Entrepreneurship and Innovation: Who Needs Who?
Entrepreneurship and Innovation have always worked in coexistence. Entrepreneurs need to be creative and thus innovative, because as discussed before being innovative brings need for risk taking, and risk taking is a fundamental asset for any entrepreneur who wishes to be successful, as Dubrin clearly defines by saying “Most successful entrepreneurs are highly enthusiastic people who take sensible risks” (1997, p.5). Most authors will agree with this concept, for example Aidis and Welter (2008) agree in their book that entrepreneurs reflect this ‘risk taking’ attitude.
Reading many writers but in particular Drucker I think that it is important to draw the conclusion that we I order to encourage innovation, in parallel we need to drive forward entrepreneurship, because the two concepts work well together (Drucker, 1986).
This idea of working entrepreneurship and innovation together I think is useful for exploiting innovation and encouraging the concept. Because innovators will be looking for the best way to harness their business management processes and develop their companies, innovation seems to be the future for most organizations as has been discussed earlier in this blog.
However, I feel strongly that entrepreneurship is not a necessity for innovation, and innovation itself can survive without entrepreneurship. I think this because as ‘Edward de Bono’ said in the click at the beginning of this blog, “Innovation is like a band-wagon, and everyone wants to get on it” (De Bono, 2009). Therefore the big businesses are going to carry forward innovation into the future, in order to stay in touch with society.
In conclusion entrepreneurs need innovation, innovation doesn’t need entrepreneurs.
Reference List
Andrew J. Dubrin. 1997. Essentials of Management. South-Western College Publishing. Ohio.
Ruta Aidis and Friederike Welter. 2008. Innovation and Entrepreneurship.
Peter F. Drucker. 1986. The Frontiers of Management. Book Club Associates. Kent.
Edward de Bono. 2009. [Video] Edward de Bono on Innovation Vs Creativity how it’s different. Available from:
http://youtu.be/eWM1PK2XrJ4
Accessed on: 19/1/2012
