Here are my three main takeaways:
1. Entrepreneurship plays a key role in economic development by introducing innovation through new products, services, technologies and business models. This stimulates economic growth by creating jobs, incomes and wealth.
2. Small and micro enterprises are important job creators and make significant contributions to economic growth, especially in developing countries. Supporting entrepreneurship among various groups like women can help reduce poverty and unemployment.
3. Both economic and non-economic factors influence economic development. While entrepreneurship and capital investment are important, other factors like culture, values, education, corruption and political stability also impact economic growth. A holistic approach is needed.
Presentation on digital marketing .pdf pptFalak Naaz
Digital marketing
Introduction
Benefits of digital marketing over traditional marketing
Objective
7 c
Type
Technique
Advantages
Disadvantage
Career opportunities
5 p
Presentation on digital marketing .pdf pptFalak Naaz
Digital marketing
Introduction
Benefits of digital marketing over traditional marketing
Objective
7 c
Type
Technique
Advantages
Disadvantage
Career opportunities
5 p
The Synergy of Sustainability and Societal Marketing Liliana Chin Lau
The study of this thesis highlights the direct importance of Sustainable Development in businesses. Sustainability presented here is concerned about the future based on three dimensions: Society, Economy and Environment. For this reason it employs the Societal Marketing Concept instead of the traditionally used Selling Concept as a marketing strategy. Selling products is not the only concern of companies anymore. They need to understand the needs of consumers and of society in order to satisfy them. It also utilizes the Corporate Social Responsibility model as one of the fundamental tools for the company to develop its business. Furthermore, this study exposes the essential meaning of Business Ethics when dealing with Sustainability. It is extremely significant for a company to practice Business Ethics otherwise it will have negative results resulting from its behavior. This thesis not only emphasizes Societal Marketing and Sustainability as two disconnected scopes; it also highlights the synergy between them. Synergy is defined as the sum of two and two equaling to five - Yes, five. This means that synergy is a method of combining different business sectors in a way that delivers unexpected results, innovation, and a competitive advantage that all companies seek. Understanding the essential need of synergy and the application with Sustainability and Societal Marketing this study forges a Sustainability Sweet Spot. This synergy between Sustainability and Societal Marketing works in real companies by achieving new products and management methods, as shown in a case study of Natura Cosmetics, a successful Brazilian Company that a leads its industry.
Nivea exploits the potential of a full-screen takeover to create a perfect product showcase environment and encourage use of the Facebook store built for its male consumer audience
INTRODUCTION TO ENTREPRENEURSHIP DEVELOPMENT WITH ITS BASIC CONCEPTSMAHUA MUKHERJEE
UNDER CALCUTTA UNIVERSITY CBCS PATTERN B.COM STUDENTS WILL FIND AN ADDITIUONAL TO THEIR CHAPTERS. PURENTS OF ENTRPRENEURSHIP PROGRAMMES CAN ALSO GAIN KNOWLEDGE FROM THIS
CONCEPT OF ENTRPRENEUR ; TYPES OF ENTRPRENEURS CREATIVITY AND INNOVATION
1Economic Development of Mashonaland RegionIntroductionEcoEttaBenton28
1
Economic Development of Mashonaland Region
Introduction
Economic development refers to the creation of wealth that ultimately enables a community to realize benefits and meet its needs. It is a commitment and an investment in the economy so that the community can enhance the prosperity and quality of life for everyone. According to Myint, (2016) economic development is a process in which simple and low-income economies transform into modern and industrial economies through quantitative and qualitative improvements. The theory of economic development defines it as the process through which poor and primitive economies can evolve into relatively prosperous economies. From a public perspective, economic development involves an efficient allocation of limited resources such as land in a manner that benefits people in terms of income distribution and employment. Economic development is usually the responsibility of the government to influence the direction, nature, and viability of investment towards opportunities that assure the growth of the economy. Through sustained economic growth, the government can provide profitable business opportunities to its people, a situation that furthers the growth of the economy.
Unified growth is a concept that captures the economic growth process over the course of human existence by focusing on factors such as technology, population growth, and education. The concept encourages the need for governments to actively invest in technology. Through this concept, subnational regions have transitioned from stagnation to a period of sustained economic growth. They achieve this by capturing the key phases of economic development as well as the central role that human capital plays in the economic growth and development process. The concept maintains that the variations in cultural, biogeographical, and institutional characteristics can enhance the transition from stagnation to economic growth and development. The unified growth concept, therefore, contributes to economic geography since it identifies factors that can govern the transition from economic stagnation to economic growth and ultimately economic development.
