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

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Ideas, Inventions, Innovations & Enterprise

  1. 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

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