The Entrepreneur and the

Innovator

Who is an Entrepreneur?
• An entrepreneur is an owner of a business
who invests his/her resources to bring an
idea to life, setting the direction that
transforms that idea into reality, thus
providing and gaining value that balances
effort, purpose and profit.
 Five Components of an
Entrepreneur

1. Owner who invests resources

2. Brings an idea to life
3. Setting direction
4. Making things happen
5. Adding value
Who is an Innovator?
 An innovator is a person who introduces
either a new process, product, service or
business model to the market place that
becomes commercially successful.

This description is different from an inventor

who creates something new but has not
attained commercial success.
 Innovation, therefore, has two necessary
elements – it must be new and it must be a
commercial success. In this scenario,
anything new requires customer acceptance
and there must be a critical mass of target
customers willing to pay for the innovation.

Elements of Innovation
1. New
2. Commercial success
 What is the Relevance of
Studying Entrepreneurship and
Innovation
 Entrepreneurship is focused on
developing knowledge, skills, and
understanding of how an innovative and
creative idea, product, or process can be
used to form a new and successful
business or to help an existing firm to grow
and expand. ... For this purpose
Government also
welcomes entrepreneurs to start their
business.
 Entrepreneurs create employment
opportunities not only for themselves but for
others as well. Entrepreneurial activities
may influence a country's economic
performance by bringing new products,
methods, and production processes to the
market and by boosting productivity and
competition more broadly.