Entrepreneurship as Innovation

Abstract

The chief characteristics of the entrepreneur are identified, one of which is the ability to combine already existing resources in creative ways. Distinguishing between "invention" (the discovery of new technical knowledge and its practical application to industry) and "innovation" (the introduction of new technical methods, products, sources of supply, and forms of industrial organization), all disrupting economic change to innovations are traced and the innovator is identified with the entrepreneur. Because the entrepreneur is the source of all economic change, capitalism can be properly understood only in terms of the conditions giving rise to entrepreneurship.The entrepreneurial role is not necessarily embodied in a single person.An entrepreneur may be a capitalist or even a corporate manager, but whether all these different functions are combined in one or more persons depends on the nature of capital markets and on the forms of industrial organization.(SAA)

Keywords: Industrial organization, Creativity, Innovation process, Capitalism, Motivation, Leadership, Personal success, Capitalism, Individual traits