What is innovation and entrepreneurship? Lessons for larger organisations

In recent years a language has emerged that carries with it a great deal of hope and optimism. Enterprise, entrepreneurship and innovation are just three of the terms that are used, often interchangeably, but with very little understanding and clarity. Whether or not this language has at its core the processes that will lead to the salvation of businesses and organisations, what is guaranteed is that progress will not be achieved unless there is greater clarity in this area. Entrepreneurship is often viewed as a small business/new venture phenomenon, but increasingly it is being applied in the corporate sector. Innovation is another well‐used term that unfortunately has a number of meanings attached. The aim of this paper is to explore the topics of entrepreneurship and innovation, particularly from the perspective of the larger organisation, with a view to bringing some clarity to usage of the terms. It is important that this clarity exists as language is at the core of individual, business, and organisational performance and success. The current confusion and uncertainty leads to lower levels of competitive output.