Sustainability in Entrepreneurship, Innovation, and Economic Development
Discuss the relationship between entrepreneurship, innovation and economic development. What role does sustainability play in this relationship?
Refer to both theory and examples from the business world to support your discussion.
In today’s economy, entrepreneurship is an important subject and entrepreneurial abilities have become a pivotal requirement both nationally and globally. However, enterprises that succeed mostly do so as they are capable of change for the better, through innovation. So for an enterprise to be successful innovation is required. Creativity and innovation is at the heart of the 21st century. For example in the United States alone, more than 16,000 firms operate their own research labs! These successful enterprises and their advancements in innovation as a result lead to a country’s economic development. Economic development has become a focus of attention by governments around the world. As the UK Office of Science and Technology (2007) put it, “Innovation is the motor of the modern economy..” Thus there is no doubt that a connection between entrepreneurship, innovation and economic development prevails. The three factors are complementary because innovation helps any form of entrepreneurship to prosper, thereby increasing its economic value, thus contributing to economic development. This paper will examine this relationship of entrepreneurship, innovation and economic development, and explore the extent of its connection. To begin, it will define these terms, and then connect them accordingly, using economic literature and real life examples for evidence. Secondly, the essay will look at what sustainability is, types f sustainable innovation, whether it’s a threat or opportunity for enterprises, and its effect on economic development.
The term entrepreneurship can take numerous definitions. Simply put, entrepreneurship is the act of an entrepreneur, and that is someone who assumes the risk for and organizes a business project.
Refer to both theory and examples from the business world to support your discussion.
In today’s economy, entrepreneurship is an important subject and entrepreneurial abilities have become a pivotal requirement both nationally and globally. However, enterprises that succeed mostly do so as they are capable of change for the better, through innovation. So for an enterprise to be successful innovation is required. Creativity and innovation is at the heart of the 21st century. For example in the United States alone, more than 16,000 firms operate their own research labs! These successful enterprises and their advancements in innovation as a result lead to a country’s economic development. Economic development has become a focus of attention by governments around the world. As the UK Office of Science and Technology (2007) put it, “Innovation is the motor of the modern economy..” Thus there is no doubt that a connection between entrepreneurship, innovation and economic development prevails. The three factors are complementary because innovation helps any form of entrepreneurship to prosper, thereby increasing its economic value, thus contributing to economic development. This paper will examine this relationship of entrepreneurship, innovation and economic development, and explore the extent of its connection. To begin, it will define these terms, and then connect them accordingly, using economic literature and real life examples for evidence. Secondly, the essay will look at what sustainability is, types f sustainable innovation, whether it’s a threat or opportunity for enterprises, and its effect on economic development.
The term entrepreneurship can take numerous definitions. Simply put, entrepreneurship is the act of an entrepreneur, and that is someone who assumes the risk for and organizes a business project.