Mashonaland is a subnational region in Northern Zimbabwe divided into three provinces namely Mashonaland West, Mashonaland east Mashonaland central. It borders Zambia to the North and Mozambique to the east and northeast. It is also the traditional homeland of the Shona, a Bantu-speaking group in Zimbabwe. The region has a population of about two million people. The region predominantly consists of savanna grassland although there are areas that have savanna woodland. The economy of the region consists mainly of agriculture, service, and mining industries. Many citizens of this region are predominantly farmers hence agriculture drives the economy of Mashonaland. It also has prospects for tourism which have significantly improved its economy.
However, the subnational government is increasingly faced w ...
The 5 Crucial Role of Entrepreneurship in Economic Development.pdfSmartSkill97
Entrepreneurship plays a pivotal role in shaping the economic landscape of nations. It is the heartbeat of the market, pumping innovation, employment, and growth into society's veins. Through the daring vision of entrepreneurs, new horizons of possibility are explored, creating a ripple effect that benefits not only individual lives but the economy as a whole.
As a student, you'll also understand why entrepreneurship matters for the economy, how it develops, the environment it thrives in, and why it's important.
This transformative power of entrepreneurship ignites a chain of prosperity that uplifts entire communities, making it a cornerstone of economic development. In the following discussion, we will delve into five critical ways entrepreneurship proves to be an indispensable asset to the economy, highlighting its significant contributions and the lasting impact it leaves on the world's financial health.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
Role of business in economic developmentM S Siddiqui
Policy makers need to create structured long term funding schemes with extended moratorium periods to support young entrepreneurs in the start-up stage and smooth run of business under self-regulations with minimum bureaucratic control. The bureaucratic control is expensive and regressive of creation of new business and development of entrepreneurship.
The Synergy of Sustainability and Societal Marketing Liliana Chin Lau
The study of this thesis highlights the direct importance of Sustainable Development in businesses. Sustainability presented here is concerned about the future based on three dimensions: Society, Economy and Environment. For this reason it employs the Societal Marketing Concept instead of the traditionally used Selling Concept as a marketing strategy. Selling products is not the only concern of companies anymore. They need to understand the needs of consumers and of society in order to satisfy them. It also utilizes the Corporate Social Responsibility model as one of the fundamental tools for the company to develop its business. Furthermore, this study exposes the essential meaning of Business Ethics when dealing with Sustainability. It is extremely significant for a company to practice Business Ethics otherwise it will have negative results resulting from its behavior. This thesis not only emphasizes Societal Marketing and Sustainability as two disconnected scopes; it also highlights the synergy between them. Synergy is defined as the sum of two and two equaling to five - Yes, five. This means that synergy is a method of combining different business sectors in a way that delivers unexpected results, innovation, and a competitive advantage that all companies seek. Understanding the essential need of synergy and the application with Sustainability and Societal Marketing this study forges a Sustainability Sweet Spot. This synergy between Sustainability and Societal Marketing works in real companies by achieving new products and management methods, as shown in a case study of Natura Cosmetics, a successful Brazilian Company that a leads its industry.
Nivea exploits the potential of a full-screen takeover to create a perfect product showcase environment and encourage use of the Facebook store built for its male consumer audience
INTRODUCTION TO ENTREPRENEURSHIP DEVELOPMENT WITH ITS BASIC CONCEPTSMAHUA MUKHERJEE
UNDER CALCUTTA UNIVERSITY CBCS PATTERN B.COM STUDENTS WILL FIND AN ADDITIUONAL TO THEIR CHAPTERS. PURENTS OF ENTRPRENEURSHIP PROGRAMMES CAN ALSO GAIN KNOWLEDGE FROM THIS
CONCEPT OF ENTRPRENEUR ; TYPES OF ENTRPRENEURS CREATIVITY AND INNOVATION
1Economic Development of Mashonaland RegionIntroductionEcoEttaBenton28
1
Economic Development of Mashonaland Region
Introduction
Economic development refers to the creation of wealth that ultimately enables a community to realize benefits and meet its needs. It is a commitment and an investment in the economy so that the community can enhance the prosperity and quality of life for everyone. According to Myint, (2016) economic development is a process in which simple and low-income economies transform into modern and industrial economies through quantitative and qualitative improvements. The theory of economic development defines it as the process through which poor and primitive economies can evolve into relatively prosperous economies. From a public perspective, economic development involves an efficient allocation of limited resources such as land in a manner that benefits people in terms of income distribution and employment. Economic development is usually the responsibility of the government to influence the direction, nature, and viability of investment towards opportunities that assure the growth of the economy. Through sustained economic growth, the government can provide profitable business opportunities to its people, a situation that furthers the growth of the economy.
