...Nottingham University Business School Undergraduate Programmes TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 1 TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills. These...
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...In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs...
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...of economic development since their close involvement in the processes of manufacture, trading and profit generation. However, it also appears that the term entrepreneurship is not easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first fully analyze the principal subject of entrepreneurship reflecting various economists’ perspectives, and secondly illustrate the relationship between entrepreneurship and innovation, before suggesting that in general, entrepreneurship is closely linked with innovation and they are both significant elements in the development of economy. Furthermore, this essay will also illustrate that creativity and problem solving are effective capabilities in entrepreneurial processes of business planning and decision making in the realization of innovation. To understand the relationship between entrepreneurship, innovation and economic development, it is crucial and necessary to analyze the keywords in this statement. First of all, what is entrepreneurship? In fact, despite the potential that every individual may take a mutual view directly on the term of entrepreneurship, there is no fixed definition of this term. As is noted by Baumol (1968: 64), the concept of entrepreneurship is in fact obscure and it is not often the case that, this term can be defined explicitly in the theoretical scope. Traced back to the early history in economic context, the subject of entrepreneurship was...
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...University of Nottingham Ningbo China Business School Academic Year 2012/13 Autumn Semester Entrepreneurship and Business Maris Farquharson Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Xiaoyu XU Student ID: 6509160 Word Count: 2006 COPY 1 1. Introduction In the recent few decades, the development of traditional manufacture is restricted as a result of the limitation of both capital and nature resources. Simultaneously, entrepreneurship and innovation are attached more and more importance in enhancing sustainable economic growth. Therefore, there is a need to explore the genuine relationship between entrepreneurship, innovation and economic development. Entrepreneurship has numerous definitions and one of the most acknowledged literatures is Schumpeter’s (1934) theory which viewed entrepreneurship as a creative reply to a problem or opportunity. On the other hand, innovation is simply doing something in a way which is new, different and better (Wickham, 2006). Nonetheless, in the process of realizing economic growth, problems will definitely occur and thus creativity and problem solving capabilities may play a significant role in the relationships above. While it may be true that innovation, as a crucial part of the entrepreneurial process, and entrepreneurship both have positive effects on economic growth, the overall GDP of a domain country...
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...Ningbo China (Business School) Finance, Accounting and Management Academic Year 2012/11 Module Title: Entrepreneurship and Business p11440 Module convenor: Maris Farquharson Essay title: 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. Word Count: 1959 Submitted: 27/11/2012 Student: Pan Yanhao Student ID: 6508745 Recent years the popularity of entrepreneurship education is growing worldwide (Gormon & Hanlon & King, 1997). In the United Kingdom more students are being taught in classes to accumulate entrepreneurial skills in their own field to make considerable achievement (Department for Culture, Media and Sport (DCMS), 2006). In addition, the government in some countries also give emphasises on the entrepreneurship and build specific plans about the improvement of entrepreneurial skills (Lumsdaine and Binks, 2007). The reason why entrepreneurship becomes more prevalent is that entrepreneurship and its vital part which is innovation are regarded as crucial components in the process of economic development (Baumol, 1968). This essay will demonstrate the relationship between entrepreneurship, innovation and economic development and illustrate the role of creativity and problem solving in this complex relationship. Section one will describe that innovation is the core...
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...Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. Entrepreneurs create new business and provide the job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years (Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by different economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem...
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...Welcome to Entrepreneurship and Business Dr Kenny Wong Meng Seng ELG 16 wong.mengseng@nottingham.edu.my 2 Entrepreneurship and Business • Core module for all 1st year undergraduate students in NUBS • Also be offered to students from all other schools at the University of Nottingham • Designed to raise student’s awareness and understanding of some of the key elements of entrepreneurial creativity, as well as entrepreneurship in practice. • Many fundamental principles underpinning successful entrepreneurship can be applied in a much wider variety of situations. • Improve their individual skills in terms of creative problem solving and organisational effectiveness. 3 Entrepreneurship and Business Module Sessions • Combination of lectures and mentored group work sessions. Venue: F1A15, on Wednesday in Semester 1, Time: 11:00 – 1:00 pm. • Mentored group work sessions will be held in separate sittings throughout the day in Four sessions specified in the timetable. It will be announced in Week 5. • Students will be asked to self-select their project teams to fit into one of these four sittings, during which they will work through group work in a mentored environment. Groups will not be allowed to change sittings during the course of the module. Course Time Table • Week 2: Wednesday 25th September 2013 – Lecture – – – – Module Introduction and Rationale Course structure and rationale The importance of an integrative learning approach Why study Entrepreneurship? 4 ...
