Arianne Polonsky Professor Mary Gale Entrepreneurship and opportunity September 16, 2014 The Monk and the Riddle Ever since I was a child I wanted to follow my parent’s steps and become an entrepreneur. I have always thought that the most important rule when thinking about a new business project was to think financially what would benefit me rather than to think personally. After reading The Monk & the Riddle I agree with Komisar that an entrepreneur is most likely to be successful when following his/her passion.
Technology in todays world gives you the option to do business across the globe, internet shopping has a huge effect on companies , most businesses get a lot of purchases online, this is a big impact on business today. Companies have a wider target market and customer range. An example of competition is Apple and its many competitors. Apple
It also gives incentives for the development of more innovative technology and for workers to acquire marketable talents. Therefore, this allows the economy to exponentially grow. The protection of private property rights and the little government intervention in economic affairs gives workers the incentive to grow their businesses. As believed in the invisible hand theory, when an individual grows their business, they unknowingly benefit everyone else around them, thus increasing the overall economic growth in a nation. Likewise, as shown in the graph on the left, the more economic freedom in a country, the higher the GDP per Capita.
Competition is necessary in order to encourage either existing, or new entrepreneurs to constantly grow and improve, which once again improves the economic situation. AlexAnder S. KritiKoS,
This will help the company to prioritize and strategize the innovation, done by the research department. Lack of experience - Not everybody is impassive to be a businessperson. Analyze the strength and weakness of starting own business. It is important for entrepreneurs to self-starters who are great at arranging, sorting out, and settling on choices that can advantage their business in the long term.
Some economies have much more than others, while other economies are struggling. The Trans-Pacific Partnership is an idea that may help improve economies around the world. The main purpose of the Trans-Pacific Partnership is to boost trade among the agreeing countries and expand jobs and opportunities to these countries as well. Many businesses in countries who have signed this agreement have already begun building facilities in the other agreeing countries. This creates new job opportunities, which in turn can boost the economy through trade and improving poverty levels.
This is one of the reasons that technology is so significant to economic growth. ICT have also inspired other establishment of a global market that didn’t exist before. Through the online marketplace citizens and businesses of all countries/world you can buy and sell goods to anyone in minutes; by doing so it increase the economy’s trade exchange. This digital global marketplace connects individuals in fulfilling their needs and also becoming part of the foreign exchange market; transferring money from one currency to another through online payment services. Kvochko also talks about business innovation in her article, which is a direct result of the connectivity that ICT provides throughout the
Business owners compete in a free market to make the best product or service at a price that will attract the most buyers. The successful businesses grow larger and employ more workers, thereby growing the economy. Proponents of the free market believe that this system encourages innovation, high quality goods, and increases the wealth of countries. The government does as little as possible in a free market economic
For instance, you can see McDonald’s store in almost every countries. In general, globalization has benefited both developing and developed nations, and became one of the most important factors that affect a country’s
Through globalization, people around the world share information as well as goods and services. As a result of globalization, consumers around the world enjoy a broader selection of products than they would have if they only had access to domestically made products. International trade has stimulated tremendous economic growth across the globe-creating jobs and reducing price. As globalization accelerates change in technology, more jobs are created and as a result more people are employed thus increasing their purchasing power. As the demand of consumers rise, more and more products are produced to suit the needs and wants of the people.