Question

What is the role of innovation in entrepreneurship orientation of an economy?

Answer 1

Entrepreneurship itself, i.e. the pursuit of conducting an independent business, is vital to a healthy market economy.

Entrepreneurship helps to create jobs, provide goods and develop economic activity in a country. However, Entrepreneurship without innovation, will gradually leave a country behind.

Companies in developed economies such as the US, UK and even China, now invest Billions of Dollars every year to innovate, to make new processes, products and inventions.

This is because they want to compete not just nationally but globally and they understand that if they do not innovate, they would be left behind.

For an economy to grow, innovative entrepreneurship is the key.

Answer 2

Effective entrepreneurship helped in creating employment adding to the growth and GDP of the country. The enterprises that showed more innovativeness were more successful in the economy. The innovative edge gives the entrepreneurs a competitive advantage over the others in the markets.

Explanation:

• The process of innovations helps the industries to remain competitive in the economy.  

• Innovations help in creating new ideas and bringing changes to the traditional methods of working.  

• It helps in contributing to the economic growth of the country. It adds to a high level of productivity and helps in increasing the profits of the company.

• The growth in productivity is with the same factors of inputs and the business organisations are able to produce a number of goods for the consumers.

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