives freedom to employees to innovate, is often characterised by high morale.

(B) For society: Innovation is important to the advancement of society as it solves social problems and enhances society’s capacity to act. From society’s perspective, the fundamental outcomes of innovation are: 

(i) Economic growth: Technological innovation is considered a major source of economic growth. The purpose of innovation is to come up with new ideas and technologies that increase productivity and generate greater output with the same input. 

(ii) Future of jobs: Technological advancement and increased productivity result in increase in GDP which means major changes for careers. 

(iii) Increased well-being: In general, innovation and economic growth increases well-being because living standards rise. 

(iv) Reduced sickness, poverty and hunger: Developing countries depend on innovation in new digital technologies and innovative solutions create huge opportunities to fight sickness, poverty and hunger in the poorest regions of the world. 

(v) Resource Optimisation: Helps save resources by utilising them in the best possible way. 

(vi) Environmental sustainability: Sustainability and environmental issues such as climate change are challenges that require a lot of work and innovative solutions now and in future. Example: Innovation of paper bags leads to reducing use of plastic bags. 

9. How is innovation helpful in solving social problems? Explain. 

Ans: Innovation plays a crucial role in addressing social problems by providing new and creative solutions that can improve people’s lives in various ways. 

Here’s how innovation contributes to solving social problems:

(i) Efficiency and Effectiveness: Innovative solutions often streamline processes, making them more efficient and effective. This can lead to cost savings, better resource allocation, and ultimately more impactful interventions in addressing social issues.

(ii) Economic growth: Technological innovation is considered a major source of economic growth. The purpose of innovation is to come up with new ideas and technologies that increase productivity and generate greater output with the same input.

(iii) Environmental sustainability: Sustainability and environmental issues such as climate change are challenges that require a lot of work and innovative solutions now and in future. 

Example: Innovation of paper bags leads to reducing use of plastic bags. 

(iv) Empowerment: Innovative solutions empower individuals and communities by providing them with tools and resources to take control of their own lives. This can include innovations in education, skill-building, and entrepreneurship that enable people to improve their livelihoods and contribute positively to society.

(v) Reduced sickness, poverty and hunger: Developing countries depend on innovation in new digital technologies and innovative solutions create huge opportunities to fight sickness, poverty and hunger in the poorest regions of the world. 

10. Differentiate ideas, invention and innovation.

Ans: