...ECONOMIC DEVELOPMENT IS CAUSED BY ENTREPRENEURSHIP AND INNOVATION HAS TO BE SUSTAINABLE Economic development is separate to entrepreneurship and innovation as it is usually the result of both products together. It refers to changes in living standards or welfare over time. Entrepreneurship and innovation are interlinked and if one of them is achieved, the other must also be. Entrepreneurship is defined as one who introduces “the carrying out of new combinations,” (Schumpeter, 1934, p.74) whereas, innovation is the introduction of a new good or service into the market and can be split into two types: “the first refers to a gradualistic movement as tastes and populations change and refinements in business are developed. The second refers to spontaneous, discrete or discontinuous, internally generated changes which cannot be progressively associated with other causes,” (Binks & Vale, 1990, p.23) therefore, the first is gradual and is described as incremental innovation and the second is spontaneous which would be regarded as radical innovation. Radical innovation is classed as more significant for economic development. It is the idea of a discrete product that changes living standards more so. For example, for the camera industry in 2004: “Kodak and Fuji were among the first to embrace digital imaging technology and currently dominate the digital camera industry. Polaroid, on the other hand, faltered in the introduction of a digital camera.” (Danneels, 2004, p.252) So, this...
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...Catalina Torres Perez Section A1 The Monk and The Riddle 1. What was surprising or different about this book relative to what you know about entrepreneurship? When we think about entrepreneurship books, the first thing that usually comes to our mind is a technical book with instructions on what to do and not do in order to become a successful entrepreneur. What I found fascinating about this book is that the author, instead of giving a list of “must do´s”, is able to connect with the reader trough story-telling and personal experiences, and arise key questions that every entrepreneur must answer before and during a business development in order to be successful. In other words, The monk and The Riddle is no about “how” but about “why” and the importance of passion and vision when it comes to be an entrepreneur. Even if the book does give some specifics techniques that any entrepreneur can use to increase its chances of success, the central themes of the book are existential and philosophical. 2. What did the book teach you about different approaches at entrepreneurship and at being an entrepreneur? One important message of the book is the explanation of VCs´ perspective towards business opportunities and entrepreneurship. VCs are driven for risky ideas that have the potential to become leaders, but most importantly, they invest in the team and in the team´s passion. The team needs to have a combination of soft and hard skills, in order to be able to successfully develop and...
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...technologies, to provide sustainable mobility already today. BMW has announced the creation of a sub-brand devoted to "sustainability" and said it had established a unit for mobility services. Sustainability is business reality about making the business more efficient, without compromising the resources for tomorrow. Sustainability has become a very extensive and complex field. However, many approaches to sustainability of the business are fragmented, often disconnected from the business. The industry's largest luxury car producer said on Monday that its "BMW i" marque would launch its first two vehicles - an electric city car and a rechargeable hybrid car - in 2013. One of the weeks’article proposes a model of how incumbents and new entrants engage in sustainable entrepreneurship. They suggest that in the early stages of an industry's sustainability transformation, new entrants (‘Emerging Davids’) are more likely than incumbents to pursue sustainability-related opportunities. Incumbents react to the activities of new entrants by engaging in corporate sustainable entrepreneurship activities, like BMW compare to other car manufacturers within the field. While these ‘Greening Goliaths’ are often less ambitious in their environmental and social goals, they may have a broader reach due to their established market presence. The interplay between ‘Greening Goliaths’ and ‘Emerging Davids’ theorizes about how it is their compounded impact that promotes the sustainable transformation of...
