relationship between entrepreneurship, innovation and economic development
“Discuss the relationship between entrepreneurship, innovation and economic development. What role does sustainability play in this relationship? Refer to both theory and examples from the business world to support your discussion.”
Introduction
In today’s business world, the increasing focus on entrepreneurship education, innovation, economic development and sustainability are issues interrelated to business success. Although an optimal balance between these relationships is hard to attain, the cooperation among nations is undeniably crucial to preach the importance of a balance between economic development and the environment, and raise people’s awareness of our future world. The following analysis will first start with clear definitions on entrepreneurship and innovation, and the Apple Company, which is well known as the most innovative company, will be used to demonstrate the relationships between them. Then move on to define economic development and analyze its relationship with innovation by citing interpretation on developing and developed countries, and then followed by the importance of sustainability, and finally ended with a conclusion.
Definition of Entrepreneurship
Okpara, F. (2007) explained that “Entrepreneurship denotes the whole process where the entrepreneur becomes aware of the opportunities that exist to empower themselves, take the risk, develop ideas, and take personal responsibility and initiative.” Therefore, in short, entrepreneurship is the process concerning being innovative and detecting opportunities, which an agile entrepreneur is focusing on in managing the business.
Definition of Innovation
While creativity is the core of the entrepreneurship, innovation refers to the ability to carry out and realize those creative ideas. It can basically be divided into incremental innovation and radical innovation, where the former one is an improvement based on existing knowledge, whilst the latter one refers to creative destruction,
Introduction
In today’s business world, the increasing focus on entrepreneurship education, innovation, economic development and sustainability are issues interrelated to business success. Although an optimal balance between these relationships is hard to attain, the cooperation among nations is undeniably crucial to preach the importance of a balance between economic development and the environment, and raise people’s awareness of our future world. The following analysis will first start with clear definitions on entrepreneurship and innovation, and the Apple Company, which is well known as the most innovative company, will be used to demonstrate the relationships between them. Then move on to define economic development and analyze its relationship with innovation by citing interpretation on developing and developed countries, and then followed by the importance of sustainability, and finally ended with a conclusion.
Definition of Entrepreneurship
Okpara, F. (2007) explained that “Entrepreneurship denotes the whole process where the entrepreneur becomes aware of the opportunities that exist to empower themselves, take the risk, develop ideas, and take personal responsibility and initiative.” Therefore, in short, entrepreneurship is the process concerning being innovative and detecting opportunities, which an agile entrepreneur is focusing on in managing the business.
Definition of Innovation
While creativity is the core of the entrepreneurship, innovation refers to the ability to carry out and realize those creative ideas. It can basically be divided into incremental innovation and radical innovation, where the former one is an improvement based on existing knowledge, whilst the latter one refers to creative destruction,