This is the first book to present innovation and entrepreneurship as a purposeful and systematic discipline. It clearly explains and analyzes the challenges and opportunities of America's new entrepreneurial economy. Peter Drucker, the most influential and widely-read thinker and writer on modern organizations, gives us a superbly practical book that explains what established businesses, public service institutions, and new ventures have to know, have to learn, and have to do in today's economy and marketplace. Innovation and Entrepreneurship deals with "what, when and why," policies and decisions, opportunities and risks, structures and strategies, staffing, and compensation and rewards. In addition to managers in all types of business, lecturers and students of management and business studies will find this a revealing and exciting work. Highly critical in approach, it is nevertheless a practical and illuminating study of an area crucial for today's world.