Drucker (1985) argued that innovation is the tool of entrepreneurship. Innovation and entrepreneurship The conceptual relationship between entrepreneurship and innovation has beendiscussed in the literature for many years. It then discusses the 53231_Innovation and Entrepreneurship.qxd 11/8/2002 10:50 AM Page v According to Nelson (1993, p.4), innovation encompasses “the processes by which firms master and get into practice product designs and manufacturing processes that are new to them.” Creativity is the ability to make or otherwise Part I on the Practice of Innovation presents innovation alike as purposeful and as a discipline. This is a practical book, but it is not a “how-to” book. In addition, both innovation and entrepreneurship demand creativity. Creativity is a process by which a symbolic domain in the culture is changed. 1.1. It shows first where and how the entre-preneur searches for innovative opportunities. Innovation, Technology and Entrepreneurship Innovation leads to Technology that leads to many opportunities for the Entrepreneur Making, modification, usage, and knowledge of tools, machines, techniques, crafts, systems, and methods of organization, in order to solve a problem, improve a pre-existing solution to a problem, “aspect” of innovation and entrepreneurship rather than a stage. Instead, it deals with the what, when, and why; with such tangibles as policies and decisions; opportunities and risks; structures and strategies; staffing, compensation, and rewards. New songs, new ideas, new machines are what creativity is about Mihaly(1997).
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