"Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth." --Peter Drucker

In a nation of Entrepreneurs like the United States and other global markets, Entrepreneurs and Small Business make up the backbone of the global economies, and they will be the ones who create economic growth, associated increases in wealth, and the real lasting jobs to bring the global economy out of the recession.

So when looking at entrepreneurs and their inherent strategies it must be noted that some strategies are purely deliberate and some strategies purely evolve with the market and new opportunities from the birth of new industries and technologies. Of course, the real world, inevitably, involves some blending of thinking and planning ahead as well as some real-time adaptation along the way, as Entrepreneurs look to strategically develop and evolve their ideas to fill identified voids and problems in the market.

Entrepreneurial innovation has never been part of the institutionalized systems and of large corporations with labor unions, and never will be. Systems and organizations that stifle creativity and innovation have never been able to reproduce the thoughts and passions of genius entrepreneurs, or even the most ordinary competent strategist, and in almost all cases never will, and large systems, processes, and especially the labor unions aren’t designed to encourage the creative and innovative thinking that comes from the passions, of true independent innovative entrepreneurs.

So when we examine the requirements of entrepreneurship we know that good entrepreneurial management is part of the formula along with real entrepreneurial strategies, and the strategies for entrepreneurial success are few and simple, but yet difficult, since it takes a true independent Entrepreneur to identify the real opportunities which present themselves, especially during times of recession and lifeless economies, and recognition of market trends and conditions that create new opportunities is one of the strongest traits that identifies the true entrepreneurs.

Additional traits of entrepreneurs are innovativeness and creativity, a willingness to take risk for their new ideas and innovations, and the ability to anticipate future needs and problems, willingness to work independently with self-direction, and a strong sense of competitiveness that comes from the passion inherent to the entrepreneurial spirit that’s at the core of the backbone of economic engines.

At the very heart and essence of entrepreneurship is innovation, which is the effort to create purposeful and focused change in economic or social potential, which includes three kinds of innovation. The first kind of innovation is “technological innovation” which is innovation including new products, ideas, and technologies.

The next kind of innovation is “economic innovation” which includes entrepreneurship and turning those things into new businesses and industries, and finally, “cultural and social innovations” which are the ability to invent new ways of thinking, new art forms, new designs and concepts that identifies trends in the marketplace and associated opportunities.

These different identifiable components of innovation can share the same thought processes of the entrepreneur as they reinforce each other and overlap, and many times the genius of the entrepreneur is noticed and identified because they are able to apply all three kinds of innovation at the same time to the same problem or opportunity.

As always, the “Entrepreneurial Engine” that is the economic backbone will eventually spur future economic recovery, but the timing of the recovery is dependent upon what kind of problems or barriers entrepreneurs encounter with systems and institutions, huge U.S. Government intervention and its related regulations and taxes that negatively impact growth and wealth creation results, and that affect how quickly Entrepreneurs can adapt their innovations to the marketplace, which will start to create economic growth and jobs in the U.S. and global economies.