Innovation, which is the “specific function of entrepreneurship” according to Drucker, “is the means by which the entrepreneur either creates new  wealth-producing resources or endows existing resources with enhanced potential for creating wealth.”

Drucker is one of the recognized management advisors in the world, a fact that remains even after his death. His observations and teachings are immortalized in his articles and books. It’s interesting that Ducker was cited in the book Blue Ocean Strategy in relation to “value innovation”, which “is the cornerstone of blue ocean strategy”.

According to Drucker, “the very foundation of entrepreneurship is the practice of systematic innovation,” although there are two other critical aspects – entrepreneurial strategies and entrepreneurial management, both of which deserve separate discussions. He  discussed certain principles of innovation, including:

It’s often noted that entrepreneurs are risk-takers. Drucker has this interesting take on this: “ Entrepreneurship is “risky” mainly because so few of the so-called entrepreneurs know what they are doing.” That’s something that should make you rethink what you’re doing.