21A- Reading Reflection No.2

Kalie Novosedliak
Professor Pryor
ENT3003- Assignment 21A
March 31, 2020



Innovation and Entrepreneurship, by Peter Drucker

1. This book is separated into three different stages that Drucker believes is crucial to know as a successful entrepreneur. These sections include the practice of innovation, the practice of entrepreneurship, and entrepreneurial strategies. Each of these stages all develop a constant theme of innovation seen throughout the book, pointing to the importance of constantly innovating in order to find new opportunities, how to efficiently carry out innovative ideas to become successful, and how to identify an appropriate way to introduce your innovation to the market. Throughout this whole book, Drucker consistently encourages not only the importance of innovation in entrepreneurship, but especially the correct way to do it in order to be the most successful in any given market. He lists the seven main sources of innovation to support his claims and also points out the importance of keeping up with financial and social aspects or elements of being innovative and one step ahead towards success.

2. I believe this book completely connects with what we are learning in ENT3003 with out own business concepts. By reading this book, I am able to apply it to my business concept in order to put my innovative ideas into perspective and to assure that they are paralleling the techniques and advice Drucker gives. Similarly to Professor Pryor, Drucker constantly enforces the importance of being innovative and different in your entrepreneurial idea or career.

3. The exercise I would design for the class is for every student to conduct an analysis or reflection for their business concept and the seven main sources of innovation in Drucker's book. They would need to answer each of the following things and in detail connect each source with their business idea in order to check of all of them. The sources are: The unexpected(unexpected success, failure, unexpected outside event), the incongruity(the reality of your business concept as it actually is or how it ought to be), innovation based on process need, changes in the industry or market structure that would have immediate effects on your business, demographics,potential changes in perception, mood, and meaning for your product/service, and how new knowledge would affect the innovation of your business concept.

4. I was surprised to learn about how frequently and how severe changes in the market can be. I always thought a company was able to create whatever they did and as long as it was innovative, would be successful in a society like ours today. I learned that social and financial patters in the market have a dramatic effect on each business in that market and how much those businesses have to constantly be prepared for a change and learn how to adapt quickly through innovation.