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The Relationship Between Entrepreneurship, Innovation and Economic Development and the Role of Creativity and Problem Solving in This Relationship

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The Relationship Between Entrepreneurship, Innovation and Economic Development and the Role of Creativity and Problem Solving in This Relationship
Since the beginning of 21st century, entrepreneurship has become much more popular. It is published by Yoodoo that during the first six months of 2010, there is a total of 204,361 new firms which is a 51 percent rise on the first six months of 2008 established in the UK (BBC, 2010). There is obviously a reason why entrepreneurship is prevalent that researches have shown that entrepreneurship can not only make fortune for entrepreneurs but also motivate the economic development (Hisrich, et al. 2010). However, to develop economy by entrepreneurship, innovation is an essential element if more profit and fortune are desired through entrepreneurship. The increase in innovation courses in universities reveals that innovation has been attached more and more importance to as the key to the entrepreneurship and further economic development (Legrenzi, 2005). This essay will explain the relationship between innovation, entrepreneurship and economic development in three parts. It will be stated that innovation is the foundation of successful entrepreneurship in the first part. Additionally, the significant role of creativity and problem solving in the relationship between innovation and economic development will also be explained. The second part will illustrate that entrepreneurial innovation would motivate economic development from the view of developing and developed countries. In the last part, the impact on entrepreneurship of economic development will be analyzed finally.

Entrepreneurship and innovation are inseverable because entrepreneurship is the execution of innovation. The definition of entrepreneurship referred to this essay is the process of combining many inputs in a new way in order to produce output and making profit by filling the gaps in the market earlier than others (Leibenstein, 1976). Schumpeter (2004) classified entrepreneurship into two types. One is catalytic and the other is allocating. Catalytic entrepreneurship is the act of catalytic
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