Peter Drucker, one greatest management thinkers of the last century, published a book entitled Innovation and Entrepreneurship in 1985. Although this book was published nearly 30 years ago, the lessons in it are incredibly relevant to print and marketing communications service providers as technology is transforming products, services, and information delivery techniques.

In his book, Drucker defines innovation as a means by which entrepreneurs exploit change to create new service and business opportunities. He notes, “Entrepreneurial enterprises by their nature create a market niche and fill a consumer need. Sources for innovative opportunities in enterprises include new knowledge (scientific and non-scientific) and changes in industry structure, demographics, and perceptions.”

Drucker’s principles to innovation require analysis of existing opportunities, receptivity to new opportunities, starting small, looking to the simple, and achieving leadership. He highlights that all organizations must acquire entrepreneurial competence to keep pace with changes in economy and society. Leaders must become skilled in entrepreneurial management. Drucker’s strategies involve aiming for leadership and/or dominance of a new or existing market, finding and occupying a specialized niche, and changing the economic characteristics of a product, market, or industry.