Economic Development

Intrapreneurship Example

Google, Intel, 3M and so on.

Catalytic agent

-in group psychotherapy, refers to a participant who stimulates an emotional reaction from fellow participants. Thus, this person actively participates and facilitates the process of sharing experiences

Entrepreneur

an individual who, undertakes innovations, finances and business acumen to transform innovations to economic goods

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

"Entrepreneurship has been identified as a vital process in economic development"

The Cambridge Dictionary - Economic Development

"The process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved."

The four elements of Intrapreneurship are:

- the right structure - suitable manpower - reward and - collaboration for a bright future

Types of Entrepreneurship / Entrepreneurship Classification

1. Administrative Entrepreneurship 2. Opportunistic Entrepreneurship 3. Acquisitive Entrepreneurship 4. Incubative Entrepreneurship 5. Imitative Entrepreneurship 6. Private Entrepreneurship 7. Public Entrepreneurship 8. Individual Entrepreneurship 9. Mass Entrepreneurship 10. Small Business Entrepreneurship 11. Large Company Entrepreneurship 12. Scalable Startup Entrepreneurship 13. Social Entrepreneurship

TYPES OF SOCIAL ENTERPRISES

1. Leverage non-profit 2. Hybrid non-profit 3. Social business venture

Important roles an entrepreneur plays in the economic development of a country

1. Promotes Capital Formation 2. Creates Large-Scale Employment Opportunities 3. Promotes Balanced Regional Development 4. Reduces Concentration of Economic Power 5. Wealth Creation and Distribution 6. Increasing Gross National Product Per Capita Income 7. Improvement in the Standard of Living 8. Promotes Country's Export Trade 9. Induces Backward and Forward Linkages 10. Facilitates Overall Development

Types of Entrepreneurship / Entrepreneurship Classification 2

14. Intrapreneurship 15. Technopreneurship 16. Cultural Entrepreneurship 17. International Entrepreneurship 18. Ecopreneurship 19. Agripreneurship 20. Transpreneurship 21. Commercial Entrepreneurship 22. E- Entrepreneurship 23. Domestic Entrepreneurship 24. Trading Entrepreneurship 25. State Entrepreneurship 26. Joint Entrepreneurship

Economic development

A longer average life expectancy, for example, is one of the results of economic development. Improved productivity, higher literacy rates, and better public education, are also consequences.

Social business venture Example 1. Gawad Kalinga

Because of its so-called radical optimism, Gawad Kalinga is a sought-after partner by corporations for their corporate social responsibility programs and countries in Europe for partnerships.

Economic development

During the development, there is a population shift from agriculture to industry, and then to services.

International Entrepreneurship Examples

Google, Apple and McDonalds etc

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

Entrepreneurs play an influential role in the economic growth and standard of living in the country.

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

Entrepreneurship and economic development are intimately related.

Opportunistic Entrepreneurship Examples

FedEx, Arthur Fry and Lan Hancock etc.

Mass Entrepreneurship Example

Food caterers, beauty salon and local shops

Public Entrepreneurship Examples

Hyman Rickover submarine and Nancy Hank, the chair person of national endowment of arts are the examples of public entrepreneurs

Acquisitive Entrepreneurship Example

Imagesbazaar.com, the founder Sandeep Maheshwari failed to produce the master piece in his first year of launch, but later on he discovered how he can make his a idea big success.

What is Economic Development?

In other words, the process by which countries with low living standards become nations with high living standards

Imagesbazaar.com

It capture the essence of India for serving it to the global audience. Some other services offered by the company ranges from photography, production, coordination, art direction, location, casting, make-up to costumes and styling. First Indian stock photography company to employ full time creative researchers for studying market trends and consumer needs. Thousands of leading brands across the globe use their content for their advertising, marketing and publishing needs

Social business venture Example 2. Safe Point Trust

It is controlled by Marc Koska and involved in the world of redesigning medical tools. • Additionally, they introduce the low-cost non-reusable syringes for clinics that lack money globally. • Since its foundation, this firm has delivered more than 4 billion safe injections in more than 50 nations around the globe

Individual Entrepreneurship

It is entrepreneurship that is managed and executed by an individual or a member of a family with some personal motives as well as initiatives, thus it is called as individual Entrepreneurship.

