He felt that expansion was brought about by innovations. Innovation brings new techniques, products, forms of organization, and new markets. It is not only a new way of doing things, but it is also new men and firms. He discusses the ebb and flow and compares the economic system to a wave. Innovations come in cluster and these innovations attract entrepreneurs to market and sell them.
In the raging markets of today’s economy, innovation is considered to be a tonic for the survival of all sized businesses. The growth and survival of firms are directly linked to their ability of continuous innovation. The above literature also proves the importance of SMEs on the overall economic growth Bowen and Ricketts, 1992; Henderson, 2002). SMEs are the most evaluated firms under the radar of growth by innovation. (Oke, Burke and Myers, 2007) suggests that one of the major reason for SMEs to come into existence is the development of radical innovation.
358-359). The factors, like better secured property rights, improved infrastructure, a changed fiscal regime, greater access to finance, and a higher protection of traders and manufacturers slowly started to be visible in the economic development of the country. After this date, the number of patented inventions started to rise and the great flowering of technological change that was to be at the heart of the Industrial Revolution began to be evident. Innovations took place on many fronts, reflecting the improved institutional environment (Acemoglu & Robinson, 2012, p 366-367). However, we should not forget that the industrialisation was predominantly focusing on a limited number of sectors, such as textiles, and largely bypassed the service industries (Clarke,
A manufacturing sector is looked as the next era of global growth and innovation. It is also crucial in contributions to the global economy today. A dynamic new phase has begun to the manufacturing sector due to the new consuming class emerging in the developing nations. As per the world bank manufacturing now accounts for approximately
Business are what determines whether the business is making profit or not which later contributes to economic growth of a country. By all of that one can understand economic studies as allocation of scarce resources to satisfy unlimited wants. 2. Economic growth and Business cycles 2.1 Economic growth Traditionally defined, economic growth is the annual rate of increase in total production or income in the economy (Mohr et al., 2015:410). Usually economic growth is considered a good thing for the economy.
Introduction While our world has always experienced change, the rate of change is speeding up (Becky, 2010). The rapid changes in the world today have had a tremendous impact on human behaviour, market trends and the economy. Under the general trend of increasing global economic integration, informationisation and networking, the rapid advances in science and technology have been the central driving force behind economic growth and development. It is important for every business to be able to identify its strengths and weaknesses and to overcome any shortcomings through reforms and innovations while also developing its own competitive advantages. Innovation is crucial to the electronics industry because if an electronics company can move to
Entrepreneurships always use their advantages to make the economic grow well. The advantages can include that they provide the employment and improve people’s consuming ability; moreover, they make a contribution to nation’ tax and education. When the unemployment rate increases, the enterprise can provide opportunities to people who hunt for work to earn a living. When the world is eager for finding out
Entrepreneurship refers to all those activities which are to be carried out by a person to establish and to run the business enterprises in accordance with the changing social, political and economic environments. Entrepreneurship includes activities relating to the anticipation of the consumers likes and dislikes, feelings and behaviors, tastes and fashions and the introduction of business ventures to meet out all these expectations of the consumers. Entrepreneurship is the ability of entrepreneurs to assess the risks and establish businesses which are risky but at the same time suits perfectly to the changing scenarios of the economy. “Entrepreneurship as the function of seeking investment and production opportunity, organizing an enterprise to undertake a new production process, rising capital, hiring labor, arranging the supply of materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers of day to day operations of the enterprise”. According to Schumpter, “Entrepreneurship is the purposeful and systematic innovation.
Over the last century the rapid technological changes and the massive exploitation of information set the foundations for many entrepreneurs to evaluate attainable enterprising and foresee future possibilities which led to the creation of new products and services and the segmentation of the market in smaller parts. Numerous start ups were created due to the desire of many individuals to create their own autonomous venture with ultimate goal the profitability. It was not only the need for autonomy and independence but also the urge for dominance and sustainability in a competitive environment. Successful strategic entrepreneurship occurs when individuals based on their experience manage to use the resources in such an effective way so they
1. Introduction Globalization of economy and the aggressive competition motivate companies to explore ways of internationalization and contribute significantly to nation 's economic development. During last decades, various scholars had examined Internationalization as a phenomenon from different point of views, such as strategic management, international management and small business management (Korsakienė & Tvaronavičienė, 2012). Firms internationalization is considered an important measure of competitive performance at both national and regional levels. Internationalization participates in revenue growth of the firms as a result of economic scale and scope, management knowledge and manufacturing efficiency (Korsakiene, 2014).