Establish the “new word” #entrenovation* as a recognized practice(1) that embodies the knowledge-base associated with innovation and the concepts attendant thereto. “[Entrenovation] is neither a science nor an art. It is a practice … it is behaviour” P. F.Drucker. Entrenovation focuses on the identification and development of innovative opportunity that represents Schumpeterian creative destruction. Entrenovation is further defined below and in the linked essay:
“Entrenovation*: The Case for a New Word“. Read the essay.
The essay justifies the need for the new word and argues for its usage. Why? Whereas the usage of entrepreneurship has variably related to innovation as well as starting and managing a business, common usage now describes entrepreneurship only as starting and running a business (per dictionary definitions). Managing innovation demands a skill set that is different than the skill set needed to start and manage businesses. Thus, going forward, the goal is to recognize entrenovation and entrepreneurship as distinct practices. This distinction is necessary to remove current communication confusion. The oil and gas industry does not suffer this semantic confusion.
The exploration & development departments of energy companies identify prospective properties, develop the successes, and move the production to the pipeline. Entrenoveurs find innovative opportunities, develop a product or a service, and hand it off to entrepreneurs for marketing and selling to realize a profit. In each case, the timing and skill sets required in the upstream are distinct from the skill sets required in the downsream.
(1) Practice is the action or process of doing something. For example – in a law practice. “Practice is an action not a theory, thought, or idea” – P. F. Drucker.
- The practice of introducing and developing innovative ideas that will disrupt business paradigms. Entrenovation is behaviour based, not based on personality or intuition. It is creative destruction that moves the world forward.
- The Entrenoveur generates or realizes an innovative idea (a product/service and a market for it) that upon development will disrupt a known business paradigm or create a new market; and an entrepreneurial opportunity.
Etymology: Entrenoveur – undertakes a new idea with requisite nerve
- The practice of starting and managing a business while assuming the associated business risks.
- The Entrepreneur recognizes a business opportunity, creates a business to exploit the opportunity, and manages the resulting organization. Growth of the enterprise may be enhanced by entrenoveurial* action.
- The founding opportunity may have resulted from entrenoveurial action; but innovation is not the only well-spring of business opportunity. For example: to add a franchised location is entrepreneurial activity.
During the life cycle of an enterprise founded on innovation there are two significant differences in the contributions of the entrenoveur and the entrepreneur to a business: skills and timing. First, the skill set of the entrenoveur is focused on converting an idea into a product or service. The entrepreneur is focused on marketing and selling the product or service and managing the growth of the enterprise. Second: the two skill sets are required at different stages in the life cycle: converting an idea into a service or product, and managing the business that owns that product or service. These distinctions, in part, describe the difference between the practices of entrenovation and entrepreneurship.
* Important note: The word “entrenovation”, including derivatives, is intended to be available for common use. The word is not subject to copyright, cannot be used as a trademark, cannot be patented, and cannot be reserved in any fashion for the personal, business, or otherwise private use of anyone, anywhere, at any time.