Invention, Innovation and Entrepreneurship

In this work I will explore the importance of innovation and the creative endeavor in Asia that leads to entrepreneurship. We also discuss how entrepreneurship develops new ideas and, from heir ideas, establish new enterprises that add value to Asian society.

If creativity is the seed that inspires entrepreneurship, innovation is the process of entrepreneurship.  Enterpreneurers are often thought to be “inspired” people, and perhaps they are, but more important, they often recognize changes and opportunities that can result from a dynamic world. Innovation is an important factor of entrepreneurship for every leader. It is defined as the process of doing new things. Therefore, it is often the active translation of a creative idea into a new product, service, or technology. Drukers writes that “innovation…is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.”

It looks worthwhile to explain difference between innovation and invention. Innovation is the process of doing new things. It is important to recognize that innovation implies action, not just creating new ideas. When people have passed through the illumination and verification stages of creativity, they may have become inventors.

The difference between inventors and innovators is that inventors are not limited to those who create new products. They include those who identify new technological processes, new forms of plant life, and new designs. Each of these indecently, can lead to new patents.

Nevertheless, for an idea to have value, it must be proven useful or be marketable, and to achieve either status, the idea must be developed. Innovation is the development process. It is the translation of an idea into an application. It requires persistence in analytically working out the details of product design or service, to develop marketing, obtain finances; the process includes obtaining materials and technical manufacturing capabilities, staffing operations, and establishing an organization.