The Innovation-Entrepreneurship Relationship
Now, I know some have asked-given all the security and political and social challenges we face, why a summit on entrepreneurship? The answer is simple. Entrepreneurship-because throughout history, the market has been the most powerful force the world has ever known for creating opportunity and lifting people up out of poverty.
-President Barack Obama, "Remarks to the Presidential Summit on Entrepreneurship"
Both innovation and entrepreneurship are widely touted as essential components of business and economic growth, as reflected in the quote above. Discussion of the topics is almost unavoidable in business and government circles. Because growth in entrepreneurship and increased innovation are goals that are often pursued simultaneously, a better understanding of the relationship between innovation and entrepreneurship has widespread practical implications for business. However, professionals and researchers from every facet of business continue to disagree on the precise definitions of both concepts, much less the relationship between them. Researchers also debate the overall impact of entrepreneurship and innovation and the factors that promote them.
Nonetheless, as more professionals engage in this debate, the academic and professional business communities gain valuable insight into this important relationship. These insights have implications not only for business and society as a whole but also for individual business professionals who make decisions on an everyday basis.
To prepare: Review and complete: The Hill Consulting Group Leadership Self Assessment, the link is located in the weekly resources area.
Consider what your results suggest about your ability to be innovative or your suitability for entrepreneurship. Your response to this Discussion will be based upon your results, your professional experience, and this module's Learning Resources.
Analysis of the relationship between entrepreneurship and innovation and the implications of this relationship for individuals and organizations. Explain how this relationship impacts your personal approach to risk taking and the way your personal strengths reflect the relationship between innovation and entrepreneurship.