5.1.1 Introduction
Nowadays, it has become tough to land a job, but entrepreneurs make it easier with their entrepreneurial activities. Entrepreneurs with their innovative ideas and methods create jobs for themselves as well as for others. They often require more than just their skill set and personal initiative to convert their idea to a consumer product or service. Here, they need the services and skills of other people. For example: Bill Gates and Paul Allen started Microsoft, as a small software company in 1975. They dreamt of changing the way we use computers. They succeeded in their efforts and today Microsoft employs more than 100,000 people in their worldwide operations. Thus they helped to create more jobs for the society.
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Entrepreneurship is a key factor in economic growth, innovation and growth of enterprises and businesses. Modern economic methods, market cultures and available of new technologies have helped entrepreneurs in a big way. These help them to bring the capital funds, resources and persons together to establish the enterprise.
In this chapter, you will learn about the role of an entrepreneur in economic development of the country. You will also learn how entrepreneurs act as an innovator in the economic growth and help in the generation of employment opportunities, in complementing and supplementing economic growth.
5.1.2 Role of an Entrepreneur in Economic Development of Country
Entrepreneurships are one of the most important inputs in the economic development of a country. By his entrepreneurial decisions, the entrepreneur acts as a spark to the engine of economic activity in a country. He plays a key role in the development of industrial sector of a country. He also plays an essential role in the development of agriculture and services sector. There are several roles played by an entrepreneur in the economic development of the country.
There are several key roles of an entrepreneur in the economic development of a nation. The key roles are shown in Table 5.1.1. Key Roles of
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New ventures help to stimulate the growth in related businesses or sectors that support new products or services, resulting in further economic development. For example: There were very few pharmaceutical companies in India in the 1990s. The pharmaceutical industry used to provide minimum drugs and related services only. But after 2000, the industry gathered momentum with their R&D activities and the invention of new drugs. Other sectors also immensely benefited from pharmaceutical
Every growing economy needs competition and Rockefeller and Carnegie were no other than the two who had discovered this perfectly. Through modification and deals with private owners, these men found their way to the top just like Steve Jobs and Bill Gates do now. Windows
Companies such as Apple have made a big impact on the world and our lives. Apple has affect our lives by changing the way we do things, for example, we started listening to music differently in 2010. Google also has an impact on our lives also, like the way use our emails which happen around 2009. General Electric provides electric and it has a big impact on how we use appliances.
The Industrial Revolution, which took place from the 18th to 19th centuries, changed the way countries in Europe functioned. Before this it was a period predominantly agrarian. The industrial revolution led rural societies in Europe to become industrial and urban. Preceding the Industrial Revolution, manufacturing was often done in people’s homes, using hand tools or basic machinery. Industrialization let to a shift to powered machines and advanced tools, factorization.
Andrew Carnegie and John D. Rockefeller were hardworking and used their money to help others instead of keeping it for themselves. They both started and donated to charities. Carnegie gave away most of his money before he died and established thousands of libraries.
Industrialization had a massive toll on America and Europe. Industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial one, involving the extensive re-organization of an economy for the purpose of manufacturing. While some might argue that Industrialization had primarily positive consequences for society because there were many job opportunities, although it was actually a negative thing for society. Industrialization’s negative effects were that the children were forced to work so they could help out their families, air and water pollution, and horrible working/living conditions.
Two amazing men who had great hopes of living the American Dream, Andrew Carnegie and John D. Rockefeller. They both started from the bottom of the ladder, poor family, impoverished, and eventually climbed to the point where they became known as many of the men who created America. Their accomplishment started out when they were approached and challenged with difficult situations, but as clever entrepreneur. They were able to overcome the roadblocks, by taking enormous risks and strategic planning. These actions were very successful that it allowed their company’s budget to snowball to the point where they became one of the most wealthiest men on earth.
While some might argue that Industrialization had primarily positive consequences for society because there were many new job opportunities , it was actually a negative thing for society. Industrialization’s negative effects were little or no education, over competition for jobs and child labor laws weren’t enforced. First of all I would like to start off by pointing out that “In the Picture of “an Urban Tenement” you can see that there are kids around the house which is kind of implying that there not in school learning but instead you see them at home with women who which we can imply are their mothers”(document 6).
For example, Thomas Edison used a machine that made tasks faster, and these tasks used to take weeks but now because of the invention it only took a few days(doc 2). The writer of this excerpt was Thomas Edison and he was a major Business leader of his time. He was also a lead inventor who created items to make life easier like the light bulb but he also invented some other machinery to make life more efficient. The document also shows how these business leaders were advancing the nation. Even though people portrayed Business leaders as selfish people.
Growing larger, this also helped booming companies and businesses alike, take over the competition in their field. And lastly, the new inventions, technologies and
This facilitated the growth of regional and national markets, allowing businesses to expand their customer base and sell their goods to a wider range of consumers (Larkin, 2004). The growth of these markets, in turn, created new opportunities for entrepreneurship and innovation, further stimulating economic
The late 19th century and early 20th century brought significant effects on U.S. society. Generally technological advancements were developing, and corporations were being established. At the beginning of this movement, America was benefitting well until these situations developed further. Overtime, Americans gave their opinions and formed unions, organizations, and even a party in these times. As a result, the Industrialization on America impacted The United States significantly.
When capital markets are enables to offer funds, increase the risk of competitive entrants. The industry will becomes a magnet to new if a firm have a very high profit. Unless got way we can solve this problem if not the competition and competitor will increase. Firms in an industry try to keep the new entrants low by barriers to entry, first is economies of scale. An economy of scale is when an industry is characterized by large economies of scale for new firms to enter and participate, if they are willing to accept a cost disadvantage.
A company needs to go through extensive regulatory approval, licensing, high financial backing and investment, an effective distribution network, brand patents and strong brand presence make it a difficult industry to enter or exit. This is why the threat of a new entrant is low to moderate to existing companies. Based on factors mentioned above. But now many pharmaceutical companies are progressing in the market by shifting from traditional business approach to emerging new business approach. The new business technique includes contract research (drug discovery and clinical trials), contract manufacturing and co-marketing alliance.
1. Introduction: A start-up is generally a young business which just begins to develop. These companies are generally meant for innovation of the existing ideas in order to offer product or service that is not available anywhere in market or which are available in an inferior manner. The main essence of start-ups has to do more with high ambition, innovativeness, scalability and growth.
Entrepreneurship takes the economy and the society to the state of progress and prosperity. New businesses can create new jobs and therefore will increase the employment rate of the nation. This will also generate income to the entirety of the nation. People who pursue entrepreneurship can generate new ideas which will provide a diversity of offerings for the consumer (Ramos, 2014).