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...

Other Papers Like 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

Examine the Relationship Between Theory and Research Methods

644 words - 3 pages Examine the relationship between theory and research methods (20 marks) Research methods refer to the types of methods and data which are collected in sociological research. A sociologist’s choice of research method depends on whether they adopt a positivist or interpretivist view of society. Positivist sociologists believe that only science can provide the real truth or facts about the world. Positivist sociological theories include Marxism

Discuss The Relationship Between Gospel And Culture In The Mission Of The Church. To What Extent Is All Mission Cross- Cultural?

3400 words - 14 pages "˜what to do and how to do it. Knowing each other's roles they are able to predict and understand what the other is doing.' Through this the act of parenting and teaching may be accomplished. All of these aspects of culture come together to produce order in society because they establish and maintain links between individuals and groups through the things seen as normal, acceptable and understandable behaviour in that particular context

‘Religion Today Is More About Believing Than Belonging’. to What Extent Do Sociological Arguments and Evidence Support This View of the Relationship Between Religious Beliefs, Religious Organisations...

1388 words - 6 pages has any sort of relationship with social groups and society. It is the process of specialisation, which occurs, with the development of industrial society, meaning that separate institutions now carry out functions that were previously carried out by the church – such as education and welfare. Parsons argues that this had led to the disengagement of religion, where its functions have been transferred and its purpose in society is rendered

How Do Person Centred Counsellors Use the Therapeutic Relationship to Facilitate Change - and in What Way (S) Does Person - Centre Therapy Differ from Other Helping Relationships?D

3003 words - 13 pages psychodynamic therapy is to enable a person to deal successfully with their inner emotional differences. The belief is that if someone can understand what happened in the past and what is going on at an unconscious level within their psyche, they can better deal, at a conscious level, with situations that are happening in their life now. This essay will discuss how psychodynamic counsellors use the therapeutic relationship to facilitate change. I will do

This Is A Case Study Of Economic About The Relationship Of The Economic And Software

1137 words - 5 pages do any purchases, and they always to buy the product if the price is reasonable for them or else they are not going to buy it unless they really want it badly. In the other word, as price gets higher, people want less of a particular product.The relationship between the demand of software and the price of computers:Price of related goods (substitutes and complements). Two products are complements for one another then a fall in the price of one

The Relationship Between Public and Private Schools

4090 words - 17 pages get a better education in a private or public school? Chapter 3 will describe the research design, sample population, procedures and instrumentation. This chapter will also discuss the validity and reliability of the instrument use, as well as, describe how the data will be collected and analyzed. Research Design The researcher used correlational research design to determine if there is a relationship between public and private school student

The Relationship Between Supply and Demand Carve

1235 words - 5 pages . Methodology of the study In this study data was collected and information were tabulated, processed and analyzed crucially in order to make the paper fruitful, informative and purposeful. The report has been prepared on the basis of the experience gained during the period of the internship. To prepare the report of internship, I have collected all kinds of related data from the primary and secondary sources. Primary data: There are

The Relationship Between Humans and Animals

1328 words - 6 pages Imagine there is a locked room where a person, a tiger and a rabbit are. What will happen? Without doubt, the tiger is forced to eat the rabbit to live; the person is forced to fight with the tiger for survival. This is the most basic relationship between animal and animal and between human and animal, based on the rule of the jungle. As we all know, even with much stronger ability of thinking, with high IQ, people are still almost the same with

The Relationship Between God and Human

1252 words - 6 pages . Divine Obedience to God is the center of the relationship between God and human in Bible. In order to find the relationship between God and human, I choose a fairly representative example – the text from Genesis 22. The text I choose is about the relationship between Abraham and God. Abraham plays a vital role in Bible. He had a special covenant relationship between the Jewish people and God. Also, he fully believes in God. So I believe this text

The Relationship Between Emotions And Change

423 words - 2 pages What is the relationship between emotions and change in society and organizations? The movie “How to Change the World” presents us with two overarching themes that are displayed as being in a constant state of war with each other: structure and emotion. Greenpeace is at its very beginning and mostly just a group of people that are connected by their emotionally-driven intent to change the environment for the better. They’re not organized

Roles and Relationship in an Ecosystem

576 words - 3 pages ECOSYSTEM A community of plants and animals that live together are related in some ways. No organism can live alone. Neither animals nor plants can survive by themselves. Plants need animals and animals need plants. Both animals and plants need us as we need them. Human needs plants that serve the food and plants need human that produce carbondioxide in able them to survive. * For example, a colony of insects may have a tree as its home. The

Related Essays

Creativity And Its Role In Entrepreneurship, Innovation And Economic Development

1705 words - 7 pages , entrepreneurship, innovation and economic development are closely related. Creativity facilitates the close relationship between entrepreneurship and innovation is order to produce products and services that is new to the market. Problem solving on the other hand, not only plays an imperative role in the basic handling of business and innovations, it also plays an irreplaceable role in maintaining the economic development of a nation. The awareness

Discuss The Economic Relationship Between Consumption, National Income And Investment

707 words - 3 pages place. The government can also cut corporation tax to leave firms with a fraction more that is likely to go on investment. National income is increased by firms continuing to invest to keep up and compete with leading country’s in growth such as China and Germany; moreover technology is a large part of this as it is encouraging firms to invest more into innovation and research. Clearly the issue of the relationship between income, consumption

The Relationship Between Business And The Economic Environment

1320 words - 6 pages selling to US markets might find that they are less competitive. • If inflation is volatile (liable to change rapidly and unpredictably) then this can create an uncertain business climate and in such a climate the willingness to invest is less. Business people will be uncertain of the return on their investments and this can affect productivity in the short term.   Unemployment… …is the number of people available for work and activity seeking

Economic Relationship Between The U.S. And China

904 words - 4 pages In 1972, under the leadership of President Richard Nixon, the United States resumed its economic relationship with the nation of China; in 1979, a bilateral trade agreement was signed by the two countries. Today, China has become one of the largest trading partners with the United States, trailing only behind Canada and Mexico. The United States benefits with this trade agreement due to the large and growing consumer market for U.S. firms and