First would be the relationship between innovation and economic development. The relationship among those two is significant since it will allow certain countries to enhance as time passes on. One major example of this would be the technological innovational advancements (Entrepreneurship, 2014). Technological innovational advancements impact economic growth. It allows certain countries to progress and improve as time passes.
Entrepreneurs are described as the value adders, who represents the prosperity of the nation and its prospective to produce employment; they are the driving force of any nation. All the same, an entrepreneur owns the following qualities: 1. They are alert to new opportunities, resourceful and energetic. An entrepreneur must and is able to bend in with varying situations. Also, they are enthusiastic to believe the risks in expansion and change.
Entrepreneurship is the result of multifaceted balancing of reward, risk and opportunities. It is a process in which people avail opportunities with help of innovative ideas to fulfil the needs and wants. Entrepreneurial resources are key elements for every developing economy. The entrepreneurial process facilitates economy in industrialization by generating employment and capital. This process plays an important role in increasing the productivity by innovation and especially in redistribution of income and wealth by promoting the social welfare.
Each has its own advantages and disadvantages. Among the different types of innovation processes business can employ: Open innovation is when companies use internal and external concepts to help advance their activities. Open innovation is the use of inflows and outflows of information and knowledge to speed up business innovation. Open innovation is a more profitable way to innovate, because it has the potential to reduce costs, accelerate entry into a market, and create new
The accelerated advancement in technology has been well-documented over time. In recent times, driven by the momentum of connectivity and cognitive technology the nature of work is changing. Cognitive technologies and artificial intelligence are making consistent progress and growing in sophistication. This emphasizes the crucial need for Enterprises and their HR leaders to design and manage the future of work, workforces, and workplaces accordingly. Technologies such as mobility, cloud computing, web conferencing and tele-presence are powering connectivity across the globe and allowing people to work remotely.
SIE create new good or services or produce and deliver existing goods or services in a novel way or to new markets and users. The socially innovative entrepreneurship involves adaptation of business methods in order to create or improve social value through formation of cross sectional partnerships. Socially innovative enterprises create and sustain social value along the whole value chain from procuring from suppliers - employing workers – designing the product/ service – producing – distributing to the market – creating social impact. The generated social impact is sustainable and might be achieved through some kind of systemic change or major social transformation. SI are taking place in the realm of society and for this reason ethics plays an important part in defining them.
Hisrich and Peters (1998), explained that the study of entrepreneurship has relevance today, not only because it helps entrepreneurs better fulfill their personal needs, but because of the economic contribution of the new ventures. According to Hisrich and Peters (1998, pp. ), “more than increasing national income by creating new jobs, entrepreneurship acts as a positive force in economic growth by serving as the bridge between innovation and the market place”. Ekanem (2005), summarized the importance of entrepreneurship to include ensuring rapid development, increased utilization of local resources, provision of a training ground for
Entrepreneurs seek to increase the capacity their undertakings while decreasing the threats. Entrepreneurship is the ability and readiness to build up, coordinate and manage a business along with any peril to make profit and starting a new business is a clear example of it. Searching for favourable circumstances in the market place and at the same time aligning the resources required to utilize these opportunities for
There are several different meanings of the term entrepreneurship. Skills Required by Entrepreneurs An entrepreneur is commonly seen and perceived as an innovator. The skills required for successful entrepreneurship are innovation and ability to be creative to generate new ideas for a business venture. An entrepreneur must
Successful incubation, as applied by various countries, involves a supportive environment that facilitates the creation of new ventures and fulfillment of potential growth and giving such ventures the access to a wide range of business development resources. It also entails providing new ventures with tailored services. Therefore, business incubation is significant in seeding and developing new business ventures alongside technology transfer to facilitate potential growth in most economic sectors within a country (Pappas,