English / The Relationship Between Entrepreneurship, Innovation And Economic Development

The Relationship Between Entrepreneurship, Innovation And Economic Development

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Autor:  people  15 November 2011
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Words: 1810   |   Pages: 8
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Entrepreneurship has been an significant subject in business. Although there is no authoritative and specific theory to explain it, the mutual effects among ebtrepreneurship, innovation and economic development are really exist. Also, creativity and problem solving play important roles in this third-party relation. In this essay, it will generally demonstrate the relationship between innovation, entrepreneurship and economic development and in the next section, creativity , problem solving and the position they stay in the relations will be introduced and finally conclude.

The relationship between entrepreneurship and innovation is multiple and they influence each other . Firstly, it is commonly believed that innovation is an important base of entreneurship. Although there are so many definitions of entrepreneurship, all of them refer to the special and significant position of innovation in entrepreneurship.

For instance, in the entrepreneurship wrote by Robert D. Hisrich, Michael P. Peters,2008, it sates that "entrepreneurship is the process of creating something new and assuming the risks and rewards."

In 1999,Brazeal and Herbert presented a simple model of the entrepreneurial process proves that the ultimate entrepreneurial event is driven by psychological innovation, which is the consequence of creativity plus technical innovation. Meanwhile the original change leading to technical innovation is environmental change. (Brazeal and Herbert, 1999: 32)

Therefore, to consider the conceptual relationship, innovation is the indispensable element of entrepreneurship . (miller,1983; dees,1998)

Secondly, there is a positive correlation between entrepreneurship and innovation. They are complementary because entrepreneurship help the innovation more prosperity and achieve its economic value while adequate innovation offer enough spiritual resources to entrepreneurship.(zhao,2005) so entrepreneurship and innovation are both important in a business. Only innovation without entrepreneurship, that is a visionary. Only entrepreneurship without innovation, that is a manager. Zhao (2005) insists that “a combination of entrepreneurship and innovation holds the key to organization sustainability in this period of rapid change and nonlinear dynamics” Therefore, only entrepreneurship and innovation work with each other can make the business advance quickly.

However, what should be pay attention to is that innovation will not be a positive factor for the ent ...



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