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AUSTRIAN-BORN AMERICAN MANAGEMENT CONSULTANT PETER FERDINAND DRUCKER, ALSO REFERRED TO AS THE ‘BUSINESS THINKER’ DUE TO HIS LIFELONG DEVOTION TO THE IMPORTANCE OF INNOVATION AND ENTREPRENEURSHIP IN MODERN SOCIETY CLAIMS:” INNOVATION IS THE SPECIFIC FUNCTION OF ENTREPRENEURSHIP, WHETHER IN AN EXISTING BUSINESS, A PUBLIC SERVICE INSTITUTION, OR A NEW VENTURE STARTED BY A LONE INDIVIDUAL IN THE FAMILY KITCHEN. IT IS THE MEANS BY WHICH THE ENTREPRENEUR EITHER CREATES NEW WEALTH-PRODUCING RESOURCES OR ENDOWS EXISTING RESOURCES WITH ENHANCED POTENTIAL FOR CREATING WEALTH.”

-(Business Creativity Guidebook, pgs. 120-121)

Consider how each factor shapes the approach you want to take toward your business model.