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The Relationship Between Innovation and Entrepreneurship

What is innovation and entrepreneurship? Clearly define how an impoverished business mainly originates from a lack of entrepreneurship.

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It is difficult to define entrepreneurship without considering innovation as they are correlated. The change that inspires innovation is driven by innovation - innovation in business is a change process - a transformation of procedures, processes or services to promote positive development in society (Crumpton, 2012). Innovation can either be viewed within the organization to improve efficiency and productivity, or to produce better products or services to benefit the end-user. On the other hand, entrepreneurship is literally "innovation put into action." For this innovation to be put into action, an investment ...

Solution Summary

This solution discusses innovation and entrepreneurship while describing impoverished businesses and the problems that stem from lack of entrepreneurship.