Unified growth is a concept that captures the economic growth process over the course of human existence by focusing on factors such as technology, population growth, and education. The concept encourages the need for governments to actively invest in technology. Through this concept, subnational regions have transitioned from stagnation to a period of sustained economic growth. They achieve this by capturing the key phases of economic development as well as the central role that human capital plays in the economic growth and development process. The concept maintains that the variations in cultural, biogeographical, and institutional characteristics can enhance the transition from stagnation to economic growth and development. The unified growth concept, therefore, contributes to economic geography since it identifies factors that can govern the transition from economic stagnation to economic growth and ultimately economic development.
Mashonaland is a subnational region in Northern Zimbabwe divided into three provinces namely Mashonaland West, Mashonaland east Mashonaland central. It borders Zambia to the North and Mozambique to the east and northeast. It is also the traditional homeland of the Shona, a Bantu-speaking group in Zimbabwe. The region has a population of about two million people. The region predominantly consists of savanna grassland although there are areas that have savanna woodland. The economy of the region consists mainly of agriculture, service, and mining industries. Many citizens of this region are predominantly farmers hence agriculture drives the economy of Mashonaland. It also has prospects for tourism which have significantly improved its economy.
However, the subnational government is increasingly faced w ...
The 5 Crucial Role of Entrepreneurship in Economic Development.pdfSmartSkill97
Entrepreneurship plays a pivotal role in shaping the economic landscape of nations. It is the heartbeat of the market, pumping innovation, employment, and growth into society's veins. Through the daring vision of entrepreneurs, new horizons of possibility are explored, creating a ripple effect that benefits not only individual lives but the economy as a whole.
As a student, you'll also understand why entrepreneurship matters for the economy, how it develops, the environment it thrives in, and why it's important.
This transformative power of entrepreneurship ignites a chain of prosperity that uplifts entire communities, making it a cornerstone of economic development. In the following discussion, we will delve into five critical ways entrepreneurship proves to be an indispensable asset to the economy, highlighting its significant contributions and the lasting impact it leaves on the world's financial health.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
Role of business in economic developmentM S Siddiqui
Policy makers need to create structured long term funding schemes with extended moratorium periods to support young entrepreneurs in the start-up stage and smooth run of business under self-regulations with minimum bureaucratic control. The bureaucratic control is expensive and regressive of creation of new business and development of entrepreneurship.
the presentation focuses on the concept of development.How different scholars have defined development,the models and theories under itjklasdasldkasdasfasfa afafafaasf afafaFAF FAFAFAF FASFASFAFSGE QWAFAF FQQFQFAF FQWFQFAF FQQWASFA AFQWRQFAS Q.FASFFFQWF QFAFQWRFA FQWFAF WFFQrqhkabal afjhbqwui hkfqwkhfoqh fiqofhlqnl afnalfnqlwiknfjasfo nfasnflanfiqnlfqiwfqlflS FHQIOH.
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First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
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How to Run Landing Page Tests On and Off Paid Social PlatformsVWO
Join us for an exclusive webinar featuring Mariate, Alexandra and Nima where we will unveil a comprehensive blueprint for crafting a successful paid media strategy focused on landing page testing.With escalating costs in paid advertising, understanding how to maximize each visitor’s experience is crucial for retention and conversion.
This session will dive into the methodologies for executing and analyzing landing page tests within paid social channels, offering a blend of theoretical knowledge and practical insights.
The Pearmill team will guide you through the nuances of setting up and managing landing page experiments on paid social platforms. You will learn about the critical rules to follow, the structure of effective tests, optimal conversion duration and budget allocation.
The session will also cover data analysis techniques and criteria for graduating landing pages.