Large Company Entrepreneurship Examples

LG, Tata, Microsoft, etc.

Technopreneurship Example

Microsoft, Apple, Facebook, Twitter, Instagram, etc

Per Capita Income

Per Capita Income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year calculated by dividing the area's total income by its total population

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

Schumpeter opines, that the entrepreneurial process is a major factor in economic development

Cultural Entrepreneurship Example

Singers, Musicians, Artists and Writers

Business Incubators

Some provide funding, classes and workshops, while others allow startups to use in-house services such as their law and accounting departments or their research and development division - that might be too costly for a young business

Individual Entrepreneurship Examples

Steve Jobs, J.k Rolling and Mark Zukerberg etc.

Social business venture Example 1. Gawad Kalinga:

Sustainable way of getting the poor out of poverty Two words have been used to describe Gawad Kalinga's Tony Meloto over the years: insane and visionary. His idea was perceived by many in the beginning as utopian as his main objective was to eradicate poverty by 2024 in the Philippines and his path to this goal is by creating sustainable villages.

Private Entrepreneurship Examples

Tesla, Disney, different food chains and hospitals all are examples of private entrepreneurship

Administrative Entrepreneurship Examples

The government of Bangladesh consider old-age pension scheme as administrative entrepreneurship.

Intrapreneurship

This entrepreneurship is very significant in this changing world of competitiveness in the marketplace.

Social business venture Example 1. Gawad Kalinga

To make this happen, his social enterprise model consists of the local government, volunteers, and companies coming together to create sustainable communities. Instead of just setting up housing, he made sure that every community has a means to earn and conduct business to prevent them from returning to squatter living and violence.

Social business venture Example 1. Gawad Kalinga

Today, Gawad Kalinga has created 3,000 villages and counting and has put up the Center for Social Innovation, a Silicon Valley-like lab that seeks to create more social entrepreneurs. One such success story that it has created to espouse its message is its Human Heart Nature business, which is pro-poor and pro-environment. It creates a line of cosmetics that are natural and organic with ingredients coming from farms tended to by the people living in Gawad Kalinga villages

Imitative Entrepreneurship Example

Walton BD. produced many products like refrigerators, motorbikes and other electronic products without being the real creator of those products. Another example can be China where mobile technologies is adapted and modified to take this to new level

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

Whatever be the form of the economic and political set-up of the country, entrepreneurship is indispensable for economic development.

Social business venture Example 3. Ashoka.org

a not-for-profit organization registered in the US and whose name was derived from a social welfare leader who was a unifying force in India during the 3rd century BC, further expounds on social entrepreneurs as change agents who have new approaches and creative solutions to society's problems.

Economic development

also refers to the process by which the overall health, well-being, and academic level the general population improves.

Business Incubators

are establishments that specialize in helping start ups get going use their considerate financial and industry powers to help new businesses with funding, provide networks and coaching

Business Incubators

are organizations that offer a collaborative work environment for entrepreneurs to nurture and guide them from start up to independence

Scalable Startup Entrepreneurship Example

e-commerce websites, Facebook, etc.

Small Business Entrepreneurship Example

grocery stores, plumbers, confectionary stores, electricians, house cleaners, consultants, and hair dressers, among others

Business Incubators

help turn ideas into viable businesses

Entrepreneurship

is a process of creating, launching and managing business operation. the "act" of being an entrepreneur.

Economic development

is all about improving living standards.

intrapreneur

is an employee who is tasked with developing an innovative idea within a company and can draw on its resources to do so. (dictionary.com)

Disruptive innovation

is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.

Intrapreneurship

is the act of behaving like an entrepreneur while working within a large organization.

What is Economic Development?

is the process by which emerging economies become advanced economies.

Disruptive innovation

refers to a new development that dramatically changes the way a structure or industry functions. The term refers to the use of technology that upsets a structure, as opposed to disruptive technology, which refers to the technology itself. The Internet is an example of disruptive innovation, in that it turned the business world on its head, forcing companies to either adapt or lose out. Cryptocurrency, Netflix, Uber, 3D Printers,

Improved living standards

refers to higher levels of education and literacy, workers' income, health, and lifespans

Role of Entrepreneurship in Economic Development - Fundamentals of Entrepreneurship

the entrepreneur is the key to economic growth

Imagesbazaar.com

the founder Sandeep Maheshwari failed to produce the master piece in his first year of launch, but later on he discovered how he can make his a idea big success.

