Innovation and Entrepreneurship
by Peter Drucker
Like the discipline of management, which he helped found, Drucker believes that innovation and entrepreneurship must be undertaken as a purposeful and systematic discipline. Drucker suggests seven clear signs that indicate opportunity for business innovation: (1) unexpected success, (2) incongruity between reality and ideal, (3) identification of an unmet need, (4) changes in industry or market structure, (5) demographic shifts, (6) changes in public perception, and (7) discovery of new knowledge. By watching for these signs to identify an opportunity, then creating and acting on a systematic plan to deliver a valuable product, businesses can create new value.
“Innovation and Entrepreneurship” explains why business leaders must make innovation and entrepreneurship “a normal, ongoing, everyday activity, a practice in their own work and in that of their organization.” This classic book on innovation and entrepreneurship should be required reading for today’s business people.