In the second part of the webinar, Pearmill will explore the use of A/B testing platforms. Discover common pitfalls to avoid in A/B testing and gain insights into analyzing A/B tests results effectively.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
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• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
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A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
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Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
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Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
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The Secret to Engaging Modern Consumers: Journey Mapping and Personalization
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When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
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Understanding
AI-Generated Content:
AI-generated content includes text, images, videos, and audio produced by AI without direct human involvement. This technology leverages large datasets to create contextually relevant and coherent material, streamlining content production.
Key Benefits:
Content Creation: Rapidly generate high-quality content for blogs, articles, and social media.
Brainstorming: AI simulates conversations to inspire creative ideas.
Research Assistance: Efficiently summarize and research information.
Market Insights:
The content marketing industry is projected to grow to $17.6 billion by 2032, with AI-generated content expected to dominate over 55% of the market.
Case Study: CNET’s AI Content Controversy:
CNET’s use of AI for news articles led to public scrutiny due to factual inaccuracies, highlighting the need for transparency and human oversight.
Benefits Across Industries:
Marketing: Personalize content at scale and optimize engagement with predictive analytics.
Publishing: Automate content creation for faster publication cycles.
Education: Efficiently generate educational materials.
Healthcare: Create accurate content for patients and professionals.
Finance: Produce timely financial content for decision-making.
Challenges and Ethical Considerations:
Transparency: Disclose AI use to maintain trust.
Bias: Address potential AI biases with diverse datasets.
SEO: Ensure AI content meets SEO standards.
Quality: Maintain high standards to prevent misinformation.
Conclusion:
AI-generated content offers significant benefits in efficiency, personalization, and scalability. However, ethical considerations and quality assurance are crucial for responsible use. Explore the future of content creation with us and see how AI is transforming various industries.
Connect with Us:
Follow Cut-The-SaaS on LinkedIn, Instagram, YouTube, Twitter, and Medium. Visit cut-the-saas.com for more insights and resources.
1. The Role of Entrepreneurship
in Economic Development
2. The Role of Entrepreneurship in Economic Development
There are various definitions of entrepreneurship. However, the
key concept is innovation. This refer to new or different ways of doing
things, like technology, marketing, human relations, management, and
so forth. When an individual creates a new product, it is innovation.
When he sells his product in a different approach, it is also innovation.
Evidently, a more efficient way of producing goods and services
contributes to economic development. Likewise, a more economical
and faster method of distributing goods and service accelerates
economic development. A more appropriate system of utilizing the
inputs of production, such as money, materials, machines and
manpower, can favorably contribute to economic development. All the
three aforementioned situations comprise entrepreneurial activities.
3. The Role of Entrepreneurship in Economic Development
In view of the innovative nature of entrepreneurship, it is
capable of generating more jobs, incomes, goods and services.
Ultimately, this means better economy and higher standard of living for
the people. However, the real contributions of entrepreneurship is
measured in terms of the welfare of the masses. It should be Filipino
entrepreneurship for Filipino economic development – whose benefits
seep down to the level of the masses.
4. Entrepreneurship Defined
Entrepreneurship, according to Professor Nathaniel Left, is the
capacity for innovation, investment and expansion in new markets,
products and techniques. This definition implies that an enterprise is
at work whenever an individual takes the risks and invest resources to
make something unique or something new, designs a new way of
making something that already exists, or creates new markets.
However, entrepreneurship is not only applicable to business
enterprises. It can also be done in schools, hospitals, and other social
services institutions. Entrepreneurship has special or extra-ordinary
features, such as the creation of something new or something
different. In short, it is innovation which distinguishes
entrepreneurship from other activities.
5. Entrepreneurship Defined
Any person who can create something new or something
different has already acquired a competitive advantage. Because it
means an improvement. Consumers like to buy an improved product
or service. Japanese businessmen are successful due to their
innovations. If someone can introduce a better way of public service, it
is certainly good for the people, especially for the poor masses. Any
new technology that can reduce money, labor and time is obviously
favorable to the economy. Hence, the importance of entrepreneurship
for ordinary people, businessmen and the government.
6. Entrepreneurship Defined
Professor Hirsh said:
“Entrepreneurship is more than a word. It is a mission. We must
perceive opportunities inherent in change; we must create a desire for
pursuing the opportunities that arise; and we must create an
environment in which success is possible and the consequences of
failure are tolerable.”
