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An entrepreneur often sees new patterns where others see existing patterns or chaos -- seeing the new patterns is called vision. It may not all come at once, but may develop over time as the entrepreneur chips away at an opportunity, seeing a richer vein of opportunity develop as he or she progresses.

Innovation is the tool of entrepreneurs. With the entrepreneurial activity driving the change in the business world, this change must be anticipated. Anticipating ongoing advances in the yield of resources and the value obtained by consumers from resources does not mean precisely predicting the future. That is foolhardy. But it does mean being savvy enough to understand which way the wind is blowing and insure the organization has sufficient adaptive learning capability to capture and capitalize on these dynamic forces of change, to the benefit of the organization.

Innovation and entrepreneurship go hand-in-hand. Following Drucker's (1985) perspective, the three aspects of innovation and entrepreneurship are --

  • practice of innovation -- innovation is both a discipline and purposeful, the search for innovative opportunities.
  • practice of entrepreneurship -- entrepreneurial management creates novelty and develops an innovative idea into a business.
  • entrepreneurial strategies -- strategies bring innovations successfully to market.
  • Entrepreneurship is neither an art or science, but a practice pursued.