Business Visionary Peter Drucker Dies at 95

You can't have a conversation about innovation and entrepreneurship without mentioning Peter Drucker. Considered the father of modern management; he recognized innovation and marketing come before finance. Drucker who coined phrases such as "knowledge workers" and "managing by objectives," passed away on Friday at home in Claremont, California.

It was almost 20 years ago when I first picked up a copy of Drucker's "Innovation and Entrepreneurship." The book still sits in my library tattered and well used...every year. Drucker's teaching shaped my curiosity and thoughts about the world of business. "Innovation and Entrepreneurship" has to be one of the top business books of the century. The principles and practices he wrote 20 years ago still stand the test of time today for any entrepreneur or small business. Here are a few Drucker gems of insight:

"Successful entrepreneurs do not wait until 'the Muse kisses them' and gives them a 'bright idea'; they go to work. Altogether, they do not look for the 'biggie,' the innovation that will 'revolutionize the industry,' create a 'billion-dollar business,' or 'make one rich overnight.' Those entrepreneurs who start out with the idea they'll make it big - and in a hurry- can be guaranteed failure."

"In an entrepreneurial society individuals face a tremendous challenge, a challenge they need to exploit as an opportunity: the need for continuous learning and relearning."

"The new venture therefore needs to start out with the assumption that its product or service may find customers in markets no one thought of, for uses no one envisaged when the product or service was designed, and that it will be bought by customers outside its field of vision and even unknown to the new venture."