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This is track four of an interview series with Peter Drucker about innovation and entrepreneurship, conducted by Fred Harmon. Drucker and Harmon discuss entrepreneurial practices in public service institutions and new ventures. Drucker argues that public services are prone to stagnation and that institutions need a clear mission statement, systematic scanning of the organization to look for innovation opportunities, and to practice organized abandonment. He goes on to discuss new ventures, noting that most fail due to a lack of market focus and advises that they build a management team early and to practice financial foresight.