A Modern Reading of Drucker’s Classic “Innovation and Entrepreneurship”

Drucker's book emphasizes that successful innovation is not limited to self-born innovator heroes and genius companies but can be achieved through a systematic approach by entrepreneurs in any type of business. He defines innovation as the specific tool of entrepreneurs who exploit change as an opportunity for a different business or service. Drucker also discusses the importance of anticipating changes and signals within the industry as well as managing new products and the old ones separately. He stresses the importance of a systematic approach to innovation management that minimizes risk and confines it. Companies like Ikea are an example of the validity of Drucker's innovation structure in an organization.