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

A relationship is a connection between different variables or components . Entrepreneurship, innovation and economic emergence have many a(prenominal) resilient connections, with the addition of specific weaknesses that will be addressed. play off 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 market, decides on a location, and the form and use of resources and manages his business and competes with others for a gash of land of the market. Wennekers and Thurik combine the tercet main elements. Innovation is surgical procedure by which an idea or invention is translated into a penny-pinching 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 economy, or t he qualitative measure of this. Economic development usually refers to the word meaning of new technologies, transition from agriculture-based to industry-based economy, and general improvement in breathing standards. more(prenominal) developed countries have vehementer, more diverse and larger markets which has bestow to the development of trans national organization that have the ability to feeler economies of scale.

However the less developed countries and smaller firms have a greater difficulty in generating new products and services. In 2006 japan accounted for 29.1% of global patents, while Mexico accou nted for under a percent accord to the wor! ld patent report (2008). In this essay I will display how strong the relationship is between triad main elements Entrepreneurs and economic growth have a strong connection although the two elements can stand-alone. New products and services be created by entrepreneurs, especially through the process of creative final stage 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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