Psychology of Innovation and Entrepreneurship
(field of studies: Psychology in Business)

Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs

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.

Psychology is the science of behavior and mind, including conscious and unconscious phenomena, as well as feeling and thought. It is an academic discipline of immense scope and diverse interests that, when taken together, seek an understanding of the emergent properties of brains, and all the variety of epiphenomena they manifest. As a social science it aims to understand individuals and groups by establishing general principles and researching specific cases.