Dr Saras D. Sarasvathy depicted literature on the entrepreneurial venture creation and entrepreneurial decision-making logic; the casual and effectuation theory, and the effectuation process in (Sarasvathy 2001, 2008), which will represent the foundation framework from the entrepreneurship discipline along with the aid of the tools (to be listed) from the strategic and marketing disciplines. Along with Sarasvathy (2001, 2008), the empirical research of Berends et al. (2013), Nielsen and Lassen (2011), Reymen et al. (2015) that examine her casual and effectuation theory, and effectuation process. They advocate the pivotal influence of uncertainty and risks on which strategic thinking logic “effectuation or causal logic” would the entrepreneur
Higher education may not be fruitful all the way without inducing R&D environment. The importance of R&D is understood as also endorsed by endogenous economic growth theory and knowledge based economy phenomenon. The contribution of R&D in economic growth of a country is manifested mainly by developed countries while developing countries are trying hard to groom in innovative products and services through investment in R&D for sustainable economic growth. R&D, innovation and knowledge workers are elementary indicators for the economic growth by becoming knowledge based economy (Raspe & Van Oort,
Porter’s diamond model is formed to help in understanding the competitive advantage nations or groups hold due to certain factors available to them and how the country’s government can help the companies in improving country’s economic environment. The theory of Porter places innovation and industrialization of geographic which is one of the numbers of theories for competitive advantages which aims at the process and development (O 'Connell et al., 1997). The model believes the home base of a company plays a major role in framing that company’s competitive advantage in global markets. While the classical theories suggested that comparative advantage is based on the endowment of factors that a country may fortunately inherit, Michael E. Porter
Literature Review 5.1. Indian MSMEs 5.1.1. Contribution of Indian MSMEs MSMEs in India have contributed considerably to the Indian Economy through many dimensions and some of the critical contributions include (Prime minister’s Task force,2010)6 a. Sector nurtures entrepreneurship through individual creativity and innovation. b.
The below Figure gives a representation of the continuum of degree of control risk. Where CPPs lie in the risk continuum and how they are managed as part of the Control Strategy for a process should influence how CPPs are administered in validation of the process. For CPPs toward the lower risk end of the continuum, for validation of the CPP it may be sufficient to use only the routine verification established to assure that the
The concept of cooperative entrepreneurship is fundamental. It is closely linked to the viability and sustainability of cooperative enterprise and the cooperative movement. Applied in the cooperative sphere, cooperative entrepreneurship is a process whereby a group of promoters mobilizes financial and non financial resources to launch a new cooperative or revamping the existing cooperative to satisfy the socio economic and cultural needs and aspirations of group of members. That is the definition of cooperative entrepreneurship. Cooperative entrepreneurship in fact seeks to bring creativity, innovation and strategic management into the management of cooperative society.
1. Introduction Nation systems of innovation it is not just a simple term that help only in economic growth but it is a term that connects or interact all the institution that plays a part in innovation that is why it is define as a network of institutions, so this assignment will briefly discuss national systems of innovation by looking at both narrow and broader definition of the concept. 2. Background National system of innovation in a definition of the innovation system that include the elements that interact in shaping innovation process as well as elements that link innovation to economic performance. In Lundvall (1992) economic structures and institutions are introduced as two dimensions of national system of innovation , institutions
S. Graham describes it as the process of sus-taining a level of entrepreneurial development as to create a paradigm shift in economic activity such that national GDP, job growth, capital investment, technology advancement, and quality of life is un-matched, unsurpassed and unequalled. And the hu-man population should strive through local, state and national efforts to seek to establish an economic mentality that is strategically focused on entrepre-neurship and authentic organic economic growth at the community level (Graham 2010). While Shaltegger and Wagner perceive sustainable entre-preneurship as in essence the realization of sustain-ability innovations aimed at the mass market and providing benefit to the larger part of society. By re-alizing such a (radical) sustainability innovations sustainable entrepreneurs often address the unmet demand of a larger groupd of stakeholders (Shaltegger, Wagner
If we empirically analyze the role of creative industries, we find three major roles in affecting an economy’s innovation performance. First, Creative Industries are a major source of new and original ideas and therefore contribute to an economy’s creative potential and the development of new products and services. Secondly, they offer services which may be addition to innovative activities of other companies and organizations within and outside the creative industries. Thirdly, creative industries are demanding users of technology and often demand variation and new advancement of technology, providing new motivation to technology producers. Keeping in mind the importance of creative industries for the economic growth, I would like to discuss some major digitalized creative industries of Pakistan.
Hisrich and Peters (1998), explained that the study of entrepreneurship has relevance today, not only because it helps entrepreneurs better fulfill their personal needs, but because of the economic contribution of the new ventures. According to Hisrich and Peters (1998, pp. ), “more than increasing national income by creating new jobs, entrepreneurship acts as a positive force in economic growth by serving as the bridge between innovation and the market place”. Ekanem (2005), summarized the importance of entrepreneurship to include ensuring rapid development, increased utilization of local resources, provision of a training ground for