Product Description

Innovation and Entrepreneurship deals with 'what, when and why'; with policies and decisions; opportunities and risks, structures and strategies; staffing, compensation and rewards.

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Product Details

• Amazon Sales Rank: #760946 in Books
• Published on: 1985-04
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 277 pages

Review
"A remarkable book about the economic futre of the United States." -- --National Review

"A remarkable book about the economic future of the United States." -- National Review

"By far the most trenchant analysis of a phenomenon that, if the author is correct, may be the key to our economic growth and continued prosperity." -- New Times

"Drucker believes entrepreneurship is not only possible in all institutions, it is essential to their survival. Just how to manage entrepreneurship is what thisnew book is all about." -- Venture

"Far from being dated, Peter Drucker's Innovation and Entrepreneurship has survived the past decade in considerably better shape than many Fortune 500 companies that ignored its lessons...Thoughtful, concise and useful." -- Technology Review

"If you read only one book on management this year make it Innovation and Entrepreneurship by Peter F. Drucker." -- D & B Reports

"Our most enduring commentator on the practice of management and the economic institutions of society." -- Business Week

About the Author
White House Honors Drucker with Presidential Medal of FreedomOn June 21, Dr. Peter Drucker, author of The Effective Executive and Management Challenges for the 21st Century, received the Presidential Medal of Freedom from President George W. Bush."Dr. Peter Drucker is the world's foremost pioneer of management theory. Dr. Drucker has championed concepts such as privatization, management by objective and decentralization. He has served as a consultant to numerous governments, public service institutions and major corporations. Dr. Drucker is a Professor of Social Sciences and Management at the Claremont Graduate University in Claremont, California, which named its Graduate School of Management after him. He helped establish and continues to serve as the Honorary Chairman of the Peter F. Drucker Foundation for Nonprofit Management in New York City, which awards the Peter F. Drucker Award for Nonprofit Innovation. He is currently applying his expertise to the management of churches and other faith-based institutions and to the reorganization of universities worldwide.It was established by President Truman in 1945 to recognize civilians for their service during World War II, and it was reinstated by President Kennedy in 1963 to honor distinguished service.

Also among the honorees were Hank Aaron, Bill Cosby, Placido Domingo, Katharine Graham, Nancy Reagan, and A.M. Rosenthal.

Peter F. Drucker was born in Vienna, Austria, in 1909. Educated in Austria and in England, Mr. Drucker holds a doctorate in Public and International Law from Frankfurt University in Germany. He also has received honorary doctorates from American, Belgian, Czech, English, Japanese, Spanish and Swiss universities. Since 1971, Mr. Drucker has been Marie Rankin Clarke Professor of Social Science and Management at Claremont Graduate University in Claremont, California, which named its Graduate Management Center after him in 1987.

In addition to teaching, Mr. Drucker currently acts as a consultant, specializing in strategy and policy for both businesses and nonprofits, and in the work and organization of top management. He has worked with many of the world's largest corporations and with small and entrepreneurial companies; with nonprofits such as universities, hospitals and community services; and with agencies of the U.S. Government as well as with Free-World governments such as those of Canada and Japan. In the past, Mr. Drucker has variously been economist for an international bank in London; American economist for a group of British and European banks and investment trusts; and American correspondent for a group of British newspapers.

From 1950 to 1971, Mr. Drucker was Professor of Management at the Graduate Business School of New York University which awarded him the university s highest honor, the Presidential Citation in 1969. From 1979 to 1985, he also served as Professorial Lecturer in Oriental Art at Pomona College, one of the Claremont Colleges. He also acted as Professor of Politics and Philosophy at Bennington College in Bennington, Vermont.

A prolific writer on subjects relating to society, economics, politics and management, Mr. Drucker has published 30 books which have been translated into more than twenty languages. In addition to his writings on management and economics, he has written an autobiographical book entitled, Adventures of a Bystander, and co-authored Adventures of the Brush; Japanese Paintings. Mr. Drucker has made several series of educational movies based on his management books, and he was an editorial columnist for the Wall Street Journal from 1975 to 1995, and serves as a frequent contributor to magazines.

Mr. Drucker is married and has four children and six grandchildren.

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Customer Reviews

Great book for guidance on trying to identify opportunities
Drucker's recurring theme is that good entrepreneurship is usually market-focused and market-driven.

