2. AGEND OF THE LECTURE?
• Economy
• Why Entrepreneurship is important for Economic Development?
3. ECONOMY
• The state of a country or region in terms of the production and
consumption of goods and services and the supply of money.
• The mother discipline of entrepreneurship is economics, so
whenever we talk about economy it plays a vital role in it.
Source:
https://en.oxforddictionaries.com/definition/economy
• The economies can be driven into three categories by World
Economic Forum:
• 1) Factor Driven
• 2) Efficiency Driven
• 3) Innovation Driven
4. FACTOR DRIVEN
ECONOMIES
• Economy in Factor-driven phase is
dominated by subsistence agriculture
and extraction business, with a heavy
reliance on (unskilled) labor and
natural resources.
Source: (https://weforum.org)
5. EFFICENCY DRIVEN
ECONOMY
• Economy in Efficiency-driven phase,
becomes more competitive with
more-efficient production processes
and increased product quality.
• Economies where innovation comes
but their intensity is less, but their
production process gets better, the
product quality gets better, we call
them as the efficiency driven
economy.
6. INNOVATION
DRIVEN ECONOMIES
• Economy in innovation-driven phase,
business are more knowledge-
intensive, and the service sector
expands.
• All those economies where technology
and knowledge plays a very critical
role. When we talk about
knowledgeable economies we talk
about the labor, they’re well versed
and knowledgeable.
7. ECONOMIC IMPACT OF
ENTREPRENUERSHIP
• Innovative Hubs
• Job Creation
• Addition to National Income
• Creates Social Change
• Size of the Economy
• Commerce and Regional Economic
Integration
• Addressing Environmental Challenges
• Philanthropy
