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Significance of entrepreneurship in economic development

The term entrepreneurship is wide and covers many activities that are performed by an entrepreneur. Entrepreneurship starts from establishing a new business and continues throughout the successful management of the business.

entrepreneurship assignment
Learn about the Economics aspect of Entrepreneurship


Entrepreneurship can be explained as the process and state of being through and in which people utilize the constructive opportunities available in the market by producing a new idea in the form of a business. Entrepreneurs are people who establish a new business which helps in generating new jobs in the economy. Entrepreneurship as a whole is the ability to deal with the situation of uncertainty along with differentiating between risks (can be determined) and uncertainty (cannot be predicted). Under entrepreneurship, an entrepreneur is responsible for the management of production function and the workforce of the business by paying compensation to workers. An entrepreneur has to bear all the risks involved in the business and deal with all the uncertainties of production. In the economic theory, the model of entrepreneurship has been represented as an occupational choice between self-employment and wage-employment. In other words entrepreneur is a person who chooses to be self employed rather than getting employed by any other company or business.

People become an entrepreneur when the profits and other non-financial gains in self-employment are more in comparison to the compensation and additional benefits that people receive while being under wage employment. This is the reason why entrepreneurship is often considered as self-employment. The new employment opportunities provided by entrepreneur results in escalating competition in the market. While managing the business, entrepreneur uses advanced technologies to maintain efficiency and productivity and eventually contribute towards the development of the economy, followed by economic growth. Therefore, entrepreneurship plays an important role in the economic growth around the world.

The role of an entrepreneur in the economy starts with being an innovator. Starting a new enterprise is an innovation and the individual responsible to make that innovation successful by carrying out all the activities related to that innovation is the entrepreneur. Along with the innovation, the entrepreneur also has to focus on identifying the profitable opportunities that can be utilized to make the innovation grow and earn profits. To identify constructive openings in the market for the business, an entrepreneur has to take risks and should be careful is such situations. They should be competent to deal with a risk being faced during the business operation and distinguish it from an uncertain situation.

There are three distinct ways in which entrepreneurships contributes towards the economic development. The first way is to establish the knowledge overflows that are an essential mechanism for the development of the economy. The knowledge diffusion is significant particularly when policy inference generally driven by the growth of the economy that should increase the role of knowledge, knowledge factors like R&D that should be openly supported.  The organizations should develop the capability to adapt new technology and ideas from different organizations.  The second way is defined as in which entrepreneurship capital should help in the economic development by increasing the competition and enterprises. The knowledge is more helpful to the externalities of the knowledge. The increasing number of the organizations should also increase the competition of new ideas and more competition within different organizations should facilitate the entry of the new and innovative firms that have specialization in the new area.  Third way of of entrepreneurial capital generates economic development by offering diversity among firms.

The entrepreneurial capital should develop more organizations. It should develop variety of organizations in particular locations. The diversity of the organizations should directly connect to the economic performance of the organizations. It analyses that most significant source of knowledge overflow are external to the industry in which firms operate effectively. It is the exchange of corresponding knowledge across diverse organizations that would generate the profit for the organization and should results in economic development.

Do you agree about Online Teacher-Student Relationship?

We use the internet for various purposes. Teenagers start using the internet for social media, making pals, collecting information, etc, right? But what is the role of a teacher in the life of a student. Is that only student-teacher relationship or beyond that? In this digital world, the basic definition of a student-teacher relationship is indistinct, especially when it comes to social networking sites like Facebook and Twitter, where elders and youngsters share their thoughts and establish relationship with each other. They share the same platform to join and keep in touch with friends, classmates, relatives, and co-workers.

Teacher, student online working
Working online with your teacher is not challenging. It is fun and we can assist you with it

In comparison to teachers, students are more excited to make friendship with their teachers. But is it right for a student to make friendship with a teacher on a social network? According to survey some teachers strictly instruct students not to add them on their social networking until they become graduate though the students want to add them. Some instruct to add them, but not to disclose it everywhere.

If you ask a teacher, in fact, they are unwilling to add students on Facebook. In spite of that some teachers use some networking sites, like Twitter, to expand a classroom discussion or recommend quick assignment support in 140 characters or less. But social media sites like Facebook and MySpace easily weak the student-teacher relationship as the personal information may be accessed on these profiles.

In my point of view, students and teachers have their own different personality in the classroom than outside of it. So as a matter of fact, these two should not necessarily be mixed otherwise it will be messed up. So it is better not to add an instructor in your social media profiles until your course has been completed.

There should be a partial and a certain distance between teachers and students in order to keep respect for each other. Though a teacher should behave like a friend, apart from that he or she needs to be a role model, mentor, and advice giver. When a student of any level can have access into a teacher’s personal network of friends and acquaintances, then he or she has the capability to view their personal snaps. At that instance, the student-teacher relationship is changed dynamically. So it is better to avoid such situation.

Though adding each other and establishing the “teacher-student relationship” can make your bonding more transparent and visible to others online. But it has both its pros and cons. Interaction on a social media site may be shown and measured by classmates and others on the website. And it will reflect deter inappropriate behaviour. Parents also can take part in this topic to advise their kids regarding this transparent teacher-student relationship. Parents can also create their Facebook profiles and add the teachers of their children and take part in the forums to guide their kids.

The bottom line is if you are a responsible parent, then keep an eye on the online activities of your child. Teachers also be careful about this sensitive topic. Though it is a great idea to create an online support for children, but it is that much sensible if it goes in a wrong way.

This article is written by our assignment helper, who teaches student online and offline. He understands the issues that might come up working online with the teachers and establishing a relationship with them online. You can take assistance with any education topic, issues or projects from our assignment help experts.

Enjoy the breaks and let allassignmenthelp do your assignment

Are you worried because of the amount of work that you need to do before the deadline? Are you worried about the cancellation of the things because of the assignment writing workload from the university or high school? Don’t be worried as our team has tightened their belts to provide you the  solution to your assignments.  You can go ahead with your plans, party and enjoy the time. Whatever be the work, either assignments or big projects, put them on our shoulder and do away with the worries. Do the following things in the coming months and take a break from assignment writing.

Assignment writing break
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Theater :  Spend your time watching classical theater stuff and leave your worries to us. You can find something in your vicinity and book your tickets now.

Charity: It is not a bad idea to get yourself engaged in some community service.  You can join any NGO from the university rather than sitting back in the dorm and completing assignments.  Charity would be a good idea to make a difference. It is better to be philanthropist sometimes.
Comedy Clubs: Next step is not going  to be easy and you probably won’t get many instances to laugh, Join some comedy clubs at the university.
Theme Parks:  You might get a chance to go to the theme park in summers, but the US has many options for the college students. Get awesome discounts and travel in a group.

Learn a language: This is one of the topmost priorities of the students in Europe. Lots of Erasmus programs and other opportunities promoting cross cultural activities will improve your command on the language.

Learn Dramatics:Often there are courses that aid future plans, such as an acting course for students entering the dramatic world or language courses for those going abroad.

We are expecting that you are little relaxed and full of excitement after reading this blog entry. Allhomeworkhelp is going to assist you with any of your assignment. Either marketing assignment or finance homework, we have the expert. So, just don’t cancel your plans because of the work you have. Work is a never ending process and one should take a break to do all these things. You can also consult our other assignment help website.