If you are interested in business innovation, I strongly recommend this classic.
Entrepreneurship rests on the theory that change is normal. Innovation should be less risky then optimization, but it's not so in reality, because most entrepreneurs don't know what they are doing. Systematic innovation is the methodical search for change and for opportunities. There are 7 sources of innovation: 1- The unexpected 2- The incongruity 3- The innovation based on process 4- Changes in industry or market structure 5- Demographics 6- Changes in moods 7- New knowledge.
The principles of innovation are: 1- Begin with an analysis of all the opportunities 2- Go out to look, ask, listen 3- An innovation must be simple and focused on a specific need 4- Effective innovations start small 5- It aims at leadership.
After a second part dedicated to the management of enterprise, the 3rd part is dedicated to entrepreneurial strategies. They are 4: 1- Fustest with the mostest (become leader of the market) 2- Hit them where they ain't 3- Entrepreneurial judo 4- Ecological niches.
According to Drucker, who is willing to use marketing as the base for strategy, and focus on customer needs, is likely to acquire leadership in every market.
This book offers a clear and concise explanation of innovation and entrepreneurship. I learnt from this book that these skills can be learned, applied systematically and implemented with a high degree of sucess. Entrepreneurship is not a risk taking venture but an opportunity seeking venture.
This book was written in 1985 by the leading management expert of the 20th century. It stands the test of time as a comprehensive and deeply thought work on the factors that lead to successful innovation and entrepreneurship. He identifies seven key opportunities for innovation; the unexpected, incongruities, process need, industry structures, demographics, changes in perception and new knowledge. He gives good illustrative examples for each. He then advises on the practice and strategy of entrepreneurship. The book is a little dry and dense and the examples are inevitably not recent. However, it contains many wonderful insights and remains the classic work in this field. Highly recommended.
I have wanted to be an entrepreneur since I was a small boy, and have read and studied everything I could ever find on the subject. I use this book as my foundation for planning all of my entrepreneurial activities. Over the years, INNOVATION AND ENTREPRENEURSHIP has stimulated me to develop new ideas that have earned our company large revenues and our clients (we are a management consulting firm that develops the next generation of management best practices) tens of billions in higher stock prices. What this book does is take "the random chasing after every opportunity" that all entrepreneurs are prone to do, and creates a system to distill the opportunities into the best ones and identify what needs to be done to capture the benefits. Just when you feel lost in the woods, you can pull this book out and it will unerringly point you in the right direction. This is a major breakthrough in terms of turning innovation and entrepreneurship from total art into something reasonably systematic and predictable in creating success. Good luck with applying these timeless principles and strategies to your business! To see this book in perspective, please read about it in Jack Beatty's masterpiece, THE WORLD ACCORDING TO PETER DRUCKER, a book that gives you an indispensable reader's guide to all of Professor Drucker's work.
I'm a research scientist, so you might not think that this is relevant to my work; but you would be wrong. Thinking clearly about innovation and creativity is an important aspect of bench science that you do not get taught at either degree level or PhD, and yet it is the very essence of discovery. Thus, although this is a book about business I would argue it should be essential reading for young scientists embarking on a career in research - whatever the discipline.
This book lays out some simple (some would say obvious) guidelines for identifying and exploiting opportunities and ideas that come your way. Some of the examples are quite dated now, and Drucker is not infallible. For instance there is a cringe-worthy paragraph explaining that computer games are a passing fad (in 1984). Not even Drucker could see that gaming would become the massive industry that it is now!
This is my pick for the best business book of the 20th century. I have read this book three times, have taken extensive notes on it, and still learn a great deal with each re-reading. Peter Drucker has written many excellent business books, but this one shines. Unlike other books with "entrepreneurship" and "innovation" in their titles, this book does not go through the mechanics of setting or running up a business, but instead focuses on the essence of good business planning and practice.
Out of the many books I have read on Entrepreneurship, this book is the best. It is a single source of all the relevant information for the entrepreneur. The pioneering book which has differentiated between the small business owner and the entrepreneur, will go a long way before it can be surpassed. An absolute 'must-read' for anyone in business
The ideas for recognizing innovation opportunities contained in this book allowed me to grow my struggling company to a highly profitable business employing 200 people. I have read most important business books published in the last 20 years and consider this book the only must read for the entrepreneur.