Week 5 The Nature And Importance Of Entrepreneur

Week 5: The nature and importance of entrepreneurshipSo far in this module, you have discussed and explored innovation. For the following 3 weeks, you will take a look at the other important concept of this module, namely entrepreneurship. Keep in mind that these two concepts are not isolated from each other. Rather, it is important to bear in mind that the entrepreneur is the person who is the vessel by which innovation is realised.If you recall from Week 1, Schumpeter (1934) suggests that an entrepreneur is the person who:Introduces a new goodIntroduces a new method of productionOpens up a new marketGains control of a new source of supply of raw materialCreates a new organisation or a new industryIf you reflect on this ‘list’, you can see that the theme on newness is prevalent. This theme of newness ties in with your understanding of innovation; it brings something new and value adding to the market.This week, you will explore the importance of entrepreneurship to economies and you will examine the role of government in developing entrepreneurship. In addition, you will analyse the market potential for their entrepreneurial ideas.ReferenceSchumpeter, J. (1934) The theory of economic development. Cambridge: Harvard University