Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples from the Business World to Support Your Discussion.’
There are many links that bring together a relationship between entrepreneurship, innovation and economic development, and both creativity and problem solving play a large role within this relationship. Entrepreneurial activity can lead to innovation within a market for a product or service, which can therefore lead to increased economic development. Within this report I will attempt to analyse this relationship and create further links.
The definition of an entrepreneur and entrepreneurship …show more content…
Schumpeter’s other form of change is ‘discrete change’. Here, rather than gradual alterations to a product, an entirely new product, which “cannot be traced back to the previous gradual version” (Entrepreneurship from Creativity to Innovation, 2007, p.14), is created. In this situation there are links to what Harvey