Entrepreneurial Opportunities in Business

Business Organization and Management, 2012

52 Pages Posted: 18 Jul 2019

See all articles by Vijay Kumar Kaul

Vijay Kumar Kaul

University of Delhi South Campus - Department of Business Economics

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.

Suggested Citation

Kaul, Vijay Kumar, Entrepreneurial Opportunities in Business (2012). Business Organization and Management, 2012 , Available at SSRN: https://ssrn.com/abstract=3421988

Vijay Kumar Kaul (Contact Author)

University of Delhi South Campus - Department of Business Economics ( email )

New Delhi
New Delhi 110021
India

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