Innovation, Entrepreneurship and Economy for Sustainable Development

What is it about?

It has been recognized in research that not all opportunity exploitation will necessarily be in society’s best interest. Entrepreneurs are persons who are ingenious and creative in finding ways that add to their own wealth, power, and prestige. Entrepreneurial talent can be allocated in ways that retard economic development. This conception of entrepreneurship is broader than that of entrepreneurs who run their own businesses. It also includes managers of multinational firms, state enterprises, non-profit organizations and a variety of dynamic intrapreneurs within the Page 3 of 3 organizations. The second strand of research focuses on the firm as the key economic actor. The firms include owner-operated firms, incorporated joint stock companies, state-owned firms, joint ventures, and subsidiaries of multinationals. These firms are the units that make the key decisions on investment, on branching into new activities, or relocating to other countries. The third research tradition deals with an important sub-set of firms, such as, owner-operated enterprises. The entrepreneur is the one who is both owner and actively involved in running his/her own business.

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Why is it important?

The economic growth of a country often depends on the factors like availability of natural resources, rate of capital formation, favorable capital-output ratio, technological progress, dynamic entrepreneurship, rate of growth of population, conditions of social overheads such as, education, health, and various non-economic factors. In 1960s, Cattell and Butchir found that 7% world populations living in USA and they enjoy 43% world’s wealth while 55% populations live in Asia enjoy only 16% resources of the world. At present, just 5% of the world's population live in USA consumes 23% of its energy. That's really extravagant. Imagine if you waste five times more gasoline or five times more food or produced five times more garbage, your neighbors wouldn't be very happy! Yet, that's what we're doing. This difference is mainly because of the ownership of natural resources. However, these resources are not unique for certain countries only but its existence cannot expedite the economic growth without the development of entrepreneurship.

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