Economic development

the process in which people in a country become wealthier, healthier, better educated, and have greater access to good quality housing

Leverage non-profit

uses funds in innovative ways to be able to fulfill a need. Usually, these enterprises have a more traditional way of tackling the issues they take up

Hybrid non-profit

uses profit to be able to support its causes and operations. Funding comes from market or government failures aside from grants and support from the private sector

Social business venture

uses set-up businesses in line with the enterprise to support its operations. This mostly happens to social enterprises due to lack of funds and/or support.

Opportunistic Entrepreneurship

• "Hit the iron when it is hot" this proverb describes this kind of entrepreneurship and is the best exhibit of the features of Opportunistic Entrepreneurship. • New opportunities are also offered by the changes in the environment but not every business owner is able to identify the opportunities and utilize the same in a timely manner. • The opportunistic entrepreneurship describes as identifying, exploiting and performs the upcoming opportunities in the first hand

Small Business Entrepreneurship

• A greater number of businesses in society are small that employ more than 50% of total non-government workers in the Philippines. • The profit in these types of businesses is pretty less as the main reason behind them (among employers) is creating a living for their families. • A small entrepreneur can be the person who operates a business by hiring local people of family members. The majority of them funds their business through friends or family or business loans.

Social business venture Premier Examples

• Dr. Maria Montessori- who revolutionized early childhood education - Montessori schools • Florence Nightingale - opened the first nursing school and provided modern nursing practices that are still being followed today.

Wealth Creation and Distribution

• It stimulates equitable redistribution of wealth and income in the interest of the country to more people and geographic areas, thus giving larger sections of the society. • Entrepreneurial activities also generate more activities and give a multiplier effect in the economy.

Reduces Concentration of Economic Power

• Economic power is the natural outcome of industrial and business activity. • Industrial development normally leads to a concentration of economic power in the hands of few individuals which results in the growth of monopolies. • In order to redress this problem a large number of entrepreneurs need to be developed, which will help reduce the concentration of economic power amongst the population

Facilitates Overall Development

• Entrepreneurs act as catalytic agents for change which results in a chain reaction. • Once an enterprise is established, the process of industrialization is set in motion.

Increasing Gross National Product Per Capita Income

• Entrepreneurs are always on the lookout for opportunities • They explore and exploit opportunities, encourage effective resource mobilization of capital and skill, bringing in new products and services and develop markets for growth of the economy. • In this way, they help increase gross national products as well as per capita income of the people in a country. • An increase in gross national product and per capita income of the people in a country is a sign of economic growth.

Promotes Country's Export Trade

• Entrepreneurs help in promoting a country's export trade, which is an important ingredient of economic development. • They produce goods and services on a large scale for the purpose of earning huge amounts of foreign exchange from export in order to combat the import dues requirement. • Hence, import substitution and export promotion ensure economic independence and development.

Promotes Balanced Regional Development

• Entrepreneurs help to remove regional disparities through setting up of industries in less developed and backward areas. • The growth of industries and businesses in these areas lead to a large number of public benefits like road transport, health, education, entertainment, etc. • Setting up more industries lead to more development of backward regions and thereby promotes balanced regional development.

Induces Backward and Forward Linkages

• Entrepreneurs like to work in an environment of change and try to maximize profits by innovations. • When an enterprise is established in accordance with the changing technology, it induces backward and forwards linkages that stimulate the process of economic development in the country.

Promotes Capital Formation

• Entrepreneurs promote capital formation by mobilizing the idle savings of the public. • They employ their own as well as borrowed resources for setting up their enterprises. • Such types of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country.

Social Entrepreneurship

• In this type of entrepreneurship, people in business are the innovators who target on development of products and services, so that social requirements and problems can be solved. • Unlike scalable startup entrepreneurship, the main motive of entrepreneurs in this case is improving the world. • While businessmen aim to define, compete or create a market with the goal of earning in mind, the social entrepreneur looks at his community, sees the challenges, and commits to their improvement. • These social enterprises range from a variety of industries and beneficiaries such as infants and mothers, employment assistance, and the environment.

