Innovative Thinking vs Entrepreneurship
It has come across me lately that there seems to be a misunderstanding of entrepreneurship in the industry, and more often than not it is being confused with the principle of innovative thinking. While I won’t deny that there are components of innovative thinking in entrepreneurship and vice versa, I believe there is a clear distinction between the two and understanding this separation can help us all to be better at both.
Let’s first start with some definitions; what are these two concepts? Well, The definition of innovative thinking is the ability to come up with new ideas and novel approaches to problems, while entrepreneurship is the creation or extraction of value. Entrepreneurship is viewed as a change with risk beyond what is normally encountered in starting a business. I have definitely experienced both aspects throughout my time as the Education Director for Full Spectrum Education – I have had to think of unique and different ideas and models to set us apart from traditional tutoring agencies, while also taking huge business risks to make the company itself financially profitable.
It is important to note that utilising both the innovative, creative thinking skillset AND the entrepreneurial mindset of risk taking work hand in hand, although they are not identical concepts. Innovative thinking is another take on creativity and doesn’t always involve risk taking. Entrepreneurship on the other hand, usually does. Without innovative thinking, entrepreneurship isn’t usually successful.
As I continue on my journey to build a growth mindset for my business and my personal life, I find myself constantly dipping into both the innovative thinking and entrepreneurship bucket, taking inspiration and using both in my everyday life to keep the business going. The combination of both is what continues to set my company apart and provide a service that is unique and unable to be copied.
What do you think? How much do these two concepts intertwine? I would love to know your thoughts in the comments!