Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples from the Business World to Support Your Discussion.’

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Considerable confusion exists between entrepreneurship and intrapreneurship, as well as, innovation, creativity, and invention. First,

There are many entrepreneurs in this world, or so they say. Many people strive to be successful, great and rich. A lot take risks and many fail; yet few succeed, if you happen to be one of the succeeding then chances are more than likely you’re very rich and successful sitting on a throne of a simple mindless idea that once popped into your head. Take Gary Dahl for example, he created the Pet Rock as funny as it seems in the 1970’s this funky idea had over 1.5 million in sales. He sold these pet rocks at only 3.95$; obviously this man was a rock hard millionaire over a rocking idea.

Implications for innovation and entrepreneurial activity have been a constant evaluations since the 1980’s. When we look closer at Technology it is defined as ‘rules and ideas that direct the way goods and services are produced’.1 Technological inventions are new rules and ideas about what to produce and how to do it.

Creativity and innovation for entrepreneurs taught me how to approach creativity and how to go about the process of creating. I learned that emphasizing ideas and thinking processes help build and organize the framework for an action-oriented project. I have gained new skills by using the seven-step process, developing a motivational plan, and learning how to assess my creative confidence and intelligence. I found that the seven-step process is an effective tool that helps create a vision, understand the current reality and take action. As more people learn about the seven-step process, organizational skills levels increase and can lead to even greater results. Business’s can utilize this tool to help create a wide range of new processes that develop and advance the organization’s culture. Additionally, I have gained insight on how to develop motivational plan to achieve a goal by discovering your strengths to reach objectives and then develop a plan to reach that particular goal. Motivation is important in the business world because it gives people more willingness to get the job done efficiently, resulting in higher productivity, and satisfied customers, leading to increased revenues. I always thought that if you want people to perform better you reward them. However, according to Daniel pink rewarding people to be motivational truly narrows focus and limits possibilities – higher incentives lead to worse performance. David Kelly defines creative confidence as the natural

For Schumpeter, innovation means completely restructuring desire of the individual. This does not mean reshaping, but rather revolutionizing what the consumer wants and

Its developmental and transformative qualities particularly on emerging global economies, has given great significance to the concept of entrepreneurship. The impact of entrepreneurship has more contributory value is most The concept of entrepreneurship has received significant global attention across the developed and developing countries due to its capacity to transform the economy (Le & Nguyen, 2009:867). The Global Entrepreneurship Monitor (2011:8) revealed that there are approximately 400 million entrepreneurs across 54 countries operating start-up businesses. These countries are grouped into three stages of economic development driven by: factor, efficiency and innovation (GEM, 2009:5). This is based on the level of

Invention is to bring about a new product which has not yet been done, but innovation is to build on an existing product.

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

In this assignment we compare the lives of two men that created inventions that changed the world we live in. Throughout their careers and success’ they had hurdles to jump and become innovative thinkers to create futures in their challenging industry. Great men and thinkers can move mountains and open paths to new industries.

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

But what exactly does it all mean for entrepreneurship? It means that in order for the company to stay profitable, it has to keep in mind that if they go on producing their good unchanged, the same as it was first presented, it will certainly become less consumed by customers, as the better-developed substitutes will occur that will be more attractive for consumption. Just like the founder of Microsoft company Bill Gates (2005) has stated in one of his interviews “…we are always saying to ourselves: We have to innovate. We 've got to come up with that breakthrough.” This quote confirms that for Microsoft innovation is part of their work, otherwise they would not be doing as well as they doing now.

Historically, creativity and innovation have been thought to been tied to new products that stimulate economic growth. Over time, these views were thought to have been narrowand new ideas of innovation came about. Karl Marx associated innovation to economic growth cycles. After World War II, much thought was given to innovation being a result of higher spending on research and design. Economists soon realized there was no direct correlation between innovation and R&D. Newer contemporary thought notes that innovation is a result of acquiring knowledge and being able to harness it into the development of new processes and products.

The economy is composed of enterprises and businesses. Our economy has survived because the industry leaders had been able to adapt to the changing times and supplied mostly the communities’ needs. Entrepreneurship produces financial gain and keeps the economy afloat, which gives rise to the importance of innovation in entrepreneurship. Entrepreneurs are innovators of the economy. The importance of innovation in entrepreneurship is another key value for the longevity of a business. And, being innovative has helped us become successful in all our endeavors.This leads me to choose my higher education in “Master of Business Administration

Creativity and innovation is the principle component for an organization to achieve sustainable competitive advantage facing the other competitors. It is difficult to think about a company having competitive advantage without considering creativity and innovation. Doing things differently and in a creative way will definitely make you successful in any field you are fighting in. If we take a look on Apple and see their future visions we will get a clear idea of how creativity is important to competitive advantage. For young entrepreneurs ‘competitive advantage’ is an important key factor in order to get bigger faster.