His approach was both endogenous, because of the nature of a dynamic economy and exogenous, because of the way that innovations can be boiled down to a change in data. There are many times where literature on the business cycles stresses the roles of the exogenous and endogenous factors at play. The exogenous factors are the causes of the expansion and the endogenous are the causes of a turning point. This fits Schumpeter’s view well because that is how he explained the business cycle working. He felt that expansion was brought about by innovations.
Need of Customer Relationship Management Customer Relationship Management is the biggest and the most proficient approach in maintaining and creating relationships with customers. Customer relationship management is not only business but also strong personal connection within people. Development of this type of connection takes the business to new stages of success. Once this personal and emotional linkage is built, it is very quite easy for an organization to identify the actual requirements of customer and help them to serve them in a better way. It is a belief that more the sophisticated strategies involved in implementing the customer relationship management, the more strong and fruitful is the business.
For this reason, it is a matter of interest to academics, businessmen and governments the world over. Entrepreneurship creates an opportunity for a person to make a contribution. Most new entrepreneurs help the local economy. One
The revenue is growing as opportunity and segment sales in the target market and improves customer satisfaction with products and services. Enterprises applications is a system covering functional areas, focus on the execution of business processes within the business management of business processes and covers all levels of management. The emergence of a global economy, transformation of industrial economies, transformation of the business enterprise, and the emergence of digital firm make information system essential in business. Information system is a foundation for conducting business today. In many businesses, survival and the ability to achieve strategic business goal is difficult without extensive use of information
There are approximately five (5) roles of supply chain managers in a company. The first one is as the supply chain thinker. The supply chain thinker is mostly associated with managers that heavily focus on supply chain itself. There are various issues or cases that can bring a supply chain manager’s attention to light, which is given to traditional management issues including financial goals, investor relations and large marketing issues. In order to solve some of these problems, a supply chain manager must consider the financial division as the main tool in order to implement strategies to solve the financial problems.
Competitiveness of business depends directly on productivity, motivation and loyalty of employees available to an enterprise. Generating of new ideas often coming also from the companies’ employees is one of the factors improving business competitiveness through providing of innovations (Subramaniam & Youndt, 2005). Similarly, skills of employees in rendering high quality service to clients, and ability to sell products or services have direct effect on financial performance of the company Business
According to Joseph A. Schumpeter, entrepreneurs are main agents of economic growth which create new products, find and develop new methods of production, and allocate other innovations to stimulate economic evolution. He also introduced the term “creative destruction” which means the entrepreneurs continually uproot, counterfeit or dismantle existing products or methods of production with the new ones. Next in order, according to Shaker A. Zahra, corporate entrepreneurship is a set of activities to enhance a company’s ability to innovate, take a risk and seize the opportunities that are allocated in the market and targeted on new business establishment, new market allocation with further business pursuing, or both. Then, Robert A. Burgelman mentioned that corporate entrepreneurship refers to the company’s activity in multifariousness through internal advancement which involves new resources to help the firm to develop its activity in the new spheres of
Skill development ensures enhancement in labour force participation, quality of labour and productivity of labour leading to overall growth of economy. Thus, it can be considered as a key growth engine that drives economy forward. The growing demand for skills and entrepreneurship can be understood by various factors influencing employment of an economy and evaluate. Age structure of population, skill set of labour force and structure of economy constitute few of the many factors(Vision 2020, Gupta). Age Structure of Population: Andhra Pradesh has a Skillset of Labour
1.1 Importance of entrepreneurship to the development and growth of the economy of the country What is a reason for starting a business organisation? Well as you all know we live under the industrial times with great need and wants, also limited resources that must be utilised efficiently. Entrepreneurship drives the economy of the country dearly. The early work of Schumpeter in 1911 established conceptually the ‘‘entrepreneur as innovator’’ as a key ﬁgure in driving economic development (Aghion and Howitt, 1992).Firstly as industrialisation continued to ply its trade around the early centuries countries also started developing, there was more trading otherwise known as battering between people. Establishing an organisation is not an easy task
Entrepreneurship has gained utmost importance as it is the major ingredient for the development of the economy. It can be the development of the industry, any kind of regional growth or employment opportunities, all are dependent on Entrepreneurship. In other words we can say that an Entrepreneur lays the foundation on which industrial development and employment openings help in building up a developed society, rise in the per capita income, an elevated standard of living, rise in individual savings, taxes which add to the revenue of the government leading to a balanced development of the nation as a whole. The world has witnessed drastic changes in the economies of various nations, markets and industries. The credit of this change goes to the Entrepreneurs around the globe who have brought innovation in the services/products, brought new organizations into existence and even changed the means of production.