Ideas, Inventions, Innovations & Enterprise

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Short discussion on the differences and relationships between ideas, inventions, innovations and enterprise when it comes to entrepreneurship

Short discussion on the differences and relationships between ideas, inventions, innovations and enterprise when it comes to entrepreneurship

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  • 1. Ideas, Inventions, Innovations & EnterpriseIn working with both entrepreneurs and also experienced business leaders, I often discoverthat terminology gets mixed up as regards the discussion about competitive advantage andvalue creation when we discuss Innovation. Below clarifies some of the fundamentaldifferences.An Idea ≠ An Innovation ≠ An Invention ≠ An Enterprise• An Idea (Thought)o Something, such as a thought or conception, that potentially or actually existsin the mind as a product of mental activity.• An Invention (Creation)o An invention is a unique or novel device, method, composition or process• An Innovation (Use)o more effective products, processes, services, technologies, or ideas that arereadily available to markets, governments, and societyo Enterprise (Undertaking)o A project, company, business, organization, or other purposeful endeavour.• An Enterpriseo An undertaking, especially one of some scope, complication, and risk.o A business organization.o Industrious, systematic activity, especially when directed toward profit:.o Willingness to undertake new ventures; initiativeA successful Enterprise will require a good Idea enabled by either an invention or aninnovation, or both It also requires a well-researched plan with a set of capable resourceswho execute the plan well.@dvantage is a 280 page book which covers every aspect of entreprise andentrepreneurship in an easy to read and use manner and provides a dynamic model androadmap for entrepreneurs and business leaders based on the Business Advantage Model™Click to get your copy of the eBook