Kanter says, “Winning in business today demands innovation” and such is the stark reality facing today s entrepreneurs. Innovation is treated as an instrument of entrepreneurship. R.M. kid they need to know and apply the Principles of successful innovation.” Drucker is of the opinion that an entrepreneur is one who always searches for changes responds to it andexploits it as an oppor tunity. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. It is capable of being presented as a discipline, capable of being learned and practised. An entrepreneur always takes a personal responsibility for encouraging any type of innovative idea, product, or process in the enterprise. Peter Drucker has rightly observed that “Innovation is the specific tool of entrepreneurs, the means by which they exploit changes as an opportunity for a different business or a different service. In fact change and innovation are becoming a ‘way of life’ for most entrepreneurs. Inereasingly, creativity and innovation are seen as being the key to survival in an ever-more competitive and global economy. RELATIONSHIP BETWEEN INNOVATION AND ENTREPRENEUR (vi) It is a pervasive attitude, feeling, an emotional state, an ongoing commitment to newness, (v) It leads to technological changes and employment growth* (iii) It is a key aspect of entrepreneurial activity, (ii) It is a process of changing, experimenting, transforming and revolutionising. (i) Innovation implies action, notjust conceiving new ideas. On the basis of above discussion, it can be concluded that : Drucker, “Innovation is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. Plsek, “Innovation is the first, practical, concrete implementation of an idea done in a way that brings broad-based, extrinsic recognition to an individual or organisation.” In the words of Peter F. Invention implies discovery of new ideas, new products and new methods whereas innovation refers to the application of inventions to make new combinations and thereby produce satisfaction and profit. According to Paul E. Innovation may be used on the application of knowledge produced by research. It implies doing new things, It includes introduction of new products, creation of new markets, application of new method of production, discovery of new and better sources of raw materials and developing a new and better form of industrial organisation. Innovation is the process of taking a creative idea and turning it into a useful product, service or work method.
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