Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development. What Role If Any Do Creativity and Problem Solving Play in This Relationship? Refer to Both Theory and Examples from the Business World to Support Your Discussion

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Nottingham University Business School

Undergraduate Programmes

TITLE OF MODULE:
Entrepreneurship and Business (N11440 MY)

Title of Work:
Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion

COPY 1

TITLE OF MODULE:
Entrepreneurship and Business (N11440 MY)

Title of Work:
Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion

COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills. These all shall be the foundation of this particular essay.

Entrepreneurs were first introduced by Richard Cantillon (1697-1734) and described as a producer with non-fixed or uncertain returns. (Economictheories.org, 2014)However, the definition of the word has long since evolved, carrying the meaning of an individual that is commonly seen to be leader in his field of business and also…...

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