Friday, February 17, 2012

Innovation and Entrepreneurship Defined

Periodically, I like to share the basic definitions of what this blog is about.  New people come to read, and somewhere buried in the archives are the basics.  I always believe that in anything we do in life, success always come as a result of mastering the basics. 

Joseph Schumpeter coined the term “creative destruction” to describe the process by which innovation causes a free market economy to evolve.  Creative destruction occurs when innovations make long-standing arrangements obsolete, freeing resources to be employed elsewhere, leading to greater economic efficiency. 

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources.

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