ENTREPRENEURSHIP

Detailed explanation-1: -Drucker defined innovation as the task of endowing human and material resources with new and greater wealth-producing capacity. “The large organization has to learn to innovate, or it will not survive.” He expanded on this with “Managers must convert society’s needs into opportunities for a profitable business.

Detailed explanation-2: -He argues that what defines an entrepreneur is their attitude to change: ‘the entrepreneur always searches for change, responds to it and exploits it as an opportunity’. To exploit change, according to Drucker, is to innovate.

Detailed explanation-3: -Peter Drucker’s Contribution to Management Theory He realized that the two most important things for a business to achieve were innovation and marketing. Drucker taught that management is a liberal art and is about much more than productivity.

Detailed explanation-4: -Drucker’s strategies involve aiming for leadership or dominance of a new market or existing market, finding and occupying a specialized niche, and changing the economic characteristics of a product, market, or industry.