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3.02

TermDefinition
Competitive advantage: The edge achieved by businesses that offer something better than their competitors
Creative destruction: A term coined by Austrian economist Joseph Schumpeter to describe how new goods and services can hurt existing goods and services
Creativity: The ability to generate unique ideas, approaches, and solutions
Curiosity: The desire to learn
Demographics: The physical and social characteristics of the population
Determination: Staying with something until it is finished; not giving up easily
Flexibility: The ability to adapt to changes as they occur
Innovation: Something new, such as a new product, method, strategy, or process
Open-mindedness: A willingness and ability to consider new ways of thinking
10.Paradigm innovation: A type of innovation that is a significant change in the way a product is viewed by users and society at large
Paradigms: The values, assumptions, and beliefs that make up the way people see things
12.Positioning innovation: A type of innovation that occurs when the purpose of a product is changed
13.Problem-solving skills: The ability to find solutions to obstacles or problems
14.Process innovation: A type of innovation that occurs when a business changes a method or how something is done
15.Product innovation: A type of innovation that occurs when a business either creates or improves a product
16.Risk-taking ability: Understanding and accepting the responsibility of not knowing the outcome of your actions
17.Trends: The general direction(s) in which people or events are moving
Created by: _David_
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