The Critical Difference Between an Innovator and an Entrepreneur

1. TheCritical Difference
Between an Innovator
and an Entrepreneur
Michael Chen New Canaan

2. TheCritical
Difference
Between an
Innovator and
an
Entrepreneur
 A resident of New Canaan,Connecticut, MichaelChen serves as a
general partner with Chen & Associates, a firm also based in New
Canaan.A prominent media investor, Michael Chen often works
closely with budding entrepreneurs seeking investment capital.
One of the most important lessons that these individuals must
learn is the difference between innovation and entrepreneurship.
Innovators create new ideas, while entrepreneurs understand how
to commercialize these ideas.

3. TheCritical
Difference
Between an
Innovator and
an
Entrepreneur
 To catch the attention of an investor, entrepreneurs must
demonstrate not only a great, novel idea, but also how that idea
will translate directly into profits.The business plan that an
entrepreneur creates must reflect a great deal of thought on basic
business processes.This level of detail will distinguish someone as
not just an innovator, but a true entrepreneur.

4. TheCritical
Difference
Between an
Innovator and
an
Entrepreneur
 A business plan should point to existing clients and the potential
for developing new relationships, provide for real-time monitoring
of the supplier-client relationship, and anticipate problems that
the business will face in terms of regulations, competition, and
industry shifts. In addition, entrepreneurs should show ways of
diversifying their idea across a range of products and geographic
locations.