the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship?
‘Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion.’
In today's fast-paced competitive environment, one of the most impressing concerns is the condition of economy. Since economies have closely associated with human beings’ living condition, salary, welfares and the trust of government. Especially, recent years are the recovery period of economic crisis. Have no doubt that innovation and entrepreneurship have serious effect on the condition of economic. This paper will present an overview of the relationship between entrepreneurship, innovation and economic development. What’s more, creativity and problem solving also play an important role in the relationship. Firstly, the definition of entrepreneurship and innovation will be stated; then, the relationship between innovation and entrepreneurship will be present; thirdly, how innovation and economic development interrelated with each other will be mentioned; furthermore, the effect of entrepreneurship to economic development will be present; the lastly, the board overview of the triadic relationship. Additionally, how do creativity and problem solving impact the relationship will be mention.
The general relationship between entrepreneurship, innovation and economic growth is seemed to have a strong connection and interplayed with each other. At the first step, there will be present the definition of entrepreneurship. According to a famous economist Schumpeter (1943), the entrepreneur is a sociologically distinctive individual who has a speciality to discover precious opportunity and creates a new product, change the course of manufacturing or totally create an innovative marketable to the economy. Moreover, as Hisrich (2011) indicated that, entrepreneurship is a process of creating incremental wealth. This process
In today's fast-paced competitive environment, one of the most impressing concerns is the condition of economy. Since economies have closely associated with human beings’ living condition, salary, welfares and the trust of government. Especially, recent years are the recovery period of economic crisis. Have no doubt that innovation and entrepreneurship have serious effect on the condition of economic. This paper will present an overview of the relationship between entrepreneurship, innovation and economic development. What’s more, creativity and problem solving also play an important role in the relationship. Firstly, the definition of entrepreneurship and innovation will be stated; then, the relationship between innovation and entrepreneurship will be present; thirdly, how innovation and economic development interrelated with each other will be mentioned; furthermore, the effect of entrepreneurship to economic development will be present; the lastly, the board overview of the triadic relationship. Additionally, how do creativity and problem solving impact the relationship will be mention.
The general relationship between entrepreneurship, innovation and economic growth is seemed to have a strong connection and interplayed with each other. At the first step, there will be present the definition of entrepreneurship. According to a famous economist Schumpeter (1943), the entrepreneur is a sociologically distinctive individual who has a speciality to discover precious opportunity and creates a new product, change the course of manufacturing or totally create an innovative marketable to the economy. Moreover, as Hisrich (2011) indicated that, entrepreneurship is a process of creating incremental wealth. This process