Explain the Relationship Between, Entrepreneurship, Innovation and Economic Development
Joseph Schumpeter formally regarded the understanding that entrepreneurs are often innovators, bringing new, improved goods and technologies to markets, creating new niche upcoming solutions and delivering them into new markets. Entrepreneurship focuses on the creativity, moment of inspiration, the why when and how of certain opportunity recognition. According to Schumpeter “the role of entrepreneurship is implicit as an underlying cause of innovation. However, innovation is not solely the domain of entrepreneurs” - The idea of Entrepreneurship somewhat relies on the effective means of innovation. The concept of innovation allows the development of new ideas, inventions and their making come to pass. Economic development undertakes the adoption of new market technologies and industry based economies to see and improvement in economic standards as well as an increase in the net gain of money flow. In regards to the three ideas of entrepreneurship, innovation and economic development I will discuss why I believe they co-exist. Where sustainability fits in is that increasingly our society is becoming more aware of its day-to-day actions with respect to the environment around it. It is becoming increasingly important topic on businesses agendas as without a scope for future revenue streams, the very nature of what they do will not be feasible. Increasingly these days if a business is to be economically viable then sustainability has to be engrained in its model.
Schumpeter progressively demonstrates the fundamental view of behaviour from an entrepreneurial point of view and how it must coincide with that of the innovative. In the book ‘The Entrepreneurial Mind’, Jeffry Timmons defined entrepreneurship as "the ability to create and build something from practically nothing." This shows that without innovation and ideas entrepreneurship cannot come to pass. Innovation is taking an idea and bringing it to market, however market attractiveness, size and dynamics are all
Schumpeter progressively demonstrates the fundamental view of behaviour from an entrepreneurial point of view and how it must coincide with that of the innovative. In the book ‘The Entrepreneurial Mind’, Jeffry Timmons defined entrepreneurship as "the ability to create and build something from practically nothing." This shows that without innovation and ideas entrepreneurship cannot come to pass. Innovation is taking an idea and bringing it to market, however market attractiveness, size and dynamics are all
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