Drucker gives us guidelines for identifying innovative opportunity. For example, unexpected successes or unexpected failures within an industry often point to opportunity. Drucker also suggests that innovative opportunity exists where there is "an internal incongruity within the rhythm or the logic of a process" or a process need.

As a great example, Drucker tells us the story of William Conner, a salesman to the medical industry who decided he wanted to start his own company. Conner went out and spoke with surgeons about the problems and difficulties the surgeons faced.

While talking with surgeons, Conner learned that the process for cataract surgery was generally routine and easy, except there was one incongruity making the surgery difficult and unpleasant for physicians. During the surgery, surgeons had to cut one ligament which involved some risk.

With research Conner learned that there was an enzyme that dissolved this ligament. Conner also learned that new methods of storage could preserve this enzyme allowing it to be used in surgery. After patenting his compound, Conner quickly captured a niche market providing his compound to surgeons performing cataract surgery. No longer did they need to cut the ligament. They could dissolve it. With process need, the market already exists for the innovation. Drucker notes this is a relatively low-risk type of entrepreneurship.

While process need is a great area of entrepreneurial innovation, Drucker also suggests demographics may provide opportunities. I'm more dubious of this. Even though we may know how the population will change in ten years, capitalizing on this change isn't easy. Further, most entrepreneurs already tend to be focused on a particular industry or market and large-scale demographic changes wouldn't induce them to change their company's focus. Plus, there are entrepreneurial opportunities even in declining industries.

Sometimes, there is a dissonance between reality and the perception of reality in an industry. This may offer innovative opportunities, according to Drucker.

For example, Drucker mentions the evolution of the ship container industry. While established shipping companies focused on cutting transit time and cost by making ocean-going ships faster and more cost effective, this really wasn't the key. Ships were already very efficient in transit.

Rather, the real problem with the shipping industry was the loading and unloading of cargo, which kept ships in port and tied up valuable harbor space. When the shipping container was developed, it could be pre-loaded on land before the ship arrived. The pre-loaded container could then quickly be loaded onto the ship when the ship arrived in port. This made ocean transit much more cost effective and efficient. Drucker notes that the big cost of ocean transit was having ships held up in port, effectively tying up a capital asset without being able to utilize its full earnings capability.

Drucker discusses entrepreneurial management, claiming three keys to building a successful new organization are:
--having a market focus
--financial foresight, i.e., cash flow budgeting and planning for capital needs
--assembling a top management team

Other topics covered in "Innovation and Entrepreneurship" include creative imitation, entrepreneurial judo, and filling a specialized, ecological niche. "Innovation and Entrepreneurship" provides great insight into seeking entrepreneurial opportunities.

Peter Hupalo, author of "Thinking Like An Entrepreneur."

Forget about that MBA - buy this book and read it!
This is my pick for the best business book of the 20th century. I have read this book three times, have taken extensive notes on it, and still learn a great deal with each re-reading. Peter Drucker has written many excellent business books, but this one shines. Unlike other books with "entrepreneurship" and "innovation" in their titles, this book does not go through the mechanics of setting or running up a business, but instead focuses on the essence of good business planning and practice.

Lays down the foundation for serious entrepreneurship
With the publication of this book, which goes all the way back to the mid-eighties, Drucker has set the standard for serious entrepreneurship. Drucker tells the reader that innovation and entrepreneurship go hand in hand, and that both innovation and entrepreneurship can be practiced by large and small companies.

Using a plethora of available case studies, Drucker shows how many companies large and small, known and unknown, have successfully implemented entrepreneurial practices. Drucker tells the reader how to go about implementing an entrepreneurial culture, and more importantly, what not to do when trying to develop such an outlook and culture in the organization.

Drucker identifies seven sources of innovation, and explains very clearly how to go about sowing the seeds of and nurturing an innovation. He then lays down the principles of entrepreneurship, and gives the reader some entrepreneurial strategies. Throughout the text, he gives both the pluses and the minuses of his ideas.

This book, first published in 1985, was way ahead of the curve. It literally predicted the profound effects of the IT revolution, coined the concept of lifelong learning, and identified the pivotal role of sound managerial practices in entrepreneurship and the new venture. Those of us who are active participants in the 'New Economy' should sit up and take notice of this book.

These days, it is very fashionable to call oneself an 'entrepreneur', but only Drucker has a clear concept of what an entrepreneur really is. Any person who wants to practice serious entrepreneurship, whether they work for a big company or are involved in a new venture, must read this book.