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...The Nature of Entrepreneurship Danielle Norris Missouri Southern State University Abstract The two keys to a sustainable social enterprise are the economic factors and the enabling technology. Economic factors are key to the social enterprise because when a social entrepreneur has the economic factors align with their mission it can be huge contribution to it’s success. Enabling technology provide many benefits to the social enterprise such as lowering cost or by creating innovative ways to complete thing that could not have been completed before. Some successful SABE have used the blended approach, which has use both the economic factors and enabling technology as a key factor to their social enterprise. The Nature of Entrepreneurship The nature of entrepreneurship can seem very attractive to college students and persons who have recently graduated from college. The desire for college students to become entrepreneurs can be link to the attitudes and personal interests of an entrepreneur seeing that they are very similar to the typical college student’s attitude. There is a unique form of entrepreneur that uses their entrepreneurial attitudes and abilities to seek novel ways to solve pressing social problems; this form of entrepreneurship is called social entrepreneurship. Social entrepreneurs take risk to build social enterprises with the mission to help make lives better. Two keys to a sustainable social enterprise are the economic actors and the enabling technology...
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...which results in high unemployment. The youth of any nation can play a vital role in the economic development of the country, and given the high literacy rate amongst the Pakistani youth, the country is well poised to benefit from its growing youth population. However, even though nearly 23% of this age demographic want to start their own businesses in Pakistan but the major causes that hinder the promotion of entrepreneurship in Pakistan are widespread corruption, lack of proper law and order system, lack of infrastructural facilities, lack of financing and lack of education and skills. As per the Pakistan Economic Survey 2009-10, Pakistan is facing a serious energy crisis. Even though there has been a constant cry for the need of electricity in both rural and urban areas, no valuable steps have been taken to resolve the issue concerning the shortage of electricity. This shortage not only affects and hinders the daily lives of people but also affects businesses. In order to improve living standards of people and to enhance the economic growth of the country; sustainable, renewable energy solutions need to be taken to overcome the energy crisis. For example, the government needs to provide incentives to encourage the production and use of electricity from sunlight via solar lamps and lights. This cannot only produce electricity but can also improve the livelihood of rural youth by creating opportunities for innovation and...
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...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing...
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...* Home * About * Contact * Advertise with us * Submit an Article * You are here: Home » Economics » Entrepreneurship Development in Nigeria Entrepreneurship Development in Nigeria by ivor Ogidefa in Economics, November 29, 2010 The development of entrepreneurship in Nigeria. Entrepreneurship Development in Nigeria started when people produce more products than they needed, as such, they had to exchange these surpluses. For instance, If a blacksmith produced more hoes than he needed, he exchanges the surplus he had with what he had not but needed, maybe he needed some yam or goat etc. he would look for someone who needed his products to exchange with. By this way, producers come to realize that they can concentrate in their areas of production to produce more and their exchange with what they needed. The modern entrepreneurship development in Nigeria started with the coming of the colonial master, who brought in their wears and made Nigeria their middle men. In this way, modern entrepreneurs were engaged in retail trade or sole proprietorship ISSUE PROBLEM One of the major factors that have in many ways discouraged this flow of entrepreneurship development in Nigeria is the value system brought about by formal education. For many decades, formal education has been the preserved of the privilege. With formal education people had the opportunity of being employed in the civil service, because in those days the economy was large...
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...1 ENTREPRENEURSHIP AND THE ENTREPRENEURIAL MIND-SET I. THE NATURE OF ENTREPRENEURSHIP A. Entrepreneurial actions begin at the nexus of a lucrative opportunity and an enterprising individual. . B. An entrepreneurial opportunity could stem from introducing an existing technological product used in one market to create a new market or it could be creating a new technological product for an existing market or creating a new product for a new market. 1. Because opportunities exist in high uncertainty, entrepreneurs must use their judgment about whether or not to act. 2. The individual’s prior knowledge can decrease the amount of uncertainty. C. The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action. 1. Signals of changes in the environment that represent possible opportunities will be noticed by some individuals but not others. 2. Individuals with knowledge of markets and technology are more capable of detecting changes in the external environment, and if motivated will allocate further attention to processing this information. 3. The result of Stage 1 is an individual’s realization that an opportunity exists for someone. 4. The result of Stage 2 is the individual then needs to determine whether it represents an opportunity for him or her. D. To be an entrepreneur is to act on the possibility that one has identified an opportunity worth pursuing and it involves...
