Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role Does...

A relationship is a connection between diverging variables or components . Entrepreneurship, innovation and economic victimisation have many an(prenominal) resilient connections, with the addition of specific weaknesses that will be addressed. adequate to Wennekers and Thurik (S, Wennerkers, 1999) an entrepreneur is an innovator i.e someone who perceives and creates brisk opportunities, operates under uncertainty, introduces products to the merchandise, decides on a location, and the form and use of resources and manages his business and competes with others for a military personnel of land of the market. Wennekers and Thurik combine the tercet main elements. Innovation is subroutine by which an idea or invention is translated into a good enough or service for which people will pay, or something that results from this process. The market in which such an invention is sold relates to the economic development of a region. Economic development conveys progress in an e conomy, or the qualitative measure of this. Economic development usually refers to the borrowing of new technologies, transition from agriculture-based to industry-based economy, and general improvement in donjon standards. more(prenominal) developed countries have vehementer, more diverse and larger markets which has consider to the development of trans national organization that have the ability to wind economies of scale.

However the less developed countries and smaller firms have a greater difficulty in generating new products and services. In 2006 lacquer accounted for 29.1% of global patents, while Mex ico accounted for under a percent potato c! hip to the world patent report (2008). In this essay I will display how cockeyed the relationship is between cardinal main elements Entrepreneurs and economic growth have a strong connection although the two elements can stand-alone. New products and services argon created by entrepreneurs, especially through the process of creative low density and the creative response ( Binks et al, 2011). According to...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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