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).

An Entrepreneur is a person who forms and operates a business. Entrepreneurs form and start companies by themselves, or with partners. Most of the time companies which are started by entrepreneurs are relatively small in size, but some grow into huge corporations, such as Microsoft which is owned by Bill Gates. Entrepreneurs have four different options when starting a business, which include a sole proprietorship, Partnership, limited liability company, and also a corporation. Each form has its advantages and also disadvantages depending on what the type of business is, and also what service it provides.

The entrepreneur I chose and researched is Mr. Elon musk who is a Canadian- American serial entrepreneur, Pioneered some all-time great state of the art companies like Paypal (Worldwide online payment system – sold to eBay in 2002), SpaceX (Aerospace manufacturer and transport company), SolarCity (Energy solution provider), OpenAI (NFP AI research company) and Tesla Motors (Electric (cell powered) automobile manufacturer) conceptualized brilliant ideas like Hyperloop (High speed transportation system) and proposed a VTOL supersonic jet aircraft which he named Musk electric jet.

I think that the best entrepreneur would be Walt Disney, this man has made many families happy. Walt Disney became an American entrepreneur, animator, voice actor and film producer. Disney holds the record for most Academy Awards earned by an individual, having won 22 Oscars from 59 nomination's. In the 1950's, Disney expanded into the amusement park industry, and in 1955 he opened Disneyland. This is were he started his journey of families getting together. He started as film producer in 1966. He was an pioneer of the American animation industry. Walt Disney was known for the creativity of cartoons. He holds the highest record in the world for most Academy Awards won in his life. Walt Disney was born as Walter Elias "Walt' Disney in Chicago in 1901. After

Volkmann, C. K., Tokarski, K. O., & Grünhagen, M. (2010). Entrepreneurship in a European Perspective: Concepts for the Creation and Growth of New Ventures. Springer Science & Business Media.

The Greatest Entrepreneur of all time is Bill Gates. William (Bill) Henry Gates was born on October 28, 1955, in Seattle, Washington to parents William and Mary (Maxwell) Gates. Most known for his title of Chairman and CEO of Microsoft Corporation, the World’s Largest Computer Company, it became evident that Gates was a risk-taker early on in his life as his favourite games were “Risk” and “Monopoly”. Gates also had the advantage of starting young as he first learned to program computers in grade eight. Fast-forwarding a few years, Gates graduated from Lakeside in 1973, scoring a 1590 out of 1600 on the college SAT test, an accomplishment that few were able to achieve. Gates later enrolled in Harvard University, originally intending to pursue

An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur: Sees an opportunity. Makes a plan. Starts the business. Manages the business. Receives the profits. (SBA) We know who the entrepreneur as mention above, Maddie Bradshaw is also one of them. Maddie Bradshaw turned her hobby she loved into a profitable company with her locker inspiration and magnetic bottle caps. Her creativity and enthusiasm to use old bottle caps and interchangeable, magnetic bottle cap necklaces makes her a young successful an entrepreneur.

It is observed that the phrase “Entrepreneurship” has been used in disparate meanings by scholars around the world. In academic definition, entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control(Stevenson & Jarillo). In venture capitalist, entrepreneurship is the art of turning an idea into a business(Fred Wilson). In a simple word, entrepreneurship is the process of designing a new business and start new businesses is the most obvious example of entrepreneurship. Most researchers would agree with a definition of entrepreneurship as an activity that involves the

Entrepreneurship is not an inborn skill; it is a product of environment. It involves a complex of economic and social behavior. To be successful, an entrepreneur has to remain dynamic and responsible to the whole environment. Entrepreneurship can hardly survive under any given circumstances. It can flourish only under right environment. It is a part of total system. The social values, culture, government policies, political system, technology, economic conditions, laws, etc influence the growth of entrepreneurship.

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

2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit?

Entrepreneurship and economic development are closely-related. Both the Entrepreneur and The Entrepreneurial process are key to economic growth and a major

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

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

This book will help you to understand the process of setting up a small business,