The Difference Between Innovation and Entrepreneurship
Autor: kaliyah80 • February 12, 2017 • Research Paper • 518 Words (3 Pages) • 863 Views
Title: The Difference between Innovation and Entrepreneurship
Name: Nicova Jones
Instructor: Dr. Katherine Hyatt
Class: Technology & Innovation in Entrepreneurship
Date: 01/30/17
There is a difference between innovation and entrepreneurship. Innovation means to translate an idea or invention into a good or service that will create value or for which customer will pay for. In order to be called innovation, the idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves conscious application of information, imagination and initiative in deriving greater or different values from all resources and includes all processes which new ideas are generated and converted into useful products. In the business world, innovation often results when ideas are applied by the company in order to please and satisfy the expectation of the consumers.
Entrepreneurship is having the capacity and willingness to develop, organize, and manage a business venture with any risk in order to make profit. Entrepreneurship understands the business opportunity for the great ideas innovated and adds a tangible value to the innovation.
Many differences between innovation and entrepreneurship one is that innovation has a short durability and entrepreneurship can have a long durability that can add improve the value of the opportunity that was created. Secondly, with innovation there is no major risk involved and on the other hand with entrepreneurship converting an idea into a business opportunity is taking a risk. Risk is a key factor in entrepreneurship. Thirdly, innovators lose interest in an idea quickly whereas an entrepreneur may fail, but rethink, strategize and work harder to make the venture much more successful than before. There are many more differences between the two the key factors are listed on why the two differ. Many think that they are the same, but clearly they do not understand that there is a difference between the two.
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