...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 first put forward by the economist, Richard Cantillon, in his essay named Essai...
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...University of Nottingham 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...
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...“Entrepreneurship and Starting a Small Business” Brian Thompson Everest College Phoenix Online MAN 1030 Introduction to Business Professor Mary Ritter 12/08/2012 Abstract In this paper I will be discussing what contributes it takes to become a successful business owner. I will be going over the characteristics of being a small business owner. I will also be discussing how to go about creating a business plan. In discussing the business plan, I will be giving the purpose of each component. “Entrepreneurship and Starting a Small Business” Eric has already created two successful businesses and is looking to start another. He already has the characteristics of a successful entrepreneur. He is self-directed, committed and willing to work hard. He already has experience in owning a small business and knows what it takes to make a small business successful. Eric seems to have beaten the odds already. What do you think Eric would tell you about success (or failure) and how to learn to be a successful small business owner? There are several characteristics to become an entrepreneur and start a small business and the one is being self-directed. You have to be comfortable being your own boss because you alone will be responsible for its success. Second, you have to believe in yourself when nobody else does, which is being self-nurturing. You also have to be committed and highly energetic by being able to emotionally, mentally and physically work hard, but mostly long...
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...ENTREPRENEURSHIP AND SMALL BUSINESS A CASE OF A DEVELOPING COUNTRY Abstract This study revolve around the socio-economic structure of entrepreneurship, factors affecting the growth and development of enterprises and problems faced by them. For the purpose of data collection a sample of fifty small scale units was taken and a common schedule of structure questionnaire containing questions of various aspect of entrepreneurship was administered personally to the owner/managing director of each of the units as the case may be. This study is partially exploratory but basically descriptive in nature. From the interpretation and analysis of data collected the result shows that age is not a static phenomenon for entrepreneurship. Those who have less education but have more practical experience and training, enter into the industry early. However, in such cases less education restricts the growth and development of the enterprise. The paper also finds reasons for enterpreneurship, the three was to earn high profits and prosperity. The variables which decide the area of activity or the product line are based on assured market, parental business, experience and revival of the sick unit etc. There are certain irritants that also serve as impediments for the growth of enterprises. For instance competition from small scale units, (28%) financial constraints, high intent ratio and others. Introductionn The prosperity and progress of a nation depends on the quality of its people....
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...Final Reflection I first decided to take this decal because I needed the business units. Nevertheless, I have to admit that I really liked the course and I learned a lot. I think it was extremely useful, informative and included plenty of relevant topics. It taught me the importance of taking economically and financially sound decisions. I really enjoyed the fact that the class would cover really basic concepts and would then go on to describe more complex topics such as compounding. Some topics were a little confusing and even tedious. Yet, the instructors would always try to make them fun and engaging. Among the topics that I found more useful and interesting were: credit cards, mortgages and investments. I also have to acknowledge that I enjoyed coming every week to the classroom. The instructors would create a very casual atmosphere that would make everyone feel comfortable about asking all types of questions. Furthermore, I would feel really connected with the topics and I would be engaged because the instructors were young and always tried to depict certain concepts/situations with examples that I could relate to, such as looking for a place on craigslist. Also, I loved the fact that they would share their anecdotes with us and would give us financial advice that can help you save a lot of money as a student. This Decal thought me the importance of acquiring the personal finance acumen that is necessary to become financially independent. And I am pretty sure that...
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...Mills Swimwear 1. Malia Mills product was top quality, made locally, and sized to fit every shaped woman- not just the small, medium, and large. She keeps her product fresh with European fabrics of all colors and patterns. 2. Malia Mills not only offers an amazing product for her customers, but she offers an experience when shopping for one of her swimsuits. She has a comfy lounge, fitting areas with privacy so that you can try stuff on without the rest of the world seeing you, and complimentary bottled water so that the customer feels relaxed. 3. I would look at where the majority of the customers have heard about the company. Maybe just by asking when they check out “How did you hear about us?” If the advertising got enough business to offset the advertising cost then I would say that it is cost effective . 4. Malia Mills is trying to create the most comfortable atmosphere possible. She wants her customers to have a pleasant experience with no feelings of discomfort. 5. She could try trade shows, events that involve swimwear or swimming type events, maybe boat shows. Maybe combining with another popular brand of some type of clothing that would compliment her bathing suits, to draw in another following of established clients. 6. The Polaroid project was successful because ordinary women saw other ordinary women in the bathing suits rather than some super model who probably looks good in anything. This caught peoples eye and sparked their curiosity as...
