Difference Between Innovation And Entrepreneurship
Essay
When forming a business, or creating an idea innovation and entrepreneurship is at the forefront of development and creativity in generating the new product. Both innovation and entrepreneurship have similarities and differences in how they affect the process of forming a new idea. While they revolve around the same idea, there is a clear and definitive difference. Innovation is applying your creativity to come up with an idea where entrepreneurship is applying the innovation to bring the idea to a reality.
Innovation is the process of translating an idea or invention into a good or service that creates value. Innovation can allow parts to do what they could not previously do. You have an engine, wheels and axles and you put them together to invent a car. Progress depends on innovation and great innovators can therefor make a lot of money. E.g (Henry Ford died in 1947) didn’t invent the car but instead innovated the production line to speed up manufacturing of the motor vehicle which allowed his motor vehicles to be affordable to the average person and at his death he was worth nearly $200 billion dollars. Entrepreneurship is the capacity and willingness to develop, organise and manage a business or innovation venture along with any risk to make a profit. Being an entrepreneur is being able to constantly innovate and invent new ideas and goods/services to create value. There have been many great innovators (Steve Jobs with apple 1976). Therefore, even though the
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