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...MODULE ONE THEORY AND CONCEPT OF ENTREPRENEURSHIP STUDIES Learning Objectives At the end of this module students should be able to; Discuss the origin of Entrepreneurship Define the concept “Entrepreneur” List the roles and characteristics of an Entrepreneur State the motivational factors of Entrepreneurship. UNIT ONE: ORIGIN AND CONCEPTS OF ENTREPRENEUR AND ENTREPRENEURSHIP Objectives: At the end of this unit students should be able to; Compare and contrast the various definitions of Entrepreneur and Entrepreneurship. 1.2. Differentiate between Entrepreneur and Entrepreneurship. List five contributions to the study of Entrepreneurship. Introduction Businesses are any undertaking created for the purpose of creating utility. Utility is simply the satisfaction derived from consuming certain goods and services. Businesses are created by a special kind of labour which is also referred to as the entrepreneur. Entrepreneur is regarded as a special kind of labour because not all labour possesses entrepreneurial abilities which enable them to start a business from the scratch. Thus, entrepreneurship is simply the establishment of a new business or business enterprise or venture. This Unit looks at the development of the concept of entrepreneurship and the various ways in which this concept can be defined. Quick Review questions I. Businesses are not any undertaking created for the purpose of creating utility...
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...A PROJECT REPORT ON SOCIAL ENTREPRENEURSHIP SUBMITTED BY APOORV CHITNIS FOR THE DEGREE OF THE BACHELOR OF MANAGEMENT STUDIES UNIVERSITY OF MUMBAI UNDER THE GUIDANCE OF PROF. BHUMIKA MORE SIES COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL, NAVI MUMBAI-400706 ACADEMIC YEAR 2011-2012 DECLARATION I, APOORV CHITNIS, studying in T.Y.B.M.S, of S.I.E.S COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL hereby declare that I have completed the project on SOCIAL ENTREPRENEURSHIP in the year 2011 – 2012 as per the requirements of Mumbai University as a part of Bachelor in Management Studies (B.M.S) programme. DATE: PLACE: NAVI MUMBAI __________________ APOORV CHITNIS CERTIFICATE I, BHUMIKA MORE hereby certify that APOORV CHITNIS student OF S.I.E.S COLLEGE OF ARTS, SCIENCE AND COMMERCE, NERUL has completed his field work project on the topic of “SOCIAL ENTREPRENUERSHIP” in the Academic Year 2011-12. The project is based on bonafide information. _________________ _______________ ______________ Prof. Bhumika More Prof. Smita. R Dr. Rita Basu (Project Guide) (BMS Coordinator) (Principal) ________________ External Examiner ACKNOWLEDGEMENT My thanks to my project guide, Prof. Bhumika More for assisting me in every way possible and gently steering...
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...………………………………………………………………. 5 3 Managerial Roles in Organizations ……………………………………………………….. 7 4 Managerial Functions i.e. POLCA ………………………………………………………... 9 5 Managerial Levels and Skills ……………………………………………………………… 11 6 Management Ideas: Yesterday and Today ………………………………………………... 14 7 Classical View of Management (Scientific and Bureaucratic)……………………………… 16 8 Administrative View of Management ……………………………………………………. 19 9 Behavioral Theories of Management 20 10 Quantitative, Contemporary and Emerging Views of Management 23 11 System’s View of Management and Organization 25 12 Analyzing Organizational Environment and Understanding Organizational Culture …….. 29 13 21st Century Management Trends………………………………………………………… 32 14 Understanding Global Environment: WTO and SAARC ………………………………… 36 15 Decision Making and Decision Taking …………………………………………………… 39 16 Rational Decision Making ………………………………………………………………... 41 17 Nature and Types of Managerial Decisions ……………………………………………… 43 18 Non Rational Decision Making ………………………………………………………….. 45 19 Group Decision Making and Creativity ………………………………………………….. 47 20 Planning and Decision Aids-I …………………………………………………………… 50 21 Planning and Decision Aids-II …………………………………………………………… 53 22 Planning: Functions & Benefits ………………………………………………………….. 56 23 Planning Process and Goals Levels ……………………………………………………… 59 24 Management by Objective (MBO) ………………………………………………………. 62 25 Levels of Strategies, Porter’s Model and Strategy Development (BCG) & Implementation...
