Entrepreneurial Activities

1060 Words5 Pages
Entrepreneurial activity and innovation are relevant and key factors to the growth of the economy in Northern Ireland. Developing levels of risk taking, initiative and creativity are important in supporting this economic growth. Many entrepreneurial businesses that have been set up in Northern Ireland have been successful, leading to a growth in the economy. The Barclays Eagle Labs Belfast scheme at Ormeau Baths (Eagle Labs) states that “The Barclays Eagle Lab business incubator” was set up in Northern Ireland in June 2017 to give the start-up and scale-up communities a critical boost. It provides access to resources for expert mentoring, event space and workshops. This helps entrepreneurs to start up their own businesses which helps the…show more content…
Innovation allows businesses to stay a step ahead of competitors. It also allows them to continuously improve their product or service. The importance of innovation is, at present, higher than ever due to global economic conditions enduring a very high ranking. Innovation can be viewed as the transformation of creative ideas into useful applications by combing resources in new or unusual ways to provide value to society. Small and medium sized enterprises (SME) need ambitious people to come up with new ideas through the use of innovation and entrepreneurial activity. If these new ideas are supported, the business will become successful which will lead to a growth in the economy. Economic growth is the extension of the profitable potential of the economy. (Northern Ireland. Department for the Economy, Summer 2017) states “The local economy has continued to experience robust growth in both output and jobs, with the private sector taking the lead on both measures. Since the start… the private sector has grown by 6.3% and added over 65,000 jobs to the local economy.” Skea Eggs is an entrepreneurial, family run business in the food and health sector set up in the 1970’s. It is supplied by family run farms and is the 88th largest profit-earning registered company in Northern Ireland (Belfast Telegraph and Cox, 2017, p. 18). The Top 100 Northern Ireland Companies Report (Belfast Telegraph and Cox, 2017, p.18) states that Skea Eggs’
Open Document