Innovation vs. Entrepreneurship | Road to Revenue #52

What is the difference or variance between an inventor, entrepreneur and innovator? Inventors are those who create new products. Entrepreneurs create companies around the products or ideas of others and are focused primarily on building shareholder value. Innovators are those who create new ideas or ways of doing things.

An innovator is someone who takes action or makes a dream into reality. An entrepreneur is someone who monetizes innovation. Know that you don’t have to be the innovator to be a successful entrepreneur.

Two Reasons Why Companies Fail:

1. Entrepreneurs often forget the number one rule of entrepreneurship, which is to stay in business. Every day, each of these entrepreneurs should think about how to take care of themselves in order to guarantee that they’re in business the next day.

2. Entrepreneurs don’t understand the difference between innovation and entrepreneurship. Great entrepreneurs don’t have to have a creative thought other than, “How do I monetize my ideas?” Or, “How do I monetize somebody else’s ideas?”

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