In working with both entrepreneurs and also experienced business leaders, I often discover that terminology gets mixed up as regards the discussion about competitive advantage and value creation when we discuss Innovation. Below clarifies some of the fundamental differences.
An Idea ≠ An Innovation ≠ An Invention ≠ An Enterprise
- An Idea (Thought)
- Something, such as a thought or conception, that potentially or actually exists in the mind as a product of mental activity.
- An Invention (Creation)
- An invention is a unique or novel device, method, composition or process
- An Innovation (Use)
- more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society
- Enterprise (Undertaking)
- A project, company, business, organization, or other purposeful endeavour.
- An Enterprise
- An undertaking, especially one of some scope, complication, and risk.
- A business organization.
- Industrious, systematic activity, especially when directed toward profit:.
- Willingness to undertake new ventures; initiative
A successful Enterprise will require a good Idea enabled by either an invention or an innovation, or both It also requires a well-researched plan with a set of capable resources who execute the plan well.
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