Entrepreneurship = Innovation = Growth
To define entrepreneurship, we can say that appropriate resources are gathered to achieve a goal. The goals involve certain risks. These risks can affect an entrepreneurs? wealth and time. The ventures could be focussed towards many different outcomes. These ventures may support philanthropic ideas, environmental initiatives, profit, etc. Examples of entrepreneurship could be starting up a company like Microsoft, or a charity organization. An entrepreneur brings a new product or service to our economy. This means that a new idea or innovation is created.
Innovation determines there are new ways of creating value for consumers. Entrepreneurs strive to impress investors for support on new business ideas, these business ideas aim to add value for consumers. When there is innovation, we find new ways to improve the lifestyle of regular people. Consumers have better options to improve the quality of their lives. The same way Thomas Edison introduced the light bulb, we have entrepreneurs pitching ideas. Entrepreneurs in business want to keep doing this, simply because its the path towards starting out a company. By starting a business, growth and profits can eventually be established. This leads to a successful venture.
A successful business facilitates the internal and external environment. Not only is the company a great source for creating new jobs, consumers and contracting companies find use in the product provided. In other words, better efficiency is created in different places that support the product. This contributes to the gross domestic product (GDP). The GDP shows improvement in goods and services domestically. This is a good indicator of how well the economy is doing. When there is an increased GDP, the economy is doing well. In this case, there are better employment rates and citizens are happy with results. Innovation also helps trade, businesses may send their products out overseas or branch out globally. This is great for building relations with economies from other countries.
Since entrepreneurs contribute towards innovation, they are needed in the domestic system. The entrepreneurial lifestyle should be supported by the general public and the government. To have many entrepreneurs means potential for new ideas, products and services. It means potential for new business start-ups and business engagement. Entrepreneurship should be continuously funded by the government. By funding entrepreneurship, we are investing in future improvement and technological growth. In other words, globalization exists through entrepreneurial activity. Entrepreneurs lead a difficult task of gathering resources to fulfill a purpose. They not only have to find financial support, there is also the hard work needed in creating a business plan and making the appropriate decisions. Nowadays, entrepreneurs need to be persistent and stay focussed towards their goals. Most ventures don?t succeed, which is why its common for entrepreneurs to try many different ideas. It is important for entrepreneurs to receive all kinds of support during these rough patches. Our economy needs it.
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Written by Basim MIrza
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Wikipedia. Entrepreneurship. [6st September 2009].http://walmartstores.com/FactsNews/NewsRoom/8437.aspx
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Entrepreneurship. Resource Center. [6th September 2009].http://www.entrepreneurship.org/ResourcesCenter/
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Innovate on purpose. Invention, innovation and entrepreneurs. [6th September 2009]. http://innovateonpurpose.blogspot.com/2006/10/invention-innovation-and-entrepreneurs.html
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Source: http://www.banksavers.org/entrepreneurship/entrepreneurship-innovation-growth.html
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