Entrepreneurship is not about innovation. In reality, successful entrepreneurs tend to make minor adjustments to existing products, services and business models, and then learn by executing in short-cycle iterations. This is a process I call "minnovation."
Take the case of Cinemex, which successfully transplanted multi-screen cinemas from the United States to Mexico City. As one of the founders told me, "the only innovation was using lime juice instead of butter for the popcorn." Nevertheless, these entrepreneurs changed the local cinema culture, dominated market share and made $300 million for their investors and themselves.