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...1.) What is the fundamental purpose of this book – and, it follows, of the course? The fundamental purpose of this book is to teach us the great importance of corporate entrepreneurship and innovation that helps companies sustain their competitive advantage. Companies today know that they must be faster, more flexible, more aggressive and more innovative in order to maintain the competitive edge. The focus is on creating work environments where entrepreneurship is not the exception, it is the norm. Therefore, the purpose of this course is to teach and challenge us to develop and defend our opinions regarding the matters related to corporate entrepreneurship. We will then take these ideas, concepts, tools, and frameworks to which they are exposed and apply them in a series of real world cases and contexts. 2.) What, then, is the fundamental choice that established companies are being faced with? The fundamental choice that established companies are being faced with is the choice of whether or not to start using “new management thinking” or sticking to their old methods. Companies today are forced to be able to adapt, adjust and redefine themselves to be able to sustain their competitive advantage. They must continually accept new ideas, methods, and things that haven’t been tried before. The only way to sustain that competitive advantage or get a jump on the competition is to be continually innovative in coming up with new bright ideas. 3.) What are the two key...
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...Semester Entrepreneurship and Business Maris Farquharson Discuss the relationship between entrepreneurship, innovation and economic development. Yasong Zhao Student ID: 6511938 Word Count:1994 1. Introduction Over the past decade or so, the term entrepreneurship has become a fashionable way to describing the attempts at large-scale change by individuals and organizations. During this procedure, Innovation as the most important component of entrepreneurship is at a leading place, whereas, the combination of the two is vital to economic growth and sustainability in today’s dynamic and changing business environment. As a result, exploring the synergy relationship (either conceptual or practical) between entrepreneurship, innovation and economic development is gaining significance. They are complementary and related to each other, not at an initial stage of a new venture; rather they are dynamic and holistic processes. This integrative interaction between the three has had a positive and comprehensive impact to the whole society. Therefore, the role of sustainability is highlighted as the guidance to entrepreneurial and innovative decision making in the organisations or by individuals. This paper will first look into the relationship of the three by discussing each two of them, and then focus on the importance of sustainability from ecology, economy and social levels. 2. Relationship between entrepreneurship, innovation and economic development 2.1 Entrepreneurship and innovation...
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...An Exploratory study on the Challenges Faced by Young Male Entrepreneurs in Karachi Research Proposal Spring 2016 4th Feb 2016 Submitted To: Dr. Jawaid Qureshi Submitted By: Abdul Basit - 1435199 Syed Muhammad Haseeb - 1435218 Contents 1. Introduction 2 1.1 Background 3 1.2 Aims of Research 4 2.0 REVIEW OF LITERATURE 4 3.0 RESEARCH METHODOLOGY 6 3.1 Research Questions 6 3.2 Research Design 6 3.3 Sample Size 7 3.4 Research Instrument 7 References 9 1. Introduction: Interest in entrepreneurship in economies has grown within international business research due to the failure of getting employment, limited success of microfmance, lack of experience and knowledge and the relatively the unfulfilled promise of Government sector solutions. Research argues that entrepreneurial orientations and opportunities can be the answer to the former issue. In recent years, entrepreneurship has been regarded as an important element not only of regional economic growth itself, but of economic resilience. It has been suggested that this generation should become known as E-Generation because, they are expected to become the most entrepreneurial generation since the Industrial Revolution (D. F. Kuratko, 2004). This would be no surprise as a Gallup poll (Walstad, 2010) conducted in 2010 found that 69% of its 602 surveyed university students expressed interest in starting a business. However, a similar kind of pool which have the students who has just started their...
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...Micro enterprise is a low level or small business unit run on the basis of single or group ownership. Micro entrepreneurship promotes entrepreneurial potential among women. It reduces economic dependency and encourages all round development of a community. Empowerment means the process of change by which a person or a group acquire power or capability over their existence such as prosperity availability of resources, increased self-confidence and decision making power. Women empowerment refers to the complete liberation of women from socio economic dependency and impoverishment. Women empowerment leads to economic growth, poverty reduction, increased well-being, etc. Self Help Group (SHGs) based microfinance programme is a...
