Innovation and Entrepreneurship (Magill Book Reviews)
Peter F. Drucker, author of many works including MANAGING FOR RESULTS and MANAGEMENT: TASKS, RESPONSIBILITIES, PRACTICES has now written a work on innovation and entrepreneurship. This book, whose primary focus is on the actions and behavior of entrepreneurs, presents innovation and entrepreneurship as a practice and a discipline.
INNOVATION AND ENTREPRENEURSHIP is divided into three main sections: “The Practice of Innovation,” “The Practice of Entrepreneurship,” and “Entrepreneurial Strategies.” The introduction describes innovation and entrepreneurs in relation to the economy; the conclusion describes them in relation to society.
In Part 1, Drucker defines innovation as a means by which entrepreneurs may exploit change in order to create new service and business opportunities. Entrepreneurial enterprises by their nature create a market niche and fill a consumer need. These enterprises include small businesses, large enterprises, and nonbusiness service institutions. Sources for innovative opportunities in enterprises include new knowledge (scientific and non-scientific) and changes in industry structure, demographics, and perceptions.
Drucker’s principles of innovation require analysis of opportunities, receptivity to new opportunities, starting small, looking to the simple, and achievement of leadership.
Part 2 focuses on managerial strategies for the new venture, the existing business, and the public...
(The entire section is 323 words.)
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