Contrary to popular belief, there is no “entrepreneur personality.” The truth is, anyone can be an entrepreneur. All it takes is knowing how to employ the right strategies and understanding the key to being a successful entrepreneur – innovation. This doesn’t have to mean inventing something – you can also be innovative in the way you do things.

Peter F. Drucker known as the inventor of modern management, has left us with valuable resources on leadership, management, business, innovation, and entrepreneurship. He has made a tremendous impact in the business world, leaving his lasting legacy as a guidance and inspiration to business leaders and entrepreneurs. In his famous book “Innovation and Entrepreneurship” he talks about the power and necessity of systematic innovation, which can be inspired by the following seven sources of innovative opportunity:

• Unexpected
• Incongruity
• Market Structure
• Necessity
• Demographics
• Changing perception
• New Knowledge

It is often thought that innovation is a phenomenon limited to small, hungry entrepreneurs, but this isn’t true. Businesses can also be innovative. However, in order to do so they must follow certain steps. The first is to have standardized policies that create an environment where innovation can flourish. To get the right policy, businesses should ask themselves, “How can we become a company which welcomes and desires innovation?” Finally, the business needs to make a plan of when innovations are likely to be needed in order to be ready to take advantage of them.

In sum…
Innovation and entrepreneurship are two closely related words used in the business world. Entrepreneurs grasp the opportunity to cash in on the innovation. They build businesses and propel the innovation forward. Progress depends on entrepreneurship and great entrepreneurs get even richer than great innovators.

“Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation” (Drucker, 1985).