Innovative entrepreneurship is the practice of establishing creating new business ideas intending to generate profit, assist their community and accomplish company goals. Innovation helps an individual entrepreneur or a group of entrepreneurs to improve or replace a particular product, process or service.

Innovation and entrepreneurship are two different concepts having entirely different meanings. However, there is a striking relationship between innovation and entrepreneurship which sometimes causes confusion.

The main difference between innovation and entrepreneurship is that innovation involves introducing something new. This can be a new business model, product, idea, or service. On the other hand, entrepreneurship involves turning a great idea into a business opportunity.

Therefore, entrepreneurship begins with innovation. Moreover, there is a risk component in entrepreneurship that is not there in innovation.

Let us consider each term separately to determine the differences between them.