Sources of Innovation

Features of Innovation

An invention is usually a “thing”, while an innovation is usually an invention that causes changes in behavior or interactions.

Invention is about creating something new, while innovation introduces the concept of “use” of an idea or method.

Long Hours of Work and Unwanted Responsibilities

Express Creativity and Feel Fulfilled

Bring about employment, improve the quality of life and contribute to a wider distribution of income

Staffing and Directing

Discover an idea and Assemble the requirements

Fix Problems and Create Jobs and Community Development

Self-confident, goal-setter and accountable

The tension that occurs when a need is not met is called_________.

Self-starter, determination and future-oriented

They avoid in taking challenges in production system and that is why they are unable to maximize the fruits of entrepreneurial actions.

They are persons with initiative, boldness and confidence in their ability which motivate them to undertake entrepreneurial activity.

First Generation Entrepreneur, Modern Entrepreneur and Classical Entrepreneur

Fabian, Drone, Innovative, Imitative

He is the first of the major economic thinkers to define the entrepreneur as an agent who buys means of production at certain prices to combine them into a new product.

He defined Entrepreneurship as is the transformation of spontaneous learning to conscious knowledge, motivated by the prospects of some gain.

_____________ opined that the entrepreneurial characteristics are observed in clusters, ethnic groups, occupational groups and groups with political orientation.

Entrepreneurial Group Theory, Leadership Theory and Social Change Theory

This theory argues that entrepreneurial aggressiveness can be created when people of a certain class lose the prestige they initially had or when they belong to a minority group.

Our ability to adapt to challenges is what defines who we are as a person.

______________ allows us to not only master our fears but to become better than what we currently are. It is, in fact, also the foundation for self-development.

According to ___________________ “Entrepreneurship is the pursuit of opportunity beyond resources controlled.”

In the ______________, the person with capital was differentiated from the one who needed capital. The entrepreneur was distinguished from the capital provider.

Entrepreneur of the century created many products and services and is willing to face a lot of risks in the business.

It's not magic; it's not mysterious; and it has nothing to do with genes. It's a discipline and, like any discipline, it can be learned."

The word “entrepreneur” originates from a thirteenth-century French verb, ____________________, meaning “to do something” or “to undertake.”