Johnny Ch Lok

Enterprise development behavior Johnny Ch Lok

Can entrepreneurships influence economic growth? we can view this case from the distribution between supply side and demand side to force seem somewhat. Is for instance, unemployment a variable that can be derived from the demand or the supply side of the economy? Notwithstanding that the distinction between demand and supply side factors may be imprecise. Among these are knowledge and how it ties in with human capital and knowledge resources. However, there will always be limitations in accessing knowledge. Measures concerning access and level of knowledge tend likewise to be partial. Indeed, even if the total stock of knowledge were freely available, knowledge about its existence would not necessary be. So, how higher rates of entrepreneurship knowledge in to innovations and set forces if it is creative destruction into motion which will be considered to any entrepreneurship. For example, how to define and measure innovation? According to Schumpeter ( 1911/340 is explicit about the economic function of the entrepreneurs, who indicated the process of economic development could be divided into three clearly separate stages. The first stage implies technical discovery of new things or new ways of things, who refers to as invention. In the subsequent stage innovation occurs, i.e. the successful commercialization of a new good or service from technical discoveries or more generally, a new combination of knowledge ( new or old). The final step in this three stages process imitation concerns a more general adoption of new products or processes to markets. Schumpeter has also clear about the difference between roles played by the inventor and compared to the innovator. Thus, the hypothesis is that entrepreneurship is linked to economic growth finds its most immediate foundation in simple, intuition, common sense and pure economic observation, activities to convert ideas into economic opportunities. So, it feel entrepreneurship is source of innovation and change, and as such improvement, innovation and change, and as such improvement in productivity and economic competitiveness with technological change and the global competition brought about by globalization and economic liberalization, the assumption that entrepreneurship means global innovation and economy competition or development to every entrepreneur nowadays. Thus, it brings these questions: What is the exact nature of entrepreneurship and it's role in economic theory? What are the links of entrepreneurship to economic growth? Can entrepreneurship b considered as the interface between small business ( the micro level ) and economic growth ( the macro level)?Most economic, psychological and sociological research points to the fact that entrepreneurship is a process and not a static phenomenon. Entrepreneurship is more than just economic factor ( Pirich 2001, 14-15). Entrepreneurship has to do with change and is also commonly associated with choice-related issues. In conclusion, how economy influences entrepreneurship development, I feel that when developing economies grow as standard economic growth models, predict through the accumulation of human and physical capital and increasing specialization: Once an economy has entered the industrialized phase of capitalist development, a qualitative change in the driver of economic growth occurs. In advanced industrial economies, growth is driven by the process of technological advance and knowledge accumulation brought by research and development efforts of firms consequently. Thus, finally, every entrepreneur needs to judge to apply different strategies to attract consumer psychological change to choose to buy whose products or consume whose services as well as how to already to adapt economic change influences to develop whose entrepreneurship in long term.