Innovation means coming up with something really new: a big idea. ... Innovation often starts with something that annoys you personally and is relevant for you. Something you personally really want to change, because you need to. It's the WHY for innovation.
With the rising competition, many entrepreneurs have started discussing innovation. But what is the meaning of innovation, and why is it important for entrepreneurs?
So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business.
innovation and entrepreneurship are two closely related words used in the business world. Innovation is applying your creativity to come up with a unique idea or solution. It is technological invention, which lets parts do what they could not previously do. You have an engine, wheels and axles and you put them together to invent a car. Progress depends on innovation and great innovators can get rich.
Entrepreneurship, by contrast, is applying the innovation to bring the ideas to life. It is social invention, which lets people do what they could not previously do. Entrepreneurs grasp the opportunity to cash in on the innovation. They build businesses and propel the innovation forward. Progress depends on entrepreneurship and great entrepreneurs get even richer than great innovators.