The University of Nottingham
Faculty of Social Sciences
Nottingham University Business School
Student Name : Yousef Alawi Yaaqob Al-kaf
Student ID : 008290
Module Name : Entrepreneurship and Business
Module Code : N11440
Lecturer : Dr Kenny Wong Meng Seng
Due Date : December 6, 2012
The word entrepreneur originates from the French word, entreprendre, which means "to undertake.” The entrepreneur is the one who organizes, manages, and assumes the risks of a business or enterprise. Furthermore, an entrepreneur can also be defined as the innovator or developer who recognizes and utilizes opportunities; converts those opportunities into marketable ideas; adds value ...view middle of the document...
He stated that in this model, profit-motivated entrepreneurs innovate, and these innovations are quickly imitated to wipe out monopoly. Schumpeter coined the term “Creative destruction” where he explained it as the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. " By continuing the innovation and enhanced development of products and goods, new industries will emerge replacing outdated goods that no longer satisfy the profit and consumer demands in that time period. Therefore, creativity is displayed to be an important characteristic when thinking about entrepreneurship and innovation. Such theory applies nowadays to modern capitalist economies of developed countries like the USA and UK. These countries have highly effective infrastructure and organization that allows it to improve their methods of production and economic growth which are characteristics of economic development.
“Entrepreneurs see “problems” as “opportunities,” then take action to identify the solutions to those problems and the customers who will pay to have those problems solved.” - Greg Watson.
Identifying opportunities is the one of the main attributes of entrepreneurship that has led to innovation and economic development. Identification of opportunity is seen as an entrepreneur’s ability to create economic value for a resource which is a crucial step in the creative stage. A great example is the discovery of the use of Penicillin as an anti-biotic in the 1920s by Dr. Alexander Fleming with his group of doctors. Historically, penicillin was simply a natural organic pest with no economic value. By introducing it to the pharmaceutical world, curing fatal diseases not possible before is a reality today and this was central to opening new sectors and segments in that industry. Curing diseases helps in increasing the median age of the population that leads to an increase in the standard of living which in turn aids in enhancing the economic development. By having a healthy population, this means reducing the probability an employee will retire early and have more motivated employees that can work long hours. Therefore, this will boost the economy allowing all employees to have higher earnings as a result.
Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an rapidly changing and competitive global marketplace. By involving the use of creativity and problem solving techniques, this launches a steady supply of revolutionary and innovative range of ideas which in turn triggers enhanced overall economic development in a nation. One such revolutionary invention that is a crucial aspect of the modern world is the World Wide Web, otherwise popularly known as the internet.
The internet when it was introduced in the 1960s and 1970s was first intended for research done by highly...