Powerful ideas from top nonfiction
Try Blinkist to get the key ideas from 5,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trial
Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Listen to the Intro
Innovation and Entrepreneurship summary
Peter Drucker
Discover how anybody in any job can be an entrepreneur
16 mins
Table of Contents
Innovation and Entrepreneurship
summarized in 9 key ideas
Audio & text in the Blinkist app
Key idea 1 of 9
To innovate, you must look for sources of innovation.
How do entrepreneurs become successful? Some say luck, others say hard work. But the truth is – to be a successful entrepreneur you must always be on the look-out for sources of innovation. That is, events that offer the impetus for innovation.
These sources can be internal – occurring within a business, market or industry – or they can be external, from a field such as politics, academia or science.
Let’s take a look at the internal sources of innovation.
The first internal source is the unexpected.
This happened to Macy’s, New York’s largest department store, when customers started buying more and more appliances. Macy’s hadn’t planned this – the trend just happened.
When the unexpected happens, a clever company or entrepreneur will exploit it.
Macy’s wasn’t so slick, however. When confronted by this unexpected success, they actually tried to curb the sales of appliances, as it wasn’t normal. As a result, they lost a lot of their market share.
Other department stores such as Bloomingdale’s also experienced the same phenomenon. In contrast to Macy’s, though, they took advantage of the trend and invested money in marketing their appliance departments, which led to increased profits.
Another internal source of innovation comes from changes or development in an industry or market.
For instance, in the 1960s the automobile industry suddenly changed from a market where each country was led by local companies to an international market dominated by multinationals.
Companies like Volvo took advantage of this change and aggressively marketed themselves globally. Consequently, Volvo went from a small manufacturer that was barely able to break even to a worldwide success.
Other companies like Citroen, however, didn’t adapt to the changes and lost out as a result.
So the more you can utilize the unexpected and know how to leverage a changing market, the more you will benefit.
Want to see all full key ideas from Innovation and Entrepreneurship?
Key ideas in Innovation and Entrepreneurship
More knowledge in less time
Read or listen
Get the key ideas from nonfiction bestsellers in minutes, not hours.
Find your next read
Get book lists curated by experts and personalized recommendations.
Shortcasts New
We’ve teamed up with podcast creators to bring you key insights from podcasts.
What is Innovation and Entrepreneurship about?
Innovation and Entrepreneurship (2006) demonstrates how to be innovative and reveals strategies that create customers for your innovation. It shows how entrepreneurship can be learned and implemented by anyone and how entrepreneurial skills can be used not just in new ventures but in established corporations.
Who should read Innovation and Entrepreneurship?
- Entrepreneurs and anyone interested in entrepreneurship
- Senior managers in large companies
- Anyone with a great idea for a new product or service
Categories with Innovation and Entrepreneurship
Books like Innovation and Entrepreneurship
People ❤️ Blinkist
Sven O.
It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.
Thi Viet Quynh N.
Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.
Jonathan A.
Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.
Renee D.
Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.
People also liked
Start growing with Blinkist now
26 Million
Downloads on all platforms
4.7 Stars
Average ratings on iOS and Google Play
91%
Of Blinkist members create a better reading habit*
*Based on survey data from Blinkist customers