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Entrepreneurial economics is the field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development . [ 1 ]
The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is debated in academic economics. An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper ...
Here Enterprise is defined as an ability to develop multiple ideas and opportunities that can be made real, and entrepreneurship is defined as the development of business acumen that can realize the full potential.
Taken together, as a strategic orientation EO enhances firm performance as well as overall variance in a firm’s performance. Increased variance occurs as result of the observation that many entrepreneurial actions ultimately fail to generate an economic return thereby contributing to an increased distribution of firm performance outcomes.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Human resources can be defined as division of business that involves finding, screening, recruiting, and training job applicants. [26] Human resources, or HR, is crucial for all businesses to succeed as it helps companies adjust to a fast-moving business environment and the increasing demand for jobs.
Creative entrepreneurship is the practice of setting up a business – or becoming self-employed - in one of the creative industries.The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that they are concerned first and foremost with the creation and exploitation of creative or intellectual capital.
The concepts of micro-enterprise and microfinance were pioneered in 1976 by Nobel Prize recipient Muhammad Yunus, founder of the Grameen Bank (Bank of the Rural), in Bangladesh. The bank was established for the purpose of making small loans to the poor − predominantly women – to help them obtain economic self-sufficiency.