Introduction Everyone wants to live in a prosperous society and have a high quality of life, a sense of security, and opportunities for future generations. Prosperity is the result of competitiveness and productivity, which are based increasingly on innovation. We live in world of abundance, not scarcity. Only through innovation can this abundance be converted to growth, prosperity, and quality of life. Definitions An innovation is a new idea that is put into valuable or profitable action. Innovation has many meanings. It could be an activity, a capability, an outcome, and a description of a new product or service. Further, innovations can be new products, but can also be new service models, new business models, and new customer experiences. But ultimately it needs to be thought of as a leadership development goal. An innovation can be created by a large organization to disrupt an existing market space or create an entirely new market and can happen in any organization, of any size.  One of the first and most famous definitions of innovation can be traced to Joseph Schumpeter’s forces of creative destruction (Schumpeter, 1934): - the introduction of a good or a significant improvement in the quality of an existing good - the introduction of a new method of production, an innovation in processes - the opening of a new market, in particular an export market in a new territory - the conquest of a new source of supply of raw materials or half-manufactured goods - the creation of a new type of industrial organization, an administrative innovation Therefore, all kinds of innovation include a specific level of newness, which is certainly concerned with novelty. Innovation is the combination of an inventive process and an entrepreneurial process to create new economic value for defined stakeholders. Based on the evaluation of innovation studies, Tidd et al. (2005) state that “innovation is a process, not a single event, and needs to be managed as such”, and that “the influences on the process can be manipulated to affect the outcome, that is, it can be managed” (p.87). Thus, innovation management consists of all activities for the optimization of the whole innovation process (Olschowy, 1990). An entrepreneur is an inventor, although few inventors are entrepreneurs. An inventor sees the world through alert, wide-opened eyes. An entrepreneur invents new businesses. All other inventors invent the product. To the entrepreneur, the business he or she invent is a product, a unique product that stands out in a world of ordinary business products and, through its uniqueness, captures the attention and imagination of the people for whom it was invented. Entrepreneurs, do not buy the business opportunity, they create them. The passion of the entrepreneur is not to run a successful business, not to run a business that someone else invented, but to invent a unique business that becomes successful. A true business opportunity is the one that an entrepreneur invents to grow him or herself, not to work in, but to work on. That is the work of an entrepreneur. To an entrepreneur, the success of the business is measured by growth. The faster the business grows, the more successful is invention. To an entrepreneur, slow growth or no growth is death. Entrepreneurs are made, not born. From industrial psychology perspective, there are five characteristics defined and express four dimensions of the entrepreneurs function in the real world that enables them to pursue untold business opportunities and manifest their abilities to create a successful venture of successful ventures(Gerber, 2008). Conclusion The process of innovation is typically modeled as a function of the incentive structure, such as institutions, assumed access to existing knowledge, and a more systematic part. Innovation also implies that the stock of economically useful knowledge increases. In other words, innovation is one vehicle that diffuses and upgrades already existing knowledge, thereby serving as a conduit for realizing knowledge spillovers. The process of innovation is consequently considered to be one of the critical issues in comprehending growth. Still, innovation is not simply invention: ‘Innovation incorporates both creation or discovery aspects, and diffusion or utilization aspects’ [Deakins and Freel, (2006), p.117], or, more theoretically, ‘innovation is commonly defined in terms of tangible entities that can be utilized by different people on different occasions, something is adoptable or diffusible’ [Ford, (1996), p.1113]. The process of entrepreneurship is typically starting a new business or other organization. The entrepreneur develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure, unique brand of determ