ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -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.

Detailed explanation-3: -Sources of Innovation Four such areas of opportunity exist within an organziation or industry: unexpected successes and failures, incongruities, process needs, and industry and market changes.

Detailed explanation-4: -Unexpected occurrences. These often include failures. Incongruities. Process needs. Industry and market changes. Demographic changes. Changes in perception. New knowledge.