Difference Between Innovation And Innovation
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WHY HAS THE IDEA THAT ENTREPRENEURS ARE THE DRIVERS OF ECONOMIC GROWTH BEEN SO ATTRACTIVE?
Macroeconomics – a study of large scale general factors of economics – states that innovation brings in economic growth. Economic growth is an increase in the capacity of an economy to produce goods and services, from one time period to another. It is usually measured in terms of GDP or GNP. Entrepreneurs are the risk takers, the innovators who set up new businesses and take financial risks in an aim of profit making. Entrepreneurs are actually the innovators, the ones who bring in out of box ideas and transform the methods into new ways. These innovators create about 50% of the economic growth because establishment of new business creates more jobs and improves economic conditions.
Nowadays, innovation is one major aspect that has all the characteristics of an economy. Some years back, the word innovation was the most unknown and not understandable but now innovation itself is a concept that has conquered the world. To get to the actual reason why this concept has been so famous is more important because it has been known that innovation is usually affected by negative attitude and position of people. Today, a new economy is being formed, known as the innovative economy. Not all agree with this concept but yes it covers the overall concept of the economy which
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