The modern world has created an ideal space for innovation and entrepreneurship. This has seen the creation of diverse products, services, and even careers. While there exists a relationship between the two, the two do not represent the same thing or ideology.
Who are Innovators?
Innovators are persons who introduce something new in terms of a product, service, process, model or an idea into the markets. Innovation is an essential component in all sectors as it adds value and creates change in an existing service or product, while also leading to the creation of new products. Innovation is derived due to technological changes, new markets, new knowledge, and even economic changes. Some of the skills required for innovators include creative thinking and the need for carrying out experiments.
Who are Entrepreneurs?
These are persons who convert great ideas into business opportunities. It involves a lot of risk-taking hence most entrepreneurs are risk-averse persons. Most entrepreneurs are innovative or take advantage of an innovation that is currently in the market. For any entrepreneurs, leadership, commitment, hard work, risk-averse, managerial and also planning abilities are some of the skill sets that any entrepreneur requires.
Similarities between Innovators and Entrepreneurs
- Both are essential in all aspects of life
Differences between Innovators and Entrepreneurs
Definition
Innovators are persons who introduce something new in terms of a product, service, process, model or an idea into the markets. On the other hand, entrepreneurs are persons who convert great ideas into business opportunities.
Skill sets
Innovators require creative thinking and experimental skillsets. On the other hand, entrepreneurs require leadership, commitment, hard work, risk-averse, managerial and also planning abilities skillsets.
Risk-taking
While most innovators are not risk takers, entrepreneurs are risk takers.
Interest
Once an innovation passes the market introduction stage, innovators lose interest in the idea and move on to developing the idea more or developing a new product. On the other hand, entrepreneurs put all their effort into the business venture to see it become successful.
Cause
While innovators make something out of a new thought, entrepreneurs make something out of new innovation.
Innovators vs. Entrepreneurs: Comparison Table
Summary of Innovators and Entrepreneurs
While innovators introduce something new in terms of a product, service, process, model or an idea into the markets, entrepreneurs convert great ideas into business opportunities. Both innovators and entrepreneurs are important in all aspects as they are interdependent and neither of them can thrive without the other.