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...menv i n n o va i n f o r m at i o n vi 2008:23 research on women´s entrepreneurshp A presentation of the ten projects funded by the programme Title: Research on Women´s Entrepreneurship - A presentation of the ten projects funded by the programme Series: VINNOVA Information VI 2008:23 ISSN: 1650-3120 Published: December 2008 Publisher: VINNOVA – Verket för Innovationssystem / Swedish Governmental Agency for Innovation System VINNOVA Case No: 2007-02271 About VINNOVA VINNOVA, Swedish Governmental Agency for Innovation Systems. VINNOVA´s mission is to promote sustainable growth by funding needs-driven research and developing effective innovation systems. Through its activities in this field, VINNOVA aims to make a significant contribution to Sweden´s development into a leading centre of economic growth. The VINNOVA Information series includes general publications that describe VINNOVA’s activities as well as specific programme descriptions, project catalogues, annual reports, etc. Research and Innovation for Sustainable Growth. VINNOVA´s publications are published at www.VINNOVA.se I VINNOVAs publikationsserier redovisar bland andra forskare, utredare och analytiker sina projekt. Publiceringen innebär inte att VINNOVA tar ställning till framförda åsikter, slutsatser och resultat. Undantag är publikationsserien VINNOVA Policy som återger VINNOVAs synpunkter och ställningstaganden. VINNOVAs publikationer finns att beställa, läsa och ladda ner via www.VINNOVA.se. Tryckta...
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...What is entrepreneurship? Introduction Entrepreneurship is also known as helping to create healthy and profitable competition in the market, but what is the entrepreneurship? There is no standard answer. The purpose of this article is to defining the entrepreneurship by integrating the existing theory. At first, reviewing the origin of entrepreneurship, nothing generated without reason, critically analyzing the origin will promote to understand the meaning of entrepreneurship. Secondly, defining entrepreneurship by combine the different theory and taking examples to support definition. The origin of entrepreneurship Entrepreneurship was developed from “entrepreneur”, with the development of economic, how to operate a firm and how to do better than a chief executive officer was consider in 16th century, economists made attempt to study in depth about chief executive officer and come up with “entrepreneur”. Although at that time, this word “entrepreneur” was not existent, economists still realized this phenomenon and tried to describe it. As a factor in microeconomics, entrepreneur, was study by several scholars and until the 1723, this word was represented by Cantillon (Muljadi Paul, 2000, p.5). The economic development promote to establish a company, therefore, the word “entrepreneur” was born. Cantillon (1755) indicated that entrepreneur is a risk taker and profit taker, they try their best to make profit by grabbing the opportunity. Cantillon was a pioneer of study entrepreneur...
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...the global topic of entrepreneurship, review entrepreneur traits and social entrepreneurship trends. Studies suggest entrepreneurs post success possess common traits, suggesting traits can be acquired. With these strong traits, entrepreneurs have the potential to produce substantial change on all levels of the triple bottom line. Profitability is equally as important to both commercial and social entrepreneurs. However, it is where they funnel their profits and their driving forces that differ. With so many social issues globally, there are a myriad of social entrepreneurship trends. However, this report focuses on community-supported agriculture, youth homelessness and support for refugee women, all of which are in need of extra support from social entrepreneurship. Contents 1.0 Introduction 1 2.0 Section 1: Overview of Entrepreneurship 2 2.1 Entrepreneurs 2 2.2 Social Entrepreneur 4 3.0 Section 2: Current Trends in Social Entrepreneurship 7 3.1 Community Supported Agriculture 7 3.2 Social Integration and Employment for Refugee Women 9 3.3 Youth Homelessness 10 4.0 Conclusion 11 5.0 References 12 1.0 Introduction The purpose of the report is to review entrepreneurship, identify the traits of an entrepreneur, and examine the factors that differentiate social and commercial entrepreneurship. Whilst entrepreneurship is considered a driving...
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