MAN 809 Week 1 Discussion 1: Innovation and Entrepreneurship

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The Link between Innovation and Entrepreneurship Name Institution The Link between Innovation and Entrepreneurship Innovation is a vital element of entrepreneurship as it provides the means of exploiting change and opportunities for producing new products and services (Drucker, 1985). Even though an entrepreneur is defined as a person who starts a new and small business, not all small businesses represent entrepreneurship. Entrepreneurship is believed to be a risky undertaking. Even though there is some risk involved, entrepreneurship is less risky as compared to optimization. Entrepreneurship only seems risky when the entrepreneurs fail to discover their survival kit, which is innovation. Innovation transforms the meaning of entrepreneurship to; the process of changing the yield of resources or changing the value and satisfaction acquired from the resources. Regardless of the key motivator of every entrepreneur, their main focus is to create value. Existing value is not satisfying to them; thus, they focus on creating new and different value from existing resources. It leads to the level of differentiation an entrepreneur needs to stand out from the competitors. For this reason, innovation is essential in keeping an entrepreneur safe from the risks associated monotony (Kuratko, 2009). Based on the saying “necessity is the mother of invention,” I am interested in starting a weight loss restaurant. In the current times, many customers have become weight conscious, and reports indicate that over 90 percent of people are trying to lose weight. Thus, these people are trying to change their lifestyles to achieve their weight loss goals. The key barrier to

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