Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development
Discuss the relationship between entrepreneurship, innovation and economic development.
With the rapid development of a dynamic global economy, increasingly countries are seeking breakthroughs in their economic development. Stimulated by these ever-increasing competition pressures, exploitation of new ideas and businesses which provide great potential for economies to thrive, accordingly, is gaining widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with the purpose of benefiting economic development from these competitive advantages (Stoneman, 1995; Zhao, 2001). It is universally held that entrepreneurship and innovation are complementary and their combination can efficiently contribute to economic performance (Grupp, 2001; Stoneman, 1995). During the transfer from idea creation to eventual economic development, innovation is supposed to be a necessary condition, but it also demonstrates great insufficiency which can be completed by entrepreneurship’s mediating effects (Audretsch, 1995; Camp, 2005). This essay will use a host of theories and examples to primarily analyze the relationship among innovation, entrepreneurship and economic development and state the roles that creativity and problem solving play in these relationships.
The basic relationship between innovation and entrepreneurship is generally believed to be complementing and interacting with each other. Innovation is a base from which entrepreneurship can follow. Ireland, Hitt, Camp and Sexon stated that a significant innovation can lead to a successful entrepreneurial venture. Review the business history, there is a simple model which was put forward by Brazeal and Herbert that can illustrate that innovation is the base of entrepreneurship. This model is
With the rapid development of a dynamic global economy, increasingly countries are seeking breakthroughs in their economic development. Stimulated by these ever-increasing competition pressures, exploitation of new ideas and businesses which provide great potential for economies to thrive, accordingly, is gaining widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with the purpose of benefiting economic development from these competitive advantages (Stoneman, 1995; Zhao, 2001). It is universally held that entrepreneurship and innovation are complementary and their combination can efficiently contribute to economic performance (Grupp, 2001; Stoneman, 1995). During the transfer from idea creation to eventual economic development, innovation is supposed to be a necessary condition, but it also demonstrates great insufficiency which can be completed by entrepreneurship’s mediating effects (Audretsch, 1995; Camp, 2005). This essay will use a host of theories and examples to primarily analyze the relationship among innovation, entrepreneurship and economic development and state the roles that creativity and problem solving play in these relationships.
The basic relationship between innovation and entrepreneurship is generally believed to be complementing and interacting with each other. Innovation is a base from which entrepreneurship can follow. Ireland, Hitt, Camp and Sexon stated that a significant innovation can lead to a successful entrepreneurial venture. Review the business history, there is a simple model which was put forward by Brazeal and Herbert that can illustrate that innovation is the base of entrepreneurship. This model is