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Discuss The Relationship Between Entrepreneurship, Innovation And Economic Development. What Roles If Any Do Creativity And Problem Solving Play In This Relationship? Refer To Both Theory And Examples From The Business

916 words - 4 pages

In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land ...view middle of the document...

Innovation is from problem solving and creativity but there are to forces to develop it, there are ‘science-push’ and ‘demand-pull’ creativities. The former means new technology drives new products processing, which is related with development in producing, the latter one represents new market attracts innovation in producing, which is related with consumers’ increasing needs. As Schmookler (1966) defined, innovator is used to describe the first firm which put new technology change into producing and its action is called innovation. Although it is argued that innovative companies may not be the highest growth firms (OECD workshop on’SMEs, 1996), innovation has positive effects on economic development. New products enlarge the categories of supply; new consumers’ needs increase quantity of demand in the market. Because both demand and supply rise, economic develops. Hilary Andrews, the founder of Mankind which is Britain's leading online male grooming retailer, has found out men kept asking for suggestions on grooming products for their using but they refused walking into shops. She was able to found out an emerging market by solving male’s problem, and applied online shopping which is an innovation of technology in 2000. By 2005 Mankind’s turnover had grown to £3 million (Burns, 2007).
In an open market, individuals are allowed to act on their entrepreneurial insights and produce or process. But entrepreneurship also is limited by, for example, the development of technology. It limits entrepreneurs must trial an efficient way to solve their problem. Technology development needs capital invested, not only money but also equipments and labour. These can be satisfied when economic developed with investment increasing to promoting new processing. By using new processing there would be more goods produced, which has positive effects on economic development. Erwin Danneels has argued...

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