Private Entrepreneurship

• Initiate entrepreneurship under the private sector is named as Private Entrepreneurship. • The government of every nation gives ample support services via public as well as private concerns to motivate non-public initiative in taking the ventures of Entrepreneurship. • Moreover, it speeds up the economic development and maintains a balance between a layer and mutual relationship.

Incubative Entrepreneurship

• It generates and nurses new ideas and ventures within the organization. • It executes them in a productive manner and ensures material gain for the organization.

Technopreneurship

• It is a blend of two words, technology and Entrepreneurship. • It a kind of entrepreneurship in the intensive technology context and the process of amalgamating the entrepreneurial skills and technology where the technology is used as an essential part.

Technopreneurship

• It is a sort of new breed of entrepreneurship and needs an entrepreneur who is creative, techno-savvy, passionate as well as the ability to calculate associated risk in advance. • IT plays an important role and gives benefits such as generate employment, the best utilization of resources, growth of technology and creates capital.

Administrative Entrepreneurship

• It is the joint efforts of both the general management and scientific-technical personnel to identify areas for research and development of new products, techniques, or the improvement of the existing ones. • There are few examples of Administrative Entrepreneurship that can give an idea such as management of quality, redesigning of job, new techniques to do things and management by consensus. • All these tasks of this type of entrepreneurship maximize the efficiency of an organization and nukes the achievements of the firm and sustain in the competitive marketplace.

International Entrepreneurship

• It is the whole process of entrepreneurship conducts ad, performs the activities of the business across the boundaries of the nation. • It involves various activities such as opening new branches of a business firm in new locations, exporting the products to other countries and get a license to sell as well as promote the products across the nations. • The highlighted purpose of this entrepreneurship is to fulfill and satisfy the needs and wants of the target audiences.

Incubative Entrepreneurship

• It manages it in a productive way and makes sure the material gain for the business firm. • They pursue and help to get differentiated technologies to promote creations and innovations Microsoft, Nokia, etc. always incubates new varieties types of products and creates product differentiation in the market.

Large Company Entrepreneurship

• It results in the creation of completely new products so that these challenges can tackle successfully. • The large companies do this either by creating disruptive products or by acquiring innovative organizations. • The disruptive innovation becomes pretty difficult to apply in large organizations.

Public Entrepreneurship

• Public Entrepreneurship referred to as the entrepreneurship that is come under the government through the various development agencies. • All developed and underdeveloped nations take initiative in venture ideas to meet the preliminary shortage of private Entrepreneurs

Cultural Entrepreneurship

• Such entrepreneurship works in cultural professions such as artists, writers, musicians, dancers, advertisers, bloggers, architects and so on. • The motive of such firms is the betterment of society by leverage the business. • Sometimes, cultural entrepreneurs lie on media tools like Twitter and Kickstarter to change the ideas, belief and behavior of the people through communication and influence.

Scalable Startup Entrepreneurship

• The main motive in this entrepreneurship is to seek a scalable and repeatable business structure. • After identifying them, they look for further funding so that business can grow. • Only a little bit number of businesses is scalable startups due to the involvement of risks.

Scalable Startup Entrepreneurship

• The majority of people believe that small business and Scalable Startup Entrepreneurship is same. • They are pretty different in reality. • In this version of entrepreneurship, the company is started with a vision that changes the universe. • The funding in such businesses arises from the venture capitalists, and that's why they hire top employees.

Intrapreneurship

• The valuable asset for an organization considered as innovation and dedicated efforts by the intrapreneur

Public Entrepreneurship

• These are different from private entrepreneurs because they work under government to solve public and environment issues. • also they are not social entrepreneurs because they are bound to governments rules and regulations.

Cultural Entrepreneurship

• These entrepreneurs' changes culturally who organize cultural, financial, social as well as human capital to make a profit out of it. • They produce products that are culturally good and generating a lot of opportunities for economy, society and culture. • These firms are coming from micro, small to large enterprises.

