What is the difference between innovation and traditional entrepreneurship?

Innovation and entrepreneurship are different from traditional entrepreneurship in the following aspects:

1. Innovation orientation: Innovation and entrepreneurship emphasize that by introducing new technologies, ideas or business models, we can break down the barriers of traditional industries, find market gaps and meet the new needs of consumers. Traditional entrepreneurship pays more attention to opening a new enterprise in the existing market and providing existing products or services.

2. Risks and opportunities: Innovation and entrepreneurship have high risks and opportunities. Because it involves new technologies or new models, there are great market risks and technical risks, but at the same time, there are greater opportunities to obtain high returns. Traditional entrepreneurship is relatively stable and has low risk, but it may also face a highly competitive market environment.

3. Development speed: Innovation and entrepreneurship usually develop at a relatively fast speed. Innovative enterprises can grow rapidly in a short time and occupy market share quickly by applying new technologies or models. Traditional entrepreneurship takes longer to build brand awareness and market share.

4. Competitive advantage: Innovation and entrepreneurship bring their own competitive advantage through innovative products, technologies or business models. Traditional entrepreneurship relies more on competitive advantages in market share, brand awareness and operational efficiency.

5. Creativity and development: Innovation and entrepreneurship need strong creativity and foresight, and they can gain insight into market demand and provide solutions. At the same time, innovation and entrepreneurship also have greater scalability and can be expanded across borders in different industries or regions. Traditional entrepreneurship is relatively conservative and has low expansibility.

Generally speaking, innovation and entrepreneurship pay more attention to the innovation of technology, market and mode, and pursue high risk and high return; Traditional entrepreneurship is relatively stable, focusing on market share and brand building. However, both innovative and traditional enterprises need good market insight, business planning and execution ability to succeed.