Relationship between Entrepreneurship, Innovation and Economic Essay - 1

Relationship between Entrepreneurship, Innovation and Economic Development - Essay Example Considering the fact that the need to meeting once basic needs for existence can be jeopardized in the absence of economic development, not much can be said on the need to promote economic development of all people at all levels of life. The understanding that economic development brings about better living and improved lifestyle does not however guarantee economic development. This is because the achievement of economic development is a complex and systematic process that demands a lot of knowledge, professional requirements, ethical know-how among other factors to achieve (Koduah, 2009). Kasof et al (2007) describe the elements that need to be put in place to attain economic development as values. In academic circles, theorists and economists have associated entrepreneurship and innovation as two of the most important values needed in achieving economic development. Lumsdaine and Binks (2007) also reiterates the fact that creativity and problem solving has a lot of role to play in ensuring that entrepreneurship and innovation are well combined to bring about the economic development. ... Being rather more technical and theoretical, the Lester Centre for Entrepreneurship (2011) explains that â€Å"entrepreneurship has crossed border from the days it used to be all about â€Å"the pursuit of opportunity beyond the resources you currently control† to now include a rather broadened scope â€Å"with segmented interest across a wide variety of fields and topics, including new venture creation, venture capital, social ventures, business model innovation, open software, internet, corporate entrepreneurship, global business, and biotechnology.† Innovation Innovation in the economic sense can also be given a broader interpretation than the mere act of creating something new. Innovation is actually a compounded ability to be of use not just to one’s self but to society at large (Ampong, 2004). There are therefore several theories on innovation that guides the utilization of the phenomenon. Some of the theories can be mentioned as breakthrough, incremental and open source (Real Innovation, 2011). Fusing all these theories together, Peter Drucker explains that â€Å"innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create wealth† (Real Innovation, 2011). Economic development According to Economics for Development (2011), â€Å"economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants.† This confirms the point made earlier that economic development is directed towards the achievement of overall wellbeing of people. Theoretically, economic development is judged by certain indicators when the term is used by economic analysts. At the national level, there are indicators such as inflation rate, foreign exchange rate, interest rate and gross

International Business Law Assessment Assignment

International Business Law Assessment - Assignment Example In addition, the new generation business law include, market contestability which mainly focuses on anti competitive behavior and market contestability which deals with abuse of dominant position (Emerson 2009, p.78-80). Note however that, the arbitration system and enforcement capacities also have a role to play as far as business law is concerned. Under this sphere are the commercial courts and the specialized economic courts. They come in when transactions between parties are not honored and to a larger extent interpret business law to the affected parties. Business just like any other discipline which involves interaction between two or more parties cannot be wholly exonerated from instances of conflicts. This confirms the essentialities in existence of the two types of courts mentioned. To expound on our introductory classification on the already mentioned dimensions of business law, bussines law attempts to address diverse issues in a business. It enables swift and efficient en forcement of contracts ensures adequate legal protection to both private and personal property. It ensures clear frame work and mechanisms for transferring and registering property. Furthermore, it also sees to it that intellectual property get due protection and enforcement. Business law ensures stability and the existence of a frame work able to accommodate the management, oparations and establishment of companies. It foresees sound and secured regimes that can enable transactions making a business be able to obtain credit. Lastly, bussines law ensures a relatively easy and transparent market. To commence with, contract laws emphasis the fact that agreements made between or among parties in a transaction must be honored. This has mechanisms in place to ensure that parties uphold their terms of agreement throughout the transaction session. These laws protect mostly those transactions that are long term in nature. For example, an infrastructure contract between a company and the gov ernment. Such contract may span for several years which qualifies the need for mechanisms to be put in place to guide both parties during work progress until it is completed. Violation of any of these terms by any of the trading partners means that a contract law has been broken and this necessitates a further step from the affected partner. Contract laws also give a contracting partner the constitutional right to know if the other partner is credit worthy. This factor plays a role in preventing future payment disputes in case of defaults from any of the parties. This law ensures that there are mechanism and measures which are in place to enable debt recovery in circumstances of payment defaults. This may apply to scenarios where payments are made through cheques that bounce. Contract law empowers the courts to collect debts if such scenarios of payment default arise. Secondly there is high regard to property ownership which is protected in business law under the personal property r ights. These states that the owner of any property has got the due constitutional authority to sell, exchange, transfer or even consume his property. Property may be listed as buildings, land, physical possessions and also intellectual property which majorly encompass innovations of mind such as music or any other invention. For instance, a