Similarities Between Entrepreneurship And Innovation

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In a continuously adapting and modernising business environment, the need for innovation and entrepreneurship becomes imperative to business growth and survival. With the need for these two terms in a contemporary business environment, an understanding of their similarities and differences is key to exploiting them successfully. In this essay, an exploration of the common and the distinguishable features of entrepreneurship and innovation will be discussed. Through this, a comprehension of both the benefits and the detriments of each term are uncovered. Consequently, how entrepreneurial and innovative activity has contributed to economic and social development of the last decade can be assessed.
Through defining each term, commonalties between
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A myriad of risks is involved when entrepreneurship and innovation are applied in a business context. These risks include uncertain commercial returns, availability of finance and competition for both terms (Riley, 2015). Entrepreneurial and innovative activity both risk wasting time and resources if their activity is unsuccessful (Riley, 2015). Without understanding the detriments and risks of entrepreneurship and innovation, a business cannot successfully exploit the terms for economic…show more content…
By defining entrepreneurship and innovation, it can be understood that there are similarities and differences that arise between them. The terms both demand a need for creativity and share a similar process. These similarities illustrate the inherent relationship that exists between them in the business environment. Despite these similarities, there is a key distinctive quality that separates the terms. Innovation is the introduction of incremental and radical change to a product, service of process, whilst entrepreneurship exploits the change by adding economic value (Hindle, 2009). Despite the differences between benefits and detriments, entrepreneurial and innovative activity has significantly contributed to social and economic development in the last decade. By applying entrepreneurial and innovative methods in the business world, businesses globally have successfully developed socially and

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