Implementation and risk of management application in the field of innovation and entrepreneurship

Innovation and Entrepreneurship are two different terms that have completely different meanings. However, there is a relationship between innovation and entrepreneurship, which is sometimes confusing. The main difference between innovation and entrepreneurship is that innovation means introducing something new. This could be an idea, product, model or service. On the other hand, making a great idea in a business opportunity is entrepreneurship. Entrepreneurship starts with innovation. There is a risk involved in entrepreneurship which is not there in innovation. Sources of innovation are economic changes, technological changes, new knowledge, new markets, etc. Entrepreneurship is making great ideas on a business opportunity by taking a risk. Entrepreneurship understands the business opportunity for great innovative ideas and adds a tangible value to innovation. Entrepreneurs are always looking for sources of innovation and they do not limit themselves to some kind of innovation. Entrepreneurs create business with the opportunity identified and run it profitably. They need skills such as planning, decision making, management, leadership, motivation and risk taking. Successful entrepreneurship is always the result of hard work, commitment and taking risks.