Entrepreneurial Opportunities in Business
Business Organization and Management, 2012
52 Pages Posted: 18 Jul 2019
Date Written: 2012
Abstract
Innovation is defined as the creation of new ideas, products, services or processes through improvement, discovery or invention. Entrepreneurship is a special type of innovation applied to create and exploit new business opportunities, a new product or service, a new way of distributing goods, a new market or a new organization. Joseph Schumpeter called entrepreneurship the process of ‘creative destruction,’ because, so often, new commercial opportunities challenge old ways of doing business. For example, the introduction of desktop computers replaced typewriters. Through the process of entrepreneurship, entrepreneurs help in creation of new opportunities for employment, create additional wealth, introduce and disseminate new methods and technology, and enhance the overall economic growth (National Knowledge commission or NKC, 2008). Realizing the importance of entrepreneurship, several studies conducted by multilateral institutions, such as the World Bank and the United Nations Industrial Development Organization have suggested that developing countries need to promote entrepreneurship, technology and innovation to find solutions to their problems of poverty, unemployment and underdevelopment.
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