Essay On Innovation And Entrepreneurship

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Entrepreneurship introduces innovation and induces economic growth: Innovative business practices produce competence. It is essential for us to consider the fact that innovation and entrepreneurship are somehow dependent on access to knowledge, resources, education. In this regard, government and their policies play a vital role in order to create and maintain conditions that are suitable for entrepreneurs to start their business and providing an environment in which business nurture. Most politicians and economists believe that small and new firms will give opportunities of growth and create jobs in the economy. If the entrepreneurial activities are not evenly distributed among the country, it badly affects the economy. The economic growth of the country will have to suffer. If right atmosphere and conditions are provided, entrepreneurs have an extraordinary power in helping the economic growth of regional areas. In agricultural country like Pakistan, innovation is important not just to boost economic growth but to face…show more content…
Entrepreneurs offer new job opportunities in the short and long term. Productivity of firms and economy is increased by entrepreneurial activities. As more and more people are into the business now, more and diverse goods are provided to consumers. There is a price war because of more producers and definitely those who are more competitive. Consumers are now provided with more options and they can choose what they find best for them. A consumer is in a better position to bargain. Capitalist economies encourage entrepreneurs. But it is seen that now even managed economies like China are facilitating entrepreneurship because they have found entrepreneurial activities are not a threat to their established system and is important for their economic competitiveness and their short & long term prosperity and

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