Innovation: The Bedrock of True Entrepreneurship


Entrepreneurship is the skill that involves seeing an OPPORTUNITY and then Starting, ORGANIZING, and MANAGING A Business that consists in taking FINANCIAL RISKS.

What is Innovation?

Innovation is the implementation of new ideas at the individual, group, or organizational level.


      • Invention: Described as creating a new product, service, or process. 

      • Extension: The expansion of an existing product, service, or process.

      • Duplication: Copying (replicating) an existing product or service and then adding the entrepreneur’s own creative touch.

      • Synthesis: A combination of more than one existing product or service into a new product. or service.

    Steps of the Innovation Process

        1. Commercial application

        1. Resource organization

        1. Implementation

        1. Analytical planning


      The change that entrepreneurs bring about is through creativity and innovation. Therefore, it is not surprising to see that entrepreneurs are among the more creative and innovative players in organizational change. 

      Entrepreneur Business Owner
      Motivated by growth expansion Motivated by sales of credit
      Embrace Risk Avoid risks
      Focus on future opportunities Focus on current operations
      View the company as an asset to be managed or sold Often are sentimental about firm (or family tradition) 

      Characteristics of an Entrepreneur

          • Caring

        Meeting the needs of others not only their needs

            • Vision

          The clear roadmap that defines entrepreneurial effort

              • Product Market Fit

            The market doesn’t care about you, you have to care about the market

                • Motivation

              Flexibility, control, and legacy keep you motivated for long

                  • Passion

                An extra fuel that makes every entrepreneur in case of despondency

                    • Decision Making

                  Assessing alternative resolutions through data gathering enhances business growth

                  Steps in Driving Innovation in Your Organization

                      1. Commit to the Big Picture

                      1. Build Systems (Right people / Right processes )

                    1. Evaluation

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                    Powerpoint Presentation – https://www.slideshare.net/EkoInnovationCentre/innovation-the-bedrock-of-true-entrepreneurship


                    AOT LAGOS 5.0 - The Creative Economy & A Digital Lagos