What's the difference between entrepreneurship and innovation?

I've been around the business school community a lot lately and I notice that the people from these business schools seem to use these words and concepts either sloppily or interchangeably. To me they have very different meanings.

In my mind entrepreneurship is starting a business. It's your ideas, your money, your efforts that determine success or failure. Innovation is very different. Innovation can be, and is often, within the framework of a company you work for. Innovation is creating a new idea, a new concept, a new application, which is used within a framework to make something work better or more effectively. It could even be applying something well-developed or mature but within a setting or framework in which it hasn't been or hasn't often been used before.