7. Economic Development and Growth Explained
Development is a process while growth is a product. So, growth
is the result of development. In agriculture, the application of
fertilizers, insecticides, labor, machines and other productive inputs
represents a process or development. The results or outputs are crops
like rice, corn or sugar. In simple terms, development is input while
growth is the output.
In economics, development does not only include economic
factors like money, machines and materials, but also other factors
which are non-economic, such as culture, values, religion, government
and education. These mixtures of economic and non-economic factors
8. Economic Development and Growth Explained
which are applied in the creation of goods and services constitute
economic development. Clearly, it is not effective to solve economic
problems with economic solutions alone. For instance, extravagance is
not only an economic problem. It is also caused by unfavorable culture
or social values.
In poor countries which are usually dominated by poverty,
illiteracy, unjust distribution of wealth, income and power, the concept
of economic development has a more relevant definition. Under this
socio-economic context, economic development refers to a progressive
process of improving human conditions by eliminating or reducing
poverty, unemployment, disease, illiteracy, injustice and exploitation.
9. Economic Development and Growth Explained
What are needed in poor countries are more economic activities
through the operations of factories, agricultural production, trade and
service industries. In concrete terms, such economic activities multiply
jobs and incomes. However, social justice must prevail. There should
be a fair distribution of wealth, income and power. Unfortunately, it is
almost impossible to redistribute wealth in poor countries. Their land
reform programs are failures, because there was no political will on the
part of top government officials who obviously prefer to sustain the
existing socio-economic order.
10. Economic Development and Growth Explained
In view of the very limited access to economic opportunities by
the masses, a better option is to develop an entrepreneurial class.
With the strong support of the government and the private sector,
small scale enterprises can flourish in the countryside. Such
community-based projects can generate jobs and incomes for the poor.
This is all what they need to uplift their social and economic conditions.
11. Development and Growth Theories
LAISSEZ FAIRE THEORY
These are French words introduced by the Physiocrats to mean
economic freedom. This theory explains that the government should
not interfere in economic activities. It is absolute free-enterprise
economy. The role of the government is only confined in education,
justice and public works. It is argued that with economic freedoms,
business can be more efficient through free competition. And this
benefits the economy.
12. Development and Growth Theories
KEYNESIAN THEORY
The government should play the key role in economic
development, particularly in less developed countries, or those with
depressed economic conditions. This theory contends that during
economic depression the government should put up massive public
works, like construction of roads and bridges, and other labor-intensive
projects. These generate large-scale employment resulting to more
incomes for more people. Such situation increases the demand for
goods and services. This means more production, and this enhances
economic development.
13. Development and Growth Theories
RICARDIAN THEORY
This is the theory of David Ricardo, an English classical
economist. He believes that the key factor in economic growth is land.
This means that agriculture plays a major role in economic
development. Such theory was earlier supported by the Physiocrats.
They claim that all wealth comes from the land. People cannot live
without food and natural resources. Hence the importance of land or
agriculture.
14. Development and Growth Theories
HARROD-DOMAR THEORY
This was conceptualized by Sir Harrod of England and Professor
Domar of the U.S. The key factor in economic growth is physical capital
like machines. The theory claims that more products can be produced
through the use of machines. In other words, production is far more
efficient with the use of machines. This theory appears to explain the
industrial success of rich countries.
15. Development and Growth Theories
KALDOR THEORY
Nicholas Kaldor maintains that the key factor is technology. This
theory explains that the application of modern technology in the
production of goods and services has been responsible for the
economic success of the highly developed countries like the U.S.,
Japan, Great Britain, France, Italy and Germany. In the case of Japan, it
can raise vegetables without the use of soil. Only fertilized water is
used. Such technology has been exported to the Middle East where
agricultural lands are scarce.
16. Development and Growth Theories
INNOVATION THEORY
This was developed by Joseph Schumpeter. He stresses the role
of innovators or entrepreneurs in economic development. Schumpeter
says that it is the innovator who has the courage and imagination to
handle old systems, and be able to transform theory into reality. It is
the innovator who introduces change for the better.
