Researchers agree that small businesses represent the lifeblood of the economy. They create jobs, launch products and invent business models. However, small businesses have weaknesses, too. They suffer from being fragile, particularly during the early stages of their growth. Consequently, creators of economic policy worldwide are interested in the processes of their formation, establishment and growth in order to improve their survivability.
The model assumes that a developing economy has a surplus of unproductive labor in the agriculture sector. These workers are moved to the growing manufacturing sector where the wages are 30% higher. It is also assumed that the wage in the manufacturing sector is fixed. The entrepreneurs in the manufacturing sector will make a profit because they don’t have to give a large portion of profit to pay the wages of the labor. The model then assumes that these profits will be reinvested in the business in the form of more fixed capital.
Innovation is bringing value to an idea and entrepreneurship is bringing the innovations to life. Over the years, society has benefitted from innovation significantly. ‘Economists estimate that between 50 and 80 percent of economic growth comes from innovation and new knowledge’ (Urama and Acheampong, 2013). This report illustrates how innovation has contributed to economic development and the different economic theories of entrepreneurship in relation to innovation. Innovation has helped with globalization and the interconnectedness of communities, as well as strengthening competition and creating job opportunities for people.
As the chair of the board’s personnel committee I think that all of the above challenges can be applied on READ adopting FWA program. However, one of the most important challenges may be the industry READ is operating in. As Daniel said, ‘ This type of flexibility in a small organization such as READ, Inc. will lead to poor or less service to customers and more disruptions to operations.’ Since the full-time staff conducts most of the programs, and in nature the industry isn’t really flexible, Daniels concerns may be relevant and display a very important issue that shouldn’t be ignored. Another challenge that we might be facing is the resistance of employees to the adoption of FWA program that was obvious when Daniels mentioned her concerns of any loss in productivity or disruptions in operations and strongly opposed this new program. This might be a great issue; for we need to take into consideration that Daniels is the organization’s executive director (ED) and the fact that she has been with READ, Inc. for more than fifteen years
Microfranchising an Inclusive Business Model By SUNANDA S Ph.D. Student FMS, Delhi University, New Delhi I. Introduction: “Microfranchising” a business model which is used as an economic development tool is currently prevailing in many developing countries, especially India. The proponents of Microfranchising in Brigham Young University (BYU)’s Marriott School define “microfranchise” as small businesses that can easily be replicated by following proven marketing and operational concepts. BYU points out that the “overall objective of Microfranchising is to promote economic development by developing sound business models that can be replicated by entrepreneurs at the base of the pyramid; therefore, the start-up costs of Microfranchises
It was established on the believes that entrepreneurship is a strong arm and positively related to our future economy. We present a different idea, a unique and initiative opportunity for everyone who interested in education... Five years back, the entrepreneur education gathering has automatically expended to more than 70 cities or places. Entrepreneurs definitely a practical side. Such we a marketing research, Planning and others unique ideas or innovative techniques. Education brings an entrepreneurs a true entrepreneur.
Today Entrepreneurial development has become very important in view of its being a key to economic development. The industrial development objectives includes employment generation based on the regional growth of entrepreneurship and its development and regional growth. An enterprise is created by an entrepreneur and this process is known as “Entrepreneurship”. 1.1.2 Definition of Entrepreneur The capacity and willingness is to develop manage and organise a business venture along with any of its risks in order to make profit. Beginning of new business is the most obvious example of entrepreneurship that is also the basic quality of any business owner.
Small scale industry is a crucial element in development strategy because of high employment intensity, favorable capital output ratio, greater scope for disbursed location, development of local resources, promotion of exports and attainment of social justice and regional balance. Small scale industries have to play an important role in the economic development of The Gambia, particularly in terms of providing additional employment and generating income and thereby raising the standard of living of the people in rural and urban areas.There can be real development if poorest of the poor get the benefits of development. It may be stated that the development of small industry on right lines and with appropriate strategy can revolutionize the Gambian economy. The development of small industry can go a long way in achieving much cherished goals like elimination of unemployment and poverty, raising the standard of living of the people, attainment of balanced regional development and averting the wastage of human resources. Indeed, effective utilization of human resources depends on the generation of employment opportunities.
The construction industry plays an important role in the socio-economic development and in generating employment in the country. In developing countries like India, the intensity of construction activity is considered as a sensitive indicator of the economic growth. It is one of the stable growing industries in India and the largest economic activity after agriculture. There is a high demand for unskilled and semi skilled workers in the construction
Tourism has an important impact on job creations and is employment intensive. It offers a direct and accessible entry point into workforce, in both urban and rural communities and particularly in developing countries. One out of every eleven jobs worldwide is directly or indirectly linked to tourism. Its global spread in industrialized, developing and developed states has produced economic and employment benefits in diverse sectors – including from construction to agriculture or telecommunications. Developing and emerging economies have a huge share in this growing sector, with 45% of all international tourists arrivals coming from developing countries, this number is expected to reach 57% by 2030.