Relationship between Entrepreneurship, Innovation and Economic Essay - 2

Relationship between Entrepreneurship, Innovation and Economic Development - Essay Example Such an analytical approach has furnished ample insight into the interrelationship existing between knowledge, innovation and entrepreneurship. However, it goes without saying that there is a lacuna as to the understanding of the comprehensive relationship between entrepreneurship, innovation and economic growth. The understanding of the relationships between micro economic sources of growth and the consequent macroeconomic outcomes is still too nascent as to the establishment of the relationships between varied interacting forces impacting the economic growth. Hence, in an academic perspective it will be really enlightening to analyze the recent advancements into the understanding of the varied forces influencing the creation of knowledge, the promulgation and diffusion of this knowledge aided by apt innovation and the role played by entrepreneurship in the overall growth process. For its goes without saying that the primary process of knowledge creation has to be continually and co mmensurately supported by forces originating from innovation and entrepreneurship, which give way to mechanisms that help in the conversion of this knowledge to societal and commercial needs. It is amply relevant as the developing countries of today could learn a lot from the course followed by the developed countries in their quest for economic growth. It will also immensely help the developed countries in the sense that they are faced with the challenging responsibility of devising growth policies in a futuristic context. Thus, it is emphatically valid to attempt an understanding into the relationship existing between entrepreneurship, innovation and economic growth. Entrepreneurship and Economic Development The very fact that entrepreneurship is closely tied to economic growth is amply corroborated by the commonsensical observation and economic acumen in the sense that the crux of any innovative entrepreneurial endeavour is to convert ideas and knowledge into commercially valid e conomic opportunities. Entrepreneurship is the bedrock on which rest the possibilities for innovation, change and growth. In a world economy that is getting globalized at a fast pace, entrepreneurship is a sources of competitiveness in the sense that it gives way to knowledge and flexibility. With the ensuing shift in the industrial frameworks and structures vying for an augmented decentralization and minimal concentration, the entrepreneurial vigour operating at all the levels in an economy is indeed a source of viable competitiveness. In that context if one takes into consideration the accompanying technological developments and changes and a resultant augmenting global competition and economic liberalization, the very assumption that promoting entrepreneurship in a way leads to the promotion of the economic growth appears more valid today than it did in the past. The available economic, social and psychological knowledge do points towards the fact that entrepreneurship is a proce ss that tends to be dynamic in its scope and ramifications. Though some experts may tend to think of entrepreneurship as a mechanical economic factor, yet, in reality it is far from being so (Pirich 2001, p. 14). Entrepreneurship has as much to do with change as with the choices related to a change era or process. In that context, the existing definitions of entrepreneurship delve on the functional aspects of entrepreneurship that may be allocation of the scarce resources, coordination, making decisions, innovation, capital augmentation and uncertainty management. Entrepreneurship unleashes the dormant growth

Personaland Organizational Ethics Essay Example | Topics and Well Written Essays - 2000 words

Personaland Organizational Ethics - Essay Example Accomplishment, ambition, confidence, determination and patience are among the values that stand out most in me. I say that accomplishment is a value I possess simply because I have an insatiable urge to complete whatever I start in regards to all aspects. I am not a quitter but on the contrary prefer to think of myself as a winner. I am ambitious because this is what drives me to achieving my goals and objectives. Ambition sees me through all situations especially when under a lot of pressure; it is among my greatest assets. When the aura around you spells confidence it pulls you up a notch higher to getting thing done since you believe in yourself and your abilities. Nobody likes having a low self esteem, so this is where confidence bails you out. Everyone with the intention of getting things done should have determination this is because it helps you to push on even when things are difficult, thus you don’t despair. They say patience is a virtue and I can be patient for a l ong duration of time and while being patient I take my time to reflect on different matters that concern my attention. Values last a lifetime. Albeit with time they might undergo some transition, they tend to be fairly stable Personal ethics points towards making a person better in regards to his character and every other aspect (Lozano, 2002). I personally have a code of ethics that I relate to and which govern me. First of all, I advocate for being honest as an ethic and it tops my list because once you don’t have anything to hide and no skeletons in the closet you have a clear conscience that lets you run your daily activities to your level best, and also because of the unspoken rule that the more honest you are, the more trustworthy you become. Secondly, I don’t change who I am to please others, this is because I can’t take away my happiness at the cost of pleasing others, people should be able to appreciate me and my personality since basically that is who I am. Same way, that, I won’t try to change others to please myself. Thirdly, I tell the truth. The value of truth is immeasurable, because a world without truth would be unbearable. It would be filled with lies that would cause nothing but harm. Fourthly, be harmonious, nothing beats the filling of getting along with everyone without any qualms whatsoever. It is pure goodness. Any relationship is gauged on the grounds of trust since trust is the building block of relationships; hence trust is a very important when dealing with people, and it’s your actions that make them trust you or don’t trust you. Respect is another personal ethic that I uplift since we would all like people to respect ourselves as individuals and our space. Treat others as you would like to be treated. I have integrity. The impression you make on people matters a lot, so the better of a person you are, the better an image you present. Responsibility is another ethic that I possess since ità ¢â‚¬â„¢s something that has been instilled in me since childhood. People can only rely on you if you are responsible. Every act of kindness of kindness has a significant impact in someone’s life, so it doesn’t cost much to be courteous. Lastly, it is important to give credit where it is due, if we don’t people for their ideas or works, it is as well as stealing and it is basically and without a doubt cheating