Innovation and Entrepreneurship

Peter F. Drucker was, without a doubt, the foremost business thinker of the 20th century. As the author of more than three dozen books, he made an enormous impact on shaping the modern corporation.

During his lifetime, Drucker was a writer, teacher, philosopher, reporter, consultant to CEOs, and professor at the Peter F. Drucker and Masatoshi Ito Graduate School of Management at Claremont Graduate University.

Among the concepts that Drucker either invented or popularized are decentralization, treating workers as assets rather than expenses, the importance of putting the customer first, and the key role of the knowledge worker in the modern economy.

Jack Welch, former chairman of General Electric, called Drucker "The greatest management thinker of the last century," while Andy Grove of Intel said, "Simple statements from him have influenced untold numbers of daily actions; as they did mine over decades."

One of Drucker's most enduring works is Innovation and Entrepreneurship. Published in 1985, it was the first book to present innovation as a systematic discipline. It continues to influence today's top innovators and is frequently cited in the latest books and articles on innovation.

Our summary of this timeless classic focuses on what Drucker called the "seven sources of innovation." It also explains Drucker's principles of innovation: the five "do's" and the three "don'ts" that can mean the difference between a successful innovation and a failure.