A study on the relationship between innovation and entrepreneurship, its strategic benefits and role in successful entrepreneurship

A micro driver of innovation is entrepreneurship. Innovation and entrepreneurship concepts have multiple meanings. These two are often regarded as overlapping concepts. This can be traced back to the most well known definition of entrepreneurship given by Schumpeter who defines entrepreneurs as individuals that carry out new combinations i.e. innovations. The leaders and managers, in order to stabilize and position for organizational viability, must have the conceptual idea of the topic entrepreneurship to adapt to the very changing global economy. Entrepreneurship is driven by both external and internal business environment. In the present competitive and dynamic environment, any organization to be successful needs to adopt an entrepreneurial strategy seeking competitive advantage through continuous innovation by effectively identifying and exploiting opportunities to be able to sustain and grow. This paper aims at examining the role of innovation for successful entrepreneurship. It also highlights how any innovation can be converted into a sustainable competitive advantage to enable a business concern make its presence felt in the arena of business