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...medium sized enterprises (SMEs) have been given due recognitions especially in the developed nations for playing very important roles towards fostering accelerated economic growth, development and stability within several economies (Yitzhaki, 2006). They make-up the largest proportion of businesses all over the world and play tremendous roles in employment generation, provision of goods and services, creating a better standard of living, as well as immensely contributing to the gross domestic products (GDPs) of many countries (OECD, 2000).Over the last few decades, the contributions of the SMEs sector, the development of the largest economies in the world have beamed the searchlight on the uniqueness of the SMEs; and this have succeeded in overruling previously held views that SMEs were only ―miniature versions‖ of larger companies (Al-Shaikh 1998; Gaskill et al. 1993). And although Small and Medium Enterprises have been at the center of the policy debate for quite some time in both developed and developing countries, little analytical work has been undertaken in this area.The dearth information that exists among researchers on Small and Medium Enterprises however provides a sense of how important this sector is for sustainable development in emerging economies (Medina, 2001). For instance, recent studies conducted by United Nations Industrial Development Organization (UNIDO) concur that SMEs are: laborintensive, providing more opportunities for low-skilled workers, correlated with...
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...Introduction to research problem. 1.2. Research question. 1.3. Relevance of study. 1.4. Structure of the research work. II. The economy. The creative sector and its spatiality: the case of UK 2.1. Defining Creative Industries 2.2. Characteristics of Creative Industries 2.3. Nature of Production and Provision of Goods and Services 2.4. Creative Industries Employment 2.5. Urban Environments and Creative Industries 2.6. The culture-economy nexus 2.7. The creative sector as a production system 2.8.1. Local production clusters for global distribution networks 2.8.2. High rate of new business creation 2.9. The spatial dimension of the cultural production 2.10.1. The concept of cluster 2.10.2. Types of cluster 2.11. The creative economy as part of the knowledge economy Conclusion Reference list Introduction Creative industries are now more and more promoted as an important component of the “new economies”, which will drive the future economic growth. The economic development debates have now shifted from discussing countries to most often seeing urban areas as the drivers of countries economies and a blooming creative economy is frequently named among necessities for fostering this development. During the past two decades there has been an increasing attention both in academic research and policy making towards exploring the role of creative industries (further in the text – CI) in local, national and regional economic development. When put in the larger...
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...Understanding the Manager’s Job 1. What are the four basic functions that make up the management process? How are they related to one another? Planning and decision making, organizing, leading and controlling are the four basic management functions. Planning and decision making are very important functions when maintaining effectiveness. It will be a very frustrating situation if you don't have any goals or a plan on how you plan on achieving those goals. Activities and resources are grouped according to organizational determination. To promote organized team work and continued interest in an organization, a process of leadership skills are used. It is expected for a leader to set trends and standards for the organization. To obtain results, a manager must motivate and manage people. Monitoring organizational progress toward goal attainment is controlling. You must monitor progress to ensure that it is performing accurately in order to maintain our organizations goal. A manager can be more effective by using these four basic functions. Using available resources efficiently and effectively, through the act of getting people together to accomplish desired goals and objectives, is done by using management in all business and organizational activity. By using each of these functions, a manager can engage in multiple activities and advance between functions. 2. Identify several of the important skills that help managers succeed. Give an example of each. • To complete or understand...
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...Implications af Kurt Lewin Model....................................................................... 12 Some Basic Concepts and Definitions ................................................................. 15 Transactional Vs. Transformational Leadership .................................................. 18 Theories of Change in Organisations................................................................... 21 Life Cycle Theory ................................................................................................ 22 Teleological Theories of Change ......................................................................... 25 Dialectical Theories of Change............................................................................ 27 A Dialectical Approach to Organisational Strategy and Planning ....................... 29 Limitation of Dialectics; DA and DI.................................................................... 31 Theories of Change in Organisations................................................................... 33 Application of Evolutionary Theory .................................................................... 35 Further Application of Evolutionary Theories..................................................... 36 Greiner’s Model of Organisational Evolution and Revolution...
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...COURSE AND SUBJECT GUIDE POSTGRADUATE MANAGEMENT PROGRAMS 2010 The information contained in this Course and Subject Guide: • • is current only at the date it is published and Melbourne Business School is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date; and is not intended to provide or make recommendation on which you should rely. Melbourne Business School reserves the right to change course content, lecturers, course time, examination procedures and other course details. To the extent permitted by law, Melbourne Business School specifically excludes any liability for any error or inaccuracy in, or omissions from, the information in this Guide and any loss or damage which you or any person may suffer. Last updated: 12 March 2010 1 2 MELBOURNE BUSINESS SCHOOL 2010 ACADEMIC CALENDAR ___________________________________________________________________ TERM 1 Thursday Monday Tuesday 14 January 18 January 26 January Orientation Evening – Weekend Mode and Standard Part Time World of Management Weekend Mode and Part Time (until Friday 22 January) Australia Day Academic School Holiday Carlton Campus on Sunday operations Monday Thursday Friday Monday Thursday Friday Friday Thursday Friday Sunday 9 February 18 February 26 February 8 March 18 March 19 March 2 April 15 April 16 April 25 April Commencement Term 1 Teaching (standard 12-week format subjects) Weekend Mode – Module 1a (until...
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