Innovation vs Entrepreneurship
Navin Kumar Prasannam – 24C
“Necessity is the mother of invention” is an English proverb meaning that difficulty or need for ease bolsters inventions aimed at killing those difficulties. This is where an innovator steps in and ensures, with all his creativity, that there is a product designed to satisfy the necessity. But who ensures the success of the product in terms of its utilization or market share, when compared to its rivals?
According to the Oxford Dictionary, an Innovator is a person who introduces new methods, ideas, or product. Now, lets get to whom an Entrepreneur is; he/she is a person who sets up a business or businesses, taking on financial risks in the hope of profit.
Having established the definition of the two roles in question let us assume, for the sake of argument, that the innovator has no prior experience, what so ever, in any activity even remotely related to management. The fundamental qualities essential to succeed are very well present in both. The fire or drive to perform and achieve pre-defined targets is essential for a successful innovator or entrepreneur, so is the ability to foresee a probable issue and undertake corrective measures. They both also have to be extremely creative in their own aspects. Being an inventor takes a lot of creativity and innovation to be able to come up with an idea that no one has thought of yet, while an entrepreneur gathers resources, organizes talent and provides leadership to make it a commercial success.
Lets take a minute to talk about why an innovator should become an entrepreneur in the first place. An innovator can very well license his design or product to a certain business and collect royalty every quarter of the year. On the other hand, being an entrepreneur involves lot of risk and added activity that may not be to the liking of an innovator. You are in charge of every aspect of the product, from production, marketing to distribution and sales....
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