Innovation is applying your creativity to come up with a unique idea or solution. It is technological invention, which lets parts do what they could not previously do. You have an engine, wheels and axles and you put them together to invent a car. Progress depends on innovation and great innovators can get rich.
Entrepreneurship, by contrast, is applying the innovation to bring the ideas to life. It is social invention, which lets people do what they could not previously do. Entrepreneurs grasp the opportunity to cash in on the innovation. They build businesses and propel the innovation forward. Progress depends on entrepreneurship and great entrepreneurs get even richer than great innovators.
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