Innovation
The Chambers Learners Dictionary describes innovation as the “act of making a change”. Innovation as an act can be learned and be practiced.
From my blog on “What is entrepreneurship”, entrepreneurship relies on the economic theory and society that sees change as normal and indeed healthy.
This innovation which is the act of change, is a specific instrument for entrepreneurship.
It is the act that endows resources with a new capacity to create wealth.
There is no such thing as “resource” until man finds a use for something in nature and thus endows it with economic value.
Innovation is an invention that changes the wealth-producing potential of an already existing resource. It may be technical or social but it must have effect on the economic value and must have social impact on the society.
According to Drucker (1993), innovation can be defined the way J.B Say defined entrepreneur as “changing the yield of resources”. Or in demand terms of Modern Economics as changing the value and satisfaction obtained from resources by the consumer. The better of these two definitions depends more on the specific application of innovation than any theoretical model.
Entrepreneur will have to learn to practice systematic innovation which is a systematic and purpose activity. It must be planned and organized with high predictability both of the results aimed at and likely to be achieved.
No matter the individual motivation of a successful entrepreneur, they try to create value, and make contribution.
Still successful entrepreneurs aim high. They are not content simply to improve on what already exists, or to modify it.
They try to create new and different values; and new and different satisfactions, to convert a “material” into a “resource” or to combine existing resources in a new and more productive configuration.
And it is change that always provides the opportunity for the new and different.
Therefore, according to Drucker (1993), systematic innovation in the purposeful and organized search for changes, and in the systematic analysis of the opportunities such changes might offer for economic or social innovation.
The overwhelming majority of successful innovators exploit change, although some Innovations themselves constitute a major change like the Internet.
Thank you
Augustus Zekaryah
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Other articles published by the author in this series at http://firstplus.com.ng that may be of interest are.
- The principle of innovation
- Who is an entrepreneur?
- What is entrepreneur?
- Consulting
- 8 things a consultant can do for you
As you read them drop a comment because your feedback is very important to us. It will help us to improve. Regards…
About the author – Augustus Zekaryah
Augustus is a management, banking and business computing professional with over 20 years of documented success in the field. Augustus is recognized for the application of software to solving business problems, Software Project Management, Enterprise Architecture Strategy, and Delivery of learning solutions with focus on adaptability, Development and execution of business plans, General management and administration, Operations management and Best practice development. Augustus founded and manages FirstPlus Integrated Business Solutions (http://firstplus.com.ng) as a Software and Business Consulting outfit that specializes in Software development and integration, E-Learning development, Business and Marketing Planning, Consulting and training. Augustus brings to his work a high level of energy, passion, commitment and humour. He is married with children.
