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There are distinct concepts in the business world that may seem like they are similar, such as the difference between innovation and entrepreneurship. These are the same because they implement a similar type of creation, correct? Not exactly. There is a correlation between the two; however, they are completely different.  

 

Innovation is all about creating something out of nothing. This something can be a product, idea, or service. Innovation is brainstorming something new that does not yet exist. This may be confused with an invention, but an invention can be a twist on something that always exists (and usually is) rather than coming up with something radically different that has never existed. Innovation affects many sectors, not just the ones having to do with physical products. Ideas can be innovations and modify things like technology and economics.

 

Entrepreneurship, however, is more business related and all about taking risks to create a new business opportunity. This opportunity does not have to be connected to things that come out of innovation; it can be something that is already in the works. The entrepreneurial sect is taking that associated risk and creating a business out of it. Of course, most entrepreneurs would like to make something new and be innovative themselves; however, that is not a requirement.

 

Since innovation requires creating something brand new, implementing this innovation may take a few years before it is adopted and another innovative idea becomes the focus. Meanwhile, an entrepreneur can take that innovation, create it into a business, and create a lifelong business off of that single innovation. Things always stop being new after a while, and the business will undoubtedly stop being new, but it is still an act of entrepreneurship at its core. Innovations cease to exist after they are implemented, and then the search is on for a new innovation. Entrepreneurs might take that innovation and fail, and then try to repackage it differently so that the public may be interested in it. Entrepreneurs are not motivated by discovery and the purity of a new innovation, but only on how it can be implemented.