Business ideas, inventions and innovations are the main driving forces of a company. Every company strives to develop new ideas, invent them, and then implement them before any other company steals their idea. However, a company must thoroughly understand the three aspects before putting them into practice (Axelrod, 2008, p. 73). This article sheds light on the differences that exist between these aspects.Keywords: idea, invention, innovationBusiness terminologies: ideas, inventions and innovationsGenerally, invention refers to a process that has been developed after a series of experiments while an idea denotes an opinion, which can be formulated. Problems that normally occur in life push people to find ways to solve them. When an individual can think of a solution to a particular problem, the solution will be called an idea. When the solution is implemented or put into operation, the solution is said to have been invented. It then becomes an invention (Needle, 2010, p. 27). The common challenge for inventors today is their inability to distinguish between a business idea and a commercial invention. In business, an idea involves the identification of a problem while an invention is the technique of offering a solution to an identified problem. This therefore implies that inventions are patentable while ideas, on the other hand, cannot be patented (Reese, 2011, p. 40). You can sell an idea to people only after you have turned the idea into an invention. . There are several steps that are followed in an attempt to transform an idea into an invention. These steps include idea documentation, market research, initial questions about relationships between participants regarding government policies. This can ultimately ruin the overall development of the innovation (Trott, 2008, p. 496). Works Cited Axelrod, A. (2008). Edison on innovation: 102 creativity lessons for business and beyond. San Francisco, California: Jossey-Bass.Mothes, A. (2006). Leading in innovation: How can leaders improve companies' ability to generate innovations? New York, NY: Grin Verlag.Needle, D. (2010). Business in context: An introduction to business and its environment. Andover, MA: South-Western Cengage Learning.Reese, H. (2011). How to license your million dollar idea. Hoboken, NJ: John Wiley & Sons. Stim, R. (2010). Make money from your idea: how to conclude smart licensing deals. Berkeley, CA: Freight. Trott, P. (2008). Innovation management and new product development. New York, New York: Financial Times Prentice Hall.