Question:

1) What is the importance of entrepreneurship and innovation as a means of stimulating the

economy and creation of new businesses?

Answer:

In entrepreneurship, unutilized resources, labour and capital are utilized most efficiently.
Entrepreneurs take on risks in the hopes of making profit or in the case of social entrepreneurship,
of solving a problem facing communities. So, the significance of entrepreneurs and the role of
entrepreneurship go beyond the business world. The main purpose of entrepreneurship is the
creation of job opportunities, innovation and improve the economy. Thus, entrepreneurs take the
economy and the society that is the whole civilization to the state of progress and prosperity.
Entrepreneurs also help drive change with innovation, where new and improved products enable
new markets to be developed. The way entrepreneurs help the development of an economy with
their innovative ideas and skills entrepreneurs fulfil economic growth of the country. New products
and services created by entrepreneurs can produce a rapid effect, where it stimulates related
businesses or sectors that need to support the new venture for further economic development.
Some education and training institutes are looking after new class of IT workers by offering better
and high paying jobs. Infrastructure development organizations and even real estate companies
capitalized on this growth as workers migrated to employment hubs seeking new improved lives.
Similarly, for further development efforts in underdeveloped countries will require logistics support,
capital investment and qualified workforce. Entrepreneurs and their innovations also create new
business and opportunities for countries unemployment issues.

In the current economic situations, chance of getting jobs is getting less by the day. Availability of
new jobs are lesser compared to the number of graduate every year all across the world. It is only
through the creation of new jobs by the entrepreneurs, is the economy going to be stimulated for
the greater good. Through modernization, people are being more dependent on technology. The IT
sectors are also expanding all across the world with the increase of our dependency on it with most
of our daily tasks. Through innovation, entrepreneurial ventures help the economy by providing
more jobs and at the same time generate more money. As the educational institutes keep on
training skilled individuals, they are travelling all across the globe for better opportunities regarding
better career path as well as their own personal development. By the contribution of both
entrepreneurship and innovation the skilled individuals are migrating to places where the
employment rates are growing. Through the change of time, many present businesses may be
achieving the goals and generating more incomes. This is how the entrepreneurs can shine.

The importance of entrepreneurship which I have got reading the case study are:

Entrepreneurship accelerates economic growth -

 entrepreneurs are important to market economies because they can act as the wheels of the
economic growth of the country.
 a large number of new jobs and opportunities are created by entrepreneurship.

Entrepreneurship promotes innovation –

 through the right practices of research and development, entrepreneurs bring new
innovation that opens the door of new ventures, markets, products, and technology.
 entrepreneurs have a role to play in solving problems that existing products and technology
have not yet solved.
Entrepreneurship can promote social changes –

 entrepreneurs change or break the tradition or cultures of society and reduce the
dependency on out dated methods, systems, and technologies.

Entrepreneurship promotes research and industrial development –

 entrepreneurs cultivate their ideas then shape them into a new form, and turn them into a
successful business venture.
 entrepreneurs are a special kind of people so they are always working to discover new ideas
and improve existing ones.