Innovation and Entrepreneurship: Practice and Principles

Innovation and Entrepreneurship by Peter F. Drucker is a classic book written on entrepreneurship. I picked this up with the intent to read it and have it under my belt so I could say I’ve read it just because it is a “classic”. I expected a lot of out of date references and antiquated principles of innovation.

I did find A LOT of out of date references to companies that are no longer the innovation powerhouses that they once were (which just highlights the transient nature of being an innovation factory), but the principles and practices seem as true as ever and I don’t think it is too bold to say they are the roots of almost everything that has been written on innovation since. Below are some highlights:

7 Sources for Innovative Opportunity:

1. The unexpected – the unexpected success, the unexpected failure, the unexpected outside event;

2. The incongruity – between reality as it actually is and reality as is assumed to be or as it “ought to be”;

3. Innovation based on process need;

4. Changes in industry structure or market structure that catch everyone unawares;

5. Demographics (population changes);

6. Changes in perception, mood, and meaning;

7. New knowledge, both scientific and nonscientific.

 

It is a good but lengthy read. It will take easily 8 to 15 days to complete this book. But it’s surely worth it.