Entrepreneurship and Innovation – Two Sides of the Same Coin

Hayri Uygun; Rashmi Gujrati

Hayri Uygun Lecturer, Ardeşen Vocational School, Recep Tayyip Erdogan University, Rize, Turkey
Rashmi Gujrati Prof. Dr., Tecnia Institute of Advanced Studies, New Delhi, India

Keywords: :Innovation, Entrepreneurship, Competitive Advantage, Entrepreneurial Opportunity, Knowledge Spillovers

Abstract

Entrepreneurship and innovation are two closed words which are used in the present world market in business practice, research
scholar, and in policymaking. It is very difficult to understand that they are different from each other. Entrepreneurship and
innovation have multiple meanings. Both are related to each other. As well-known definitions given by the Schumpeter who
defined entrepreneurs are individuals which bring innovation to be manager and leader need to have different ideas to change the
global economy. The external and internal business environment both have been driven by entrepreneurship. Today in a
competitive and dynamic environment every organization needs to adopt an entrepreneurial strategy and innovative skills to
sustain and to develop in the market they have to continuously be innovative. The paper aims to focus on the relationship between
entrepreneurship and innovation which creates changes and opportunities in businesses. How through innovation it diverts their
business into a sustainable competitive advantage.