Living Entrepreneurship Blog / Babson Entrepreneurs

A summary of entrepreneurial concepts

I recently read an article from an author named Peter Drucker wrote a book called ”Innovation and Entrepreneurship” and found it very interesting and thought I’d share it with all of you. This book has with stood the test of time and has become one of ‘the’ books for new entrepreneur to read for a successful business. In this article the author discusses three concepts that will help an entrepreneur get a start in the world of business along with examples for each. Demographics were used as an example of an obvious field of new business, pointing out that population is aging and would require both new and more services than in the past and this would provide opportunities for new businesses. Process Need was shown as a concept of a new way of doing something that provides a better service than was previously done. The third concept the reviewer referred to was a Changes in Perception, this dealt with the changing attitudes the public has towards the products that had previously bought. At the end of the review the author pointed out that even with a low risk venture there is no guarantee of success and one should pay attention to basic and reread Peter Drucker’s book “Innovation and Entrepreneurship”.