In order to be an entrepreneur, an individual must create something new and different from the existing products/services or of transmuted value. The success of any Innovation is built on the strengths and work of the entrepreneur executing it. In terms of (Schumpeter and Clemence, 1989) an entrepreneur plays a major role in the ‘Creative destruction’ process, by constantly assimilating unused knowledge in order to set up improved production functions and forms for the production and marketing the new products. Thus for any entrepreneur to demonstrate innovation as its key strength, it must execute the concept of the idea into practical usage by infusing sufficient resources such as capital and undivided support of the institutional leadership. (Bessant and Tidd, 2007) discuss in book Innovation and entrepreneurship talk about how Entrepreneurship and innovation can’t be assumed to be all about a bright idea.
Competitive advantage is being run for and more companies are investing in IT in order to reach quality and quantity of goods and services. They are replacing their operating models by using Internet and new software’s. Organizations that are making changes in their sectors by including information technology innovations are gaining competitive advantage. This is called Schumpeterian competition. This turn towards innovations
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.
It is one of the imperative fixings to the formation of new employments and in the working of groups in methods for offering them jobs. By contributing to local charities, joining in neighborhood business, investing in projects in communities and creating and taking an interest in various systems in entrepreneurship, they develop robust society 's which add to the society 's advancement. Governments should create strategies which will upgrade entrepreneurship by understanding the basic contrast existing between small business owners and entrepreneurship. In the meantime, a misinterpretation about entrepreneurs and where entrepreneurs can be found can likewise help the nearby individuals to develop the right picture of entrepreneurship and along these lines become aggressive and add to economic
Innovation, Entrepreneurship and the Economic Theories Entrepreneurship begins with innovation and innovation itself has no limits. Entrepreneurship and innovation are without a doubt connected. However, there is a difference between the two. There is a risk associated in entrepreneurship which is not there in innovation. Innovation is bringing value to an idea and entrepreneurship is bringing the innovations to life.
It also considered as a vehicle to incorporate human capital, enhancing research and development and bring along innovation in an economy (Glaser, 2006). As per Schumpeter’s concept of entrepreneurship, the advancement of the entrepreneurship industry is a valid indicator of innovation. Therefore, improving the entrepreneurship policies and promoting innovation programs would lead to sustainable and economic development. Lindstrand (2003) earmarked that in the actual competitive and challenging business environment, the success of any firm is not solely the performance of the firm itself. In fact, it largely depends on how the firm is creating its own network for repeated buying and long term survival.
he says that specialization promotes efficiency of work, save time, then it leads more production then more production and trade will spread through this nation become prosperous He strongly believed in free trade it organize through networks of market he opposed to mercantilism and state intervention in market he believe that market will do efficient allocation of productive recourses land, labor, capital. he says that in self regulating market was an invisible hand which organize the economy efficiently so that automatic mechanism competition in the market led to productivity and growth of the economy so that all classes of the society will
Entrepreneurs are similarly, if not more, critical when the economy is doing badly. At the point when unemployment is high and the economy is contracting or stagnating, dynamic entrepreneurship could turn the economy around. By developing novel products or increasing competition, new firms can boost demand, which could in turn create new job opportunities and reduce unemployment. For instance, For example, Capitalist economies are not the only one in empowering entrepreneurs. Managed economies, such as China 's, are starting to empower and encourage entrepreneurship.
In a similar aspect, there has been a resurgence of interest in the pathway of entrepreneurship in innovation, employment creation and growth of economic, but here the primary focus has been more on the advanced economies. This journal mostly focus in particular on the entrepreneurship–innovation nexus in the context of development and surely refer to the findings contained in the book Innovation, Entrepreneurship and Economic Development edited by Adam Szirmai, Wim Naudé and
Humans are entrepreneurial by nature and had always desired to improve our material well-being, which drives us to in¬novate through new business implementations. Public policies such as laws can have a significant impact on the in¬centives for entrepreneurial activity despite the pervasive tendency toward entrepreneurship and economists often call these incentives the “rules of the game” and en¬trepreneurs must calculate the risks against the potential expenditure when making the decision to take on a new business. Entrepreneurs change the face of business while so¬cial entrepreneurs act as the change agents for the soci¬ety, seizing opportunities others miss and improving systems, inventing new approaches, and creating solu-tions to change