Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Engineering
Engineering is the creative application of science, mathematical methods, and empirical evidence to the innovation, design, construction, operation and maintenance of structures, machines, materials, devices, systems, processes, and organizations. The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied mathematics, applied science, and types of application. See glossary of engineering.
Innovation
Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society. Innovation is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention. Innovation often manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
Innovation
The paradox of innovation is this: CEO's often complain about lack of innovation, while workers often say leaders are hostile to new ideas.
Patrick Dixon. Building a Better Business (2005) p 137.
Innovation
Innovation implies high risk, and with high risk comes failure, so you’ve got to be prepared for that, but if you don’t risk, then your business goes stale very quickly.
Michael Grade, British broadcasting executive. From the transcript of his interview with Martyn Lewis, in his book, Reflections on Success (1997).
Innovation
The key to success for Sony, and to everything in business, science and technology for that matter, is never to follow the others.
Masaru Ibuka, founder of Sony, quoted in Fortune (24 Feb 1992). In Julia Vitullo-Martin and J. Robert Moskin, The Executive's Book of Quotations (2002), 271.
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