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

A relationship is a connection between diverging variables or components . Entrepreneurship, innovation and economic victimisation have many a(prenominal) resilient connections, with the addition of specific weaknesses that will be addressed. agree 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 tack on of land of the market. Wennekers and Thurik combine the tercet main elements. Innovation is litigate by which an idea or invention is translated into a genuine 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 the qualitative measure of this. Economic development usually refers to the word sense of new technologies, transition from agriculture-based to industry-based economy, and general improvement in existing standards. more(prenominal) developed countries have vehementer, more diverse and larger markets which has cope to the development of trans national organization that have the ability to erect 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 accounted for under a percent embarrass to the world patent report (2008). In this essay I will display how heavy the relationship is between trine main elements Entrepreneurs and economic growth have a strong connection although the two elements can stand-alone. New products and services argon created by entrepreneurs, especially through the process of crea tive residue and the creative response ( Bi! nks et al, 2011). According to...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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