It is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort to work out analytically the details of the enterprise or science. The above lines indicate which step of the process of creativity.
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Innovation requires both creativity and persistence to turn ideas into successful products or services.
The given lines describe the stage of creativity where an idea is developed into a useful application. This stage is called "Innovation" as it involves converting ideas into a marketable product or service.
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