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Article Excerpt
Innovation and Entrepreneurship: Practice and Principle
Author: Peter F. Drucker Publisher: HarperBusiness, New York, NY, 1985. ISBN: 0060154284
A reasonable question is: "What exactly is entrepreneurship and what constitutes innovation?" Peter F. Drucker in Innovation and Entrepreneurship provides the answer to this question and delivers what may be considered a classic treatment of these concepts. His discussion is insightful, comprehensive, and provides an extensive description of what innovation and entrepreneurship are. What is most helpful throughout his book are the many historical and contemporary examples he presents to explain the concepts of innovation and entrepreneurship. Although the book was first published over 20 years ago, it represents one of the most enduring treatments on the subject.
Drucker begins his book by defining and describing entrepreneurship and innovation. He described entrepreneurship as individuals who exploit opportunities that change creates (such as in technology and consumer preferences). He wrote:
Entrepreneurs see change as the norm and as healthy. Usually, they do not bring about the changes themselves. But--and this defines entrepreneur and entrepreneurship--the entrepreneur always searches for change, responds to it and exploits it as an opportunity (p. 28).
In responding to change, entrepreneurs are individuals who create something new or something different.
Drucker describes innovation as what entrepreneurs do. Innovation represents "the specific tool of entrepreneurs, the means by which they exploit change...
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