Innovation helps to find better ways to solve the problem and meet the required needs. It involves developing a new idea and converting it into a practical one, improving the existing processes and introducing it in new ways, an approach to tackle social and environmental challenges. In short, innovation can be as creation and application of new ideas, methods or technology which bring a positive change in society or an entity.
On the other hand, When innovations come up as viable business ventures are called entrepreneurship. This process involves identifying opportunities, estimating risk, organizing resources, mobilizing all resources and implementing ideas to start and grow a venture. To work with all these an innovative mind or idea mostly drives a business to a successful entity.
It is said to be a successful businessman, one should be innovative because these two terms are interrelated. Innovation always helps an entrepreneur rise with new ideas, methods, and technologies, so it is called the foundation stage of entrepreneurship. And in the same way, an entrepreneur gives a platform for innovation. The ideas that emerge out of innovation are provided with a platform and resources to turn into a business.
So, both are crucial, Creating ideas, selecting methods and bringing proper approaches as innovation to putting all these into action by building a successful business or bringing positive changes into the society and environment.
