Enterprise Development, Culture and Management Assignment

Enterprise Development, Culture and Management - Assignment Example An entrepreneur is a risk taker. He is a unique person in the society with skills that are crucial for championing change. On the other hand, any individual who works as his own boss is considered as an entrepreneur. Entrepreneurship is a term that is often used interchangeably with innovation. Innovation can be referred to as an intentional process of change aimed at creating value by targeting opportunity and in quest of advantage. Entrepreneurship emphasizes on the creation of new products and services, new production processes, new organisational structures and the invention of new markets. New entrepreneurial ideas are those that can be commercialized and should be able to contribute greatly to the development process of the entire society. Entrepreneurship plays a very crucial part in economic development process. Economic development is usually influenced to a great extent by entrepreneurial activities. Innovation propels the economic growth and development of any country. The level of economic performance relies hugely on the level of technology used by firms. Research and development, which is characteristic of entrepreneurship, provides a great thrust to technological advancements in companies and hence production efficiency. Neo-classical economics acknowledges that economic growth is as a result of enhancements to the basic factors of production such as labour and capital, which is the main objective of entrepreneurs. Entrepreneurship is characterised by competitive actions that spur market processes to success. The introduction of new activities in the market is essential for the development process of trade. Established firms as well as new entrants in the market develop new products that respond to the varyin g needs of consumers and thus contribute enormously to the development of the economy and betterment of the society (Wong et al 2005). Entrepreneurship and innovation are thus universal primary determinants of