17. Development and Growth Theories
NON-ECONOMIC THEORIES
There are several other theories which are non-economic in
nature. Their key factors are political stability, efficient public
administration, open society, and positive cultural values. Maxx Weber,
author of Protestant Ethics and the Spirit of Capitalism, claims that
Protestant countries are more prosperous than Catholic countries and
others. He says that thrift, industry and an entrepreneurial spirit have
contributed much to the economic growth of Protestant countries.
18. Development and Growth Theories
Not a few economists argue that corruption in the government is the
No. 1 enemy of economic development in Asia. Others say that inefficient
public administration has resulted to wasteful and improper use of
resources. Likewise in a close society, there is no economic and social
mobility. The poor have no right to improve their miserable conditions. All
these unfavorable factors clearly drive away economic growth.
IN the case of highly developed countries, their values and institutions
are conducive to economic growth. Their government are efficient and
honest. Their values such as punctuality, industry, and dedication are
effective instruments of development. Above all, they have many good
entrepreneurs who have created employment and wealth for their
economies.
19. The Importance of Entrepreneurship
Statistics in both rich and poor countries show that small enterprises
are leading in the generation of jobs and wealth. In fact, the small business
sector saved the U.S. economy from economic stagnation or depression
during the 1960s and 1970s. Professor Peter Drucker, America’s foremost
management specialist, stated that the entrepreneurial economy had been
the most important development in American economy. It created 335
million jobs at a time when traditional big business and the government has
lost 5 million jobs in 1970s and early 1980s.
In the Philippines, most of our economic activities fall under the micro
and small business categories. There are many retailers, vendors, and other
small sole proprietors. As long as they perform some risk-taking ventures,
innovations, and creative undertakings, they are considered entrepreneurs.
20. The Importance of Entrepreneurship
Because of the proven importance of entrepreneurship, subjects
in entrepreneurship have been included in the curriculum of high
schools, colleges and universities in many countries. Harvard President
Derek Bok said:
“The Harvard Business School is beginning to see that its role is
not just training general managers, but also training and providing
preparation for people to start their own business…It is a kind of a new
freedom to go out and take some risks and run your own show… It’s a
kind of a new frontier for people of some boldness and creativity.”
21. Contributions of Entrepreneurs
1. Develop new markets. Under the modern concept of marketing,
markets are people who are willing and able to satisfy their needs. In
economics, this is called effective demand. Entrepreneurs are
resourceful and creative. They can create customers or buyers. This
makes entrepreneurs different from ordinary businessmen who only
perform traditional functions of management like planning,
organization and coordination.
22. Contributions of Entrepreneurs
2. Discover new sources of materials. Entrepreneurs are never
satisfied with traditional or existing sources of materials. Due to their
innovative nature, they persist on discovering new sources of materials
to improve their enterprises. In business, those who can develop new
sources of materials enjoy a comparative advantage in terms of supply,
cost and quality. In Japan, due to the extreme scarcity of local raw
materials, entrepreneurs give top priority to research and development
in order to discover alternative materials.
23. Contributions of Entrepreneurs
3. Mobilize capital resources. Entrepreneurs are the organizers and
coordinators of the major factors of production, such as land, labor and
capital. They properly mix these factors of production to create goods
and services. Capital resources, from a layman’s view, refer to money.
However, in economics, capital resources represent machines, buildings
and other physical productive resources. Entrepreneurs have initiative
and self-confidence in accumulating and mobilizing capital resources
for new business or business expansion.
24. Contributions of Entrepreneurs
4. Introduce new technologies, new industries and new products.
Aside from being innovators and reasonable risk-takers, entrepreneurs
take advantage of business opportunities, and transform these into
profits. So, they introduce something new or something different.
Such entrepreneurial spirit has greatly contributed to the
modernization of our economy. Every year, there are new technologies
and new products. All of these are intended to satisfy human needs in
a more convenient and pleasant way.
25. Contributions of Entrepreneurs
5. Create employment. The biggest employer is the private business
sector. Millions of jobs are provided by factories, service industries,
agricultural enterprises, and the numerous small-scale businesses. For
instance, the super department stores like SM, Uniwide, Robinson and
others employ thousands of workers. Likewise, giant corporations like
SMC, Ayala and Soriano group of companies are great job creators.
Such massive employment has multiplier and accelerator effects on the
whole economy. More jobs mean more incomes. This increases
demand for goods and services. This stimulates production. Again,
more production requires more employment.
