Entrepreneurship Vs
Innovation
Similarities and Differences
Similarities
1. Both require New Ideas
2. Both require Proper Execution
3. Both require giving Value
Differences
Entrepreneurship
Innovation (in Organisation setup)
Usually it is more about making new ventures,
organisations around the new idea
Already have an Organisation well established
There are lesser resources - not much money,
resources, no customers, no obvious way to reach
people
Corporate innovators have access to more resources they have existing customers, and some type
of manufacturing and supply chain.
They often have access to more money as well.
Constraints by Resources
Constraints : Restricted by existing processes and
people,
Organizations are also often built to maximize
efficiency.
This can make the process of innovation seem
wasteful, inefficient, and a poor use of resources.
The way that we use the resources available to us
to overcome obstacles is a central part
of figuring out how to create value from ideas.