According to the Oxford Dictionary (2018), entrepreneurship is the activity of taking on financial risk and setting up a business with the goal of attaining a profit. Bessant and Tidd (2015) expands on this, introducing the idea that entrepreneurship is the mixture of energy, judgement, vision, commitment and risk taking behind the innovation process. Similarities with innovation are thus recognised with both terms involving the successful exploitation of new ideas (Bessant & Tidd, 2015). Innovation is defined by Bessant and Tidd (2015) as the implementation of incremental change or introduction of radical products, processes, methods or services in business practices. Successful innovators understand the process of building capability and strategy to allow space for adaptation in the modern business environment (Bessant and Tidd, 2015).
They also have the advantage of a lower cost of living, so a young individual entrepreneur from an underdeveloped country can take on the might of the multi-million dollar existing product from a developed country. Entrepreneurs contribute to community development. Entrepreneurs consistently support entrepreneurial endeavors by other similarly invested people. They also invest in community projects and provide financial support to local charities. This empowers further improvement beyond their own particular endeavors.
The ideal situation for a business is that it will grow, and the more they produce the less it cost to make that product. This situation is called economies of scale, and it is a common outcome of expansion (Openstax, 2016). This is often why large companies can afford to sell items at a lower price than small businesses. While economies of scale is common, there is still another possible outcome. Unfortunately this one is less appealing but one that depends largely on the marginal cost of a business’ product.
Many economists and educators believe that these types of experienced entrepreneurs foster the robust entrepreneurial culture that exploit personal and communal economic and social success at sub-national, national, and international level. A strand of literature explains different categories of entrepreneurship, which are of paramount importance in explaining the economic growth, employment and population. The task of this study is to identify those factors along with the role of education, Research and Development activities which significantly explain the entrepreneurial potential and skills and at the second stage, to examine the impact of those entrepreneurial skills on economic
What is Entrepreneurship? Entrepreneurship is an activity of the process, in general the following entries than one occasion, one or more proactive person, context, innovation, risk and organizational value resources, new products or processes, profit or gain and growth. Entrepreneurship is developing a business from start - give an idea into a profitable business. But while the definition of the spirit of enterprise as simple as possible, the performance is much more difficult. Entrepreneurship is the travel opportunities for exploration and risk management to create value for the benefit and / or social.
In addition to this, entrepreneurship also boosts the competitiveness of goods and services in the economy, making firms more competitive in terms of achieving efficiencies as well as in serving better the customers. However, it has been noted that entrepreneurship can have a positive impact only when it is
The government should change the policies to close to free market economy because it has a lot of advantages for developing country. First one is circulation of money increases and competition also increases if more and more businesses are opened they compete with each other and growth can occur in a short period of time. Second advantage is the money coming from taxes for the government rises. As much a company earns as much money they pay for taxes. Obviously it is beneficial for the economy.
High-tech innovations translating into wealth generating ideas could also improve if more PhDs and research scholars are provided a flexible supportive environment for Entrepreneurship in their institutions. There are major problems of availability of skilled employees. More than a third of the entrepreneurs face problems in both recruiting and retaining employees. As such, VET and skill development is going to be critical for Entrepreneurship and employment generation in India. While recognizing recent government initiatives to significantly raise allocation for education, some suggestions on improving the educational space for Entrepreneurship include the following: improve content and learning methods; introduce Entrepreneurship as a compulsory subject in business schools (also consider prospects for NRI and alumni networks’ involvement in funding new Entrepreneurship schools); encourage student-led entrepreneurial activities on campus with active stakeholder participation; and introduce performance based VET (linking performance to outcomes, incentivizing states, introducing English speaking skills, learning by doing etc.).
Through the aspect of tourism, poverty could be reduction. Nigerian who is trapped into vicious cycle of poverty and need some resources to change their life to become better can done by through the tourism. This is because tourism can provide some employment opportunities for them. At the same time, tourism can provide the country with more social infrastructure like motorable roads and build some tourism attraction center to attract the sight of traveler. If there is more traveler come into one country, there will boost the economy of one country.
Chapter 2: LITERATURE REVIEW 2.1 What is entrepreneurship? A modern world is facing an era of an intensive growth of entrepreneurial spirit all around the globe. Nowadays with the development of all spheres of modern time, more and more sides of life are open to be re-thought, combined and optimized, which is being executed by an entrepreneur, who first sees the opportunity of a new project to be started and after that takes responsibility of its implementation and sustainable growth. An economic history shows a long-lasting transformation of a definition “an entrepreneur”. However it is possible to use one which reflects a modern understanding of entrepreneurship.