Innovation and Entrepreneurship

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How do entrepreneurs cultivate innovative spirit?

Hi, welcome to Bookey. Today we will unlock the book ‘Innovation and Entrepreneurship: Practice and Principles.

In the 1920s, there was an economist in the former Soviet Union named Kondratieff who was an expert on econometrics. After studying the European economy, he found that the economy would drop from a peak to a recession every fifty years. At that time, this economic theory was proven right in many countries, and economic circles admired him so much that he was practically worshipped.

However, when it came to the United States in the 1970s, this economic theory failed. What makes us say this?

According to Kondratieff's economic theory, the United States in the 1970s should have entered a period of economic downturn. However, strangely, in this stage, the US economy did not decline, but instead, kept a continuous rising momentum.

This was odd. Some people said that this was due to the growth of the population, while others said that it was due to the emergence of high technology. So what was the real reason?

This phenomenon attracted the attention of Peter F. Drucker, a famous American management scientist. Through observation and research, he found that the real reason the US economy was free from downturn was not because of the appearance of high technology or a population increase. Instead, it was because of the emergence of a number of innovative entrepreneurs in the United States. Under the management of these entrepreneurs, enterprises have shaken off the original fate of development, and have been revived with new vitality.

The book "Innovation and Entrepreneurship”, which we are unlocking today, was written by Peter F Drucker. He is the founder of the theory of "Modern Management" and is known as "the Father of Modern Management". He has written quite a few books on economics and management. Among them, "The Practice of Management" has established his position as the founder of management. His book “The Effective Executive" has been regarded as a must-read classic by managers worldwide.

Next, we will deconstruct the essence of this book in three parts:

First of all, what is innovation?

Second of all, how does an entrepreneur channel an innovative spirit within the internal operations of an enterprise?

Third of all, how can entrepreneurs turn their sense of innovation into an entrepreneurial strategy?

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