International Entrepreneurship

• This entrepreneurship gets the benefit when the demand for products increases internationally but the need for the same product is domestically not required or decreasing. • It is very significant in different aspects such as lower the cost of manufacturing, increase in sales and profit, Globalization, cheap labors, developing the habit of Customer relation Management and utilizes the talent to a great extent along with the managerial competencies.

Intrapreneurship

• This term was coined by Gifford Pinchot in the year 1973. • It is based related to the fostering the activities of entrepreneurs in a large organization by making improvements in the products and branding them to increase the profitability.

Acquisitive Entrepreneurship

• This type of entrepreneurship learns from other competencies. • It acquires something new of value, the competitive environment etc . • It achieves the competitors technical capacities. It keeps entrepreneurship sustainable in a competitive environment. • The highlighted point is that some failures never prevent them from learning and developing new skills but also encourages them to figure out such new things all the times

Facilitates Overall Development

• This unit will generate demand of various types of units required by it and there will be so many other units that require the output of this unit. • This leads to the overall development of an area due to an increase in demand and setting up of more and more units. • In this way, the entrepreneurs multiply their entrepreneurial activities, thus creating an environment of enthusiasm and conveying an impetus for the overall development of the area.

Imitative Entrepreneurship

• Under an agreement with a franchise, this entrepreneurship imitates or copying the operative products and services. • It is a model that assists to spread a new technology across the globe so that people can utilize it. • It involves the adoption of current technologies from across the world and takes on existing technologies with some few modifications that suit the local conditions.

Administrative Entrepreneurship

• Under this category, all the administrative techniques and functions of entrepreneurial activity is included. • It gives a very effective way to manage all the current as well as future situations of the business with merits and a competitive edge. • This is in fact, the traditional Research & Development management approach.

Social Entrepreneurship

• What is more impressive is that these small companies are assisting and committing to causes right at their own country, helping their own countrymen while earning revenue. • To become an effective social entrepreneur is all about being Richard Branson and Mother Teresa all at the same time as further described by the Schwab Foundation, an institution established in 1998 under the Swiss Federal Government with 260 social entrepreneurs in its community that continues to grow with its annual selection of new members under a fine-toothed selection process.

Social business venture Premier Examples

• William Lever William Lever's social mission is all about the whole idea that cleanliness can be achieved by every person. He started with his Sunlight Soap that comes pre-cut and added palm oils so that it will be quick to lather. The one in the market at that time was cut from a big batch at a store and was harder to use. He also started a six-hour workweek for employees, a far cry from the conditions in other factories in the manufacturing business, so that they can also focus on their exercise routine and further care for their health. Today, Lever Bros. is the multinational Unilever who has William Lever's mission at the core of its business practices.

Creates Large- Scale Employment Opportunities

• With the setting up of more and more businesses (both on small and large - scale), as time passes, these enterprises grow, providing numerous job opportunities. • In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country, which in turn clears the path towards the economic development of the nation.

Large Company Entrepreneurship

• grow using innovation. • create new variants apart from core products they manufacture. • The reasons for disruptive innovations are customization in the demand of customer, establishment of new technologies and the emergence of new competitors among others.

Social Entrepreneurship

• was fueled by the unprecedented advances in economy, which were not parallel to the progress in the social standing of people. Because of this, there was a big gap between rich and poor, and the number of marginalized rose exponentially in number. While most turned its checks, a few took it as an opportunity to make a difference. • To further understand and imbibe what social entrepreneurship is all about, it's worth looking at its history through its most popular proponents, the people who looked and saw the reality of social injustice and did something about it:

Improvement in the Standard of Living

•An increase in the standard of living of the people is a characteristic feature of the economic development of the country. • Entrepreneurs play a key role in increasing the standard of living of the people by adopting the latest innovations in the production of a wide variety of goods and services on a large scale that too at a lower cost. • This enables the people to avail of better quality goods at lower prices which results in the improvement of their standard of living.

Mass Entrepreneurship

•The emergence of this category of entrepreneurship occurs when there is a presence of a lot of favorable climate of encouragement as well as a motivation among the common masses and this describes the Mass Entrepreneurship. • It leads to increase the small and large enterprises in a nation.