Entrepreneurship, innovation and economic development are the key factors for a successful business. These concepts are interconnected, and this essay will further explore and elaborate the relationship they have with each other. Furthermore, sustainability also plays a role in this relationship and contributes greatly to the success and reputation of a company. The success of a company depends largely on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and operating a new business venture. To be a successful entrepreneur, you must be ready to take a risk and invest your savings in a business. The job requires the individual to be ambitious and committed to working hard to achieve set goals. A successful entrepreneur is able to multitask and communicate effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of a constant motivator and inspire employees to improve their work performance, while ensuring a comfortable environment in which to work. According to Schumpeter (1982), an entrepreneur is more "heroic" than "economic". ' figure; his motivation should not be solely monetary, but rather stemming from inspiration and ambition. One of the most integral qualities of a successful entrepreneur and business is the degree of innovation they possess. Innovation refers to the creation of new ideas, the improvement of existing production processes and the effective resolution of problems. Innovation makes it possible to increase the efficiency of a company, which in turn increases its offering potential and production capacity. Being innovative can involve improving old methods or… half of paper… securing future prospects. It can be concluded that entrepreneurship cannot exist in the absence of innovation. Innovative entrepreneurship is the key to a successful business that leads to economic development. Entrepreneurs are very important figures in society and therefore their actions and decisions have a significant impact on the well-being of stakeholder groups. Sustainability plays a vital role in this relationship as it provides a solid foundation upon which a company can expand more boldly and confidently. Works Cited Altaf Hussain Sumo “Small Businesses in Pakistan: Characteristics, Problems and Sources of Financing.” Downloaded from http://sbaer.uca.edu/research/icsb/2009../paper141.pdfStefan Schaltegger & Marcus Wagner “SUSTAINABLE ENTREPRENEURSHIP AND SUSTAINABLE INNOVATION: CATEGORIES AND INTERACTIONS”. Downloaded from http://www.bwl.uni-