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...In the business world, there are a number of interlinking factors to achieve certain goals such as the most important goal, attaining industry success which directly relate to the economic development of a country as well as the global economy. In such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs...
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...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...
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...Entrepreneurship and Small Business By: Miguel Serodio 12/11/2011 Index Introduction......................................................................................................................page 3 Core...................................................................................................................................page 4 References........................................................................................................................page 8 Bibliography.....................................................................................................................page 9 Introduction In 1985 an the Companies Act was brought up to define better the size of small business in order to make it more clear than before, the Bolton Committee. The new act defined the business by setting maximum criterions of annual turnover, annual balance sheet total and the number of employees. This act helped to define in a practical way than before, for the reason that the Bolton Committee used to have a large number of definitions such as under 200 employees for manufacturing firms to £50 000 turnover for retailing, and up to five vehicles or less for road transport. With so many different criterions it was unpractical to define what, so the Companies Act defined that there was two groups of small and medium firms. Small business would have a maximum annual turnover of £2.8 million with an annual balance sheet total of £1.4...
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...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 needs...
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...Manag Gov DOI 10.1007/s10997-010-9154-1 Internationalization, innovation and entrepreneurship: business models for new technology-based firms Alberto Onetti • Antonella Zucchella • Marian V. Jones • Patricia P. McDougall-Covin Ó Springer Science+Business Media, LLC. 2010 Abstract New technology-based firms, particularly those that develop their business around a new technological platform, are likely to be impacted by globalization, in terms of both pace of innovation and pressure of competition. For these firms, strategic decisions and growth processes are characterized by a deep interrelationship amongst the processes of internationalization, innovation and entrepreneurship; processes which have tended to be examined independently in distinct bodies of literature. In practice strategic decisions concern each of these processes and address issues such as organizational boundaries, location of the operational activities, what activities to focus on and selection of value partners. The business model by which firms operate needs also to accommodate the spatial dimensions indicated by globalization; and the emergence of global technology markets. Little is known to date about the extent to which business models accommodate or are adapted to internationalization, innovation and entrepreneurship. This paper presents a review of the business model literature from which a generic business model framework is derived, identifying and introducing the main elements of these ...
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...ASIA E UNIVERSITY EXECUTIVE BACHELORS IN MANAGEMENT (HRM) ASSIGNMENT INDUSTRIAL RELATIONS Q2. What is the role of the Ministry of Human Resources in the industrial relations system? Who are the parties involved in the industrial relations system? The scope of Ministry of Human Resources in the industrial relations system encompass employee and workers state of safety, health and welfare and human resource matters such as training, employment, labour rights and industrial relations. It includes the PERKESO (Pertubuhan Keselamatan Sosial), PSMB (Pembangunan Sumber Manusia Berhad), JTM (Jabatan Tenaga Malaysia), JKKP (Jabatan Keselamatan dan Kesihatan Pekerja). The role of the Human Resources Ministry is to encourage harmonious relationships between employers and employees in the interest of the nation’s productivity. The objective of Human Resource Ministry in the industrial relations is: • To protect the welfare of the employees-safety, and rights • To promote good employer-employee relationship through a stable and peaceful Industrial Relations system • To equip the unemployed with basic industrial skills and to improve the skill level of the workforce • To assist in maximizing country’s manpower resources through manpower planning • Department of Labour, Peninsular Malaysia, Sabah and Sarawak-enforces Employment Act 1955, Workmen’s Compensation Act 1952, Wages Council Act 1947, Young Persons Act 1966, Employment Restriction Act 1968...
