7 Lessons From “Innovation and Entrepreneurship” By Peter F. Drucker

Peter F. Drucker (1909–2005) has always been considered one of the authority figures in the field of entrepreneurship, and, besides his success as a businessman, he is also famous for a thriving career as an author of multiple best-selling books, among which “The Essential Drucker”, “Managing Oneself” and “The Effective Executive”. Published for the first time in 1985, Innovation and Entrepreneurship has probably been the first book to argue that, instead of being a random, occasional, once-in-a-while process, innovation is and must be a purposeful and systematic effort instead, one that can lead established businesses, service institutions and new ventures to success in the new economy. In the lines below, we’ll recap the book’s most valuable lessons.

1. If you want to be an entrepreneur, accustom yourself to change and uncertainty.
   In the first couple of pages, Drucker outlines how every economic activity involves capital investments in some way, regardless of the business’ scope. The essence of economic activity is the commitment of present resources to future expectations, and that means to uncertainty and risk. Drucker says that a lot of businesses practices are considered risky mainly because very few of those who engage in them know what they’re actually doing or what works best, and that lack of methodology leads to…