but it is imperative to transform idea into tangible product. .HARVARD THEODORE LEVITT • Creativity is thing new ideas and Innovation is doing things. • It is not enough to have new idea. service or business venture.

. • Innovation is the ability to use creative solution to those problems and opportunities. the means by which they exploit change as an opportunity for a different business or service. • Creativity stresses on developing new ideas and finding out new ways of looking at problem and opportunities.PETER DUCKER • Innovation is the specific instrument of entrepreneurs.

.• Entrepreneurship is the result of a disciplined. • Entrepreneurs are those who connect their creative ideas with the purposeful action and structure of business. systematic process of applying creativity and innovation to needs and opportunities in the market.

3. The introduction of new good.SCHUMPETER’S INNOVATIVE ACTIVITY 1. The introduction of new method of production. . The opening of a new market into which that particular branch has not entered. one with which consumers are not familiar. 2. that has not been tested in manufacturing concerned.

. The creation of new organization in any industry. The conquest of a new source of supply of raw material or half manufactured goods. 5.4.

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