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...7 8 9 40 1 2 3 4 5 6 711 8 J. International Business and Entrepreneurship Development, Vol. 3, No. 1/2, 2006 Sustaining competitive advantage in the global petrochemical industry: a Saudi Arabian perspective Salem M. Al-Ghamdi Department of Management and Marketing, King Fahd University of Petroleum and Minerals, P.O. Box 667, Dhahran 31261, Saudi Arabia E-mail: sghamdi@kfupm.edu.sa M. Sadiq Sohail* Department of Management and Marketing, King Fahd University of Petroleum and Minerals, PO Box 210, Dhahran 31261, Saudi Arabia E-mail: ssohail@kfupm.edu.sa E-mail: sadiqsohail@hotmail.com *Corresponding author Abstract: This paper analyses the competitive advantages of Saudi Arabia in the global petrochemical industry. Porter’s model is used for this purpose. Saudi Arabia, a leading producer of oil, is also the largest worldwide producer of a number of petrochemical products. Competitiveness in the global market demands an examination of comparative advantages and is the reason why Saudi Arabia is yet to succeed in the global market. This paper is an attempt to analyse the industry and to provide strategic alternatives. Keywords: petrochemical; Porter; Saudi Arabia; strategy. Reference to this paper should be made as follows: Al-Ghamdi, S.M. and Sadiq Sohail, M. (2006) ‘Sustaining competitive advantage in the global petrochemical industry: a Saudi Arabian perspective’, Journal for International Business and Entrepreneurship Development, Vol. 3, No. 1/2, pp.4–17. Biographical...
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...Contents Introduction 3 Existing Market and E-Business 4 What is Entrepreneurship? 4 What is an Entrepreneur? 5 Who are the potential entrepreneurs? 5 Entrepreneurship as a subject 6 Conclusion 7 Reference List 8 Introduction This literature incorporates relevant quotes and theories from industry (Hospitality and Tourism) journal articles and books in attempt to deliberate: can “Entrepreneurship be taught?” Firstly, in light of the topic the meanings of both ‘entrepreneurship’ and ‘entrepreneurs’ need to be classified to create the foundation for this review. In order to answer whether about if entrepreneurship can even be taught, queries need to be made on what exactly is taught and how can it alter the mind set of attitudes towards creativity and risk; fundamental factors of an entrepreneur. In addition, the demographical target audience will also be reviewed over whether they fit into this reviews’ classification of what is an entrepreneur and whether courses can really be designed to teach the spirit of entrepreneurship. This critical review will seek to divulge the definitions of key points to the question and answer them in an argument that supports the theory that can “Entrepreneurship be taught?” Existing Market and E-Business Entrepreneurship is an important part of todays’ modern, technological...
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...Erasmus University of Rotterdam Erasmus Centre for Entrepreneurship The Impact of entrepreneurship education programs on entrepreneurial intentions: An application of the theory of planned behavior Master Thesis Sofia Karali 357726 Supervisor: Pr. Dr. Roy Thurik Erasmus School of Economics Co-reader: Hendrik Halbe MSc Erasmus Centre for Entrepreneurship Erasmus School of Economics Rotterdam 2013 Abstract Though many researchers have focused on entrepreneurship education, little research has been conducted on the precise effects and overall effectiveness of the entrepreneurship education programs. Drawing on the theory of planned behavior, this study investigates the impact of entrepreneurship programs on the entrepreneurial intention of students in higher education in the Netherlands. Data for this study is drawn from GUESSS (an international project investigating the entrepreneurial spirit of students worldwide). The results show that participants of entrepreneurship education programs are more likely to have higher intention (right or five years after their studies have been completed) to found their own businesses compared to nonparticipants. Furthermore, attitude toward entrepreneurship, subjective norm, and perceived behavioral control mediate the aforementioned relationship. The findings of this report contribute both to the Theory of Planned Behavior and to the field of entrepreneurship education. 1 Contents Acknowledgements 1. Introduction 2. Literature...
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