Entrepreneurship and Innovation

Running Head: MANAGEMENT 0
Entrepreneurship and Innovation

MANAGEMENT 1
Table of Contents
Introduction................................................................................................................................2
Importance of Entrepreneurship.................................................................................................2
Should Entrepreneurship be encouraged....................................................................................4
Attributes of entrepreneurship....................................................................................................5
Conclusion..................................................................................................................................6
References..................................................................................................................................7

MANAGEMENT 2
Introduction
Entrepreneurship is a complex phenomenon where entrepreneur practices and actions are
intended towards set vision with innovation response to the external environment (Anderson,
Dodd and Jack, 2010). The process of entrepreneurship creates benefit at both levels i.e.
personal and social. An individual gets benefitted with the respective growth, thrill and
challenge initiated by entrepreneurship practices whereas the social issues are eliminated with
the formation of capital as well as promoting employees.
The contribution to real economic growth is possible only due to various entrepreneurship
practices where the investment opportunities are being discovered under various conditions
of planning, innovating and uncertainty.
Importance of Entrepreneurship
Entrepreneurship work in the dynamic environment with creation of incremental wealth,
innovation and value enhancing the growth of social welfare (Hitt et al, 2011). With the help
of entrepreneurship process, the society and economy shifts to the state of progress and
prosperity to the greatest possible extent. Later on, Entrepreneurial firms lead to creation of
jobs and contribute to economic growth while shaping business ecosystem, commercializing
new technologies, setting up of new market and other aspects in exciting new ways.
The significance of entrepreneurship is outlined below with having a positive impact on
personal, society and economic development. It includes –
Creation of job opportunities and generation of employees
In the process of entrepreneurship, an individual becomes a job creator rather than a job
seeker. The whole world is now globalised leading many people to be unemployed and thus
only the entrepreneur can help in identifying the source of employment that is one of the key
problems in developing nation (Shepherd and Patzelt, 2011). Hence, it can be said that there
is a rise in employment opportunities with the growth of an enterprise that diminishes the
concern of unemployment in the nation-state.