Peter F, Drucker Innovailon and Entrepreneurship Entrepreneurship needs to be systematic, needs to be managed and needs to be based on purposeful ianovation. Systematic innovation consists inthe purposeful and organized search for changes that typically offer entrepreneurial opportunities. Systematic innovation means monitoring 7 sources or innovative opportunity 1. The Unexpected: the unexpected success, the unexpected failure, the unexpected ‘outside event. These are symptoms of underlying change and therefore an innovative ‘opportunity, 2, Incongeuities: a discrepancy, a dissonance between what is and what “ought” to be of between what is and what everybody assumes it to be, A symptom of either a change that has already occurred or a change that can be made to happen, 3. Process Need’ this perfects a process that already exist, replaces a weak link, redesigns an existing old process around nevly available knowledge or makes a process possible by supplying the “missing link” 4, Industry and Market Structures: a change in industry and market structures requires a redefinition ofthe business by each participant 5. Demographics: changes in population, its size, age structure, composition, ceriployment, educational status and income. These are the clearest changes and have the ‘most predictable consequences. 6. Changes in Perception’ when changes in perception ake place the facts do not change but the meaning does, Timing is important. Unclear whether change isa fad or a nue change. 7. New Knowledge: “the superstar of entrepreneurship” + “has the longest lead time ‘window of opportunity open for afew years * the receptivity gamble ‘The Bright Idea: general the rskiest and least succesful source of innovative opportunities ‘The ist 4 sources of innovative opportunity manifest themselves in a business, an industry or a market, They may be symptoms of external changes but they show up internally Therefore they tend to be visible to insiders. The last 3 sources show up in the ‘extemal environment - Social, political, economic, philosophical. ‘The sources are listed in dscending order of reliability and predictability,