Entrep and economic development

14 cards·by legacy-5940342096396288@noemail.invalid

ESSENCE OF ENTREPRENEURSHIP

create and disseminate value

Value

worth, importance, utility

Entrep importance, what and by who?

Entrepreneurs new product, old product obsolete- Joseph Schumpeter

Creative destruction-->

economic activity---> increase societal productivity

Small firms that practices creative destruction

innovators or agents of change

Impacts to economic strength and stability through entrep

Innovation and Job creation

Process of making something new

Innovation

Economic impact in smaller entrep firms cause unique and specialized tasks

Job creation

Impact on society

1. Easier lives: productivity at work, improve our health and entertain us. 2. Moral and Socialissues

Positive impact on larger firms

producing parts that go into products that larger firms manufacture and sell

New product impact on larger firms

cutting edge component parts of R & D

Role of Entrepreneurs in Society-BANASTAO

1. economic development 2. employment and income 3. multiplier effect

Cycle of development

Employment & Income---> Savings & Taxes---> Entrepreneurs Investment

SOCIO-ECONOMIC BENEFITS FROM ENTREPRENEURSHIP-ASOR

Promotes self-help and employment "Mobilizes capital" "Provides taxes to the economy" "Empower individuals" "Enhance national identity and p