26. Participation of Women
As stated earlier, human resources are the most important
productive resources. Unfortunately in poor countries or
underdeveloped economies, most of the women are engaged in
unproductive activities. It is true that in the rural areas, women help in
the farms. But their economic contributions are insignificant. Even
without their help, farm production remains the same. This simply
means there is no need for them to work in the farms. Their labor is
just a surplus one. In economics, such situation is referred to as
disguised unemployment.
Women constitute a big portion of the total population. Their
exclusion from productive enterprises is a great economic loss. They
27. Participation of Women
should be producers and not merely consumers. The business
potentials of women have gained the attention of some United Nations
agencies and other non-governmental organizations (NGOs). As a
result, there are now programs/projects for women, especially in the
rural areas of poor countries, which are envisioned to train women for
business enterprises and livelihood endeavors.
Bangladesh, formerly East Pakistan, is a very poor country.
Women comprise about 49% of the population. They were bypassed
by the development programs of their country. Most of the women are
unschooled, socially depressed and have conservative attitudes.
28. Participation of Women
Having recognized the vast economic possibilities of including women
in the development scheme of the country, the government of Bangladesh
finally set up entrepreneurial projects for poor rural women. Skills training
were conducted for micro handicrafts or cottage industry enterprises. The
program of the government is planned to encourage rural women to be
entrepreneurs. Credit facilities have been extended to entrepreneurial
projects.
Women’s participation in socio-economic development as
entrepreneurs has tremendous impact in terms of additional jobs, incomes,
goods and services. This can speed up the economic development of
Bangladesh. If all poor urban and rural communities have small enterprises
run by women, poverty will be greatly reduced. According to Schumacher,
the legendary author of Small Is Beautiful, the presence of one small factory
in every village heralds the coming of prosperity.
29. Filipino Entrepreneurial Economy
One of the top programs of the government is the development
and promotion of Filipino entrepreneurship. There are many
government agencies and private organizations which extend financial
and technical assistance to micro and small-scale enterprises. Many
are not aware of such assistance, especially the poor and unschooled
rural folks. Those who know are not enthusiastic about the program
due to numerous conditions and paperworks, not to mention red tape.
For the same reason, the rural poor prefer to depend on usurers for
their credit needs, rather than borrow from lending institutions.
Our economic resources are mostly in the hands of few local elite
and multinational corporations. A great majority of the people are
workers, laborer and office clerks. They only get salaries which are not
30. Filipino Entrepreneurial Economy
even enough to support their basic needs. Such unjust distribution of
income can be corrected by giving people easy access to business
activities. Through business, even the poor are likely to improve their
social and economic conditions.
Claro M. Recto, considered the father of modern Filipino
nationalism, said that we need economic nationalism to attain real
economic growth. He defined economic nationalism as the control of
the economic resources of the country by its own people, and their
use of such resources for their own benefit and enjoyment. Recto also
claimed that the cause of our poverty is that we allow foreigners to
dominate our economy. He blamed the U.S. educational system.
31. Filipino Entrepreneurial Economy
“The educational system fired our people’s desire for political
liberty, but it purposely neglected to develop economic nationalism
among the citizens, and instead insidiously inculcated in them ideas of
economic dependence on America.”
At present, our educational system should stress patriotism and
economic nationalism. Although this is mentioned in our Constitution,
it appears that colonial mentality is still infused in the minds and
actions of many Filipinos. Such attitude is clearly counter-productive as
far as the Philippine economy is concerned. Pride and preference for
foreign goods, especially American products, are still strong. Peoples in
other countries patronize their own products. And this is good for their
economy.
32. Filipino Entrepreneurial Economy
Our educational system should also emphasize in its curriculum
the importance of local entrepreneurship. By and large, Filipinos are
employee-oriented, especially for white-collar jobs. We are not risk-
takers. Many of us are afraid to put up our own business because of
the possibility of bankruptcy. Such lack of entrepreneurial spirit,
particularly among professionals, has encouraged foreigners to take
advantage of our cheap labor and rich natural resources. They are the
ones who are now rich. And they are our masters in our own country.
33. VALUING
• List down your three main takeaways in the topic “The Role of
Entrepreneurship in Economic Development.”
• What particular learning/lesson/realization have you gained in this
topic that you think could eventually contribute to your future role as
an entrepreneur.