Short discussion on the differences and relationships between ideas, inventions, innovations and enterprise when it comes to entrepreneurship

1. Ideas, Inventions, Innovations & Enterprise
In working with both entrepreneurs and also experienced business leaders, I often discover
that terminology gets mixed up as regards the discussion about competitive advantage and
value creation when we discuss Innovation. Below clarifies some of the fundamental
differences.
An Idea ≠ An Innovation ≠ An Invention ≠ An Enterprise
• An Idea (Thought)
o Something, such as a thought or conception, that potentially or actually exists
in the mind as a product of mental activity.
• An Invention (Creation)
o An invention is a unique or novel device, method, composition or process
• An Innovation (Use)
o more effective products, processes, services, technologies, or ideas that are
readily available to markets, governments, and society
o Enterprise (Undertaking)
o A project, company, business, organization, or other purposeful endeavour.
• An Enterprise
o An undertaking, especially one of some scope, complication, and risk.
o A business organization.
o Industrious, systematic activity, especially when directed toward profit:.
o Willingness to undertake new ventures; initiative
A successful Enterprise will require a good Idea enabled by either an invention or an
innovation, or both It also requires a well-researched plan with a set of capable resources
who execute the plan well.
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