Innovation is a new idea, a creative thought, an imagination in the form of a method. Entrepreneurship is also a device or a method to put together those new and/or creative ideas and place in front of targeted audience in a proper manner, as impactful as possible. In fact according to the innovation theory of entrepreneurship, 'an entrepreneur is basically an innovator and innovator is one who introduces new combinations.' Innovation can be considered as one of the first steps in the process of entrepreneurship. An innovator should not be confused with an inventor. An inventor is the one who discovers new methods and materials but an innovator is the one who use these discoveries wisely in order to make new combinations which yields satisfaction as well as profit. So entrepreneurship is not only about discovering and innovating but using them in a proper manner so as to achieve required target. In economics, entrepreneurs are the ones who maintain the tempo of growth in the society. The development of entrepreneurship results in the growth of economy as well. And that requires innovation as a tool for an entrepreneur.
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