Entrepreneurship----Economists views on the innovation and entrepreneurship - Essay Example

Topic: The economist views on ‘innovation’ and ‘entrepreneurship’ Economists define their relation with themarket and readily partakes necessary innovation to strategically meet the scaling demands in business management. This resonates why entrepreneurs’ need to attain varied knowledge on business management from traditional to modern or liberal economic systems. These maybe generated from economic practical about how business can be leverage at the market and with targeted customers.

The intricacies on entrepreneurship require that business managers should be equipped with the fundamental skills in analysing the market, of determining opportunities, optimizing potential ventures or partnership, strategizing decision-making capabilities, improving communication skills, developing good interpersonal relation with customers, and in attaining business intelligence (Carter & Jones-Evans, 2006, pp, 1-10; 129-151). Expert entrepreneurs are observed to have adopted some business patterns and have gain expertise in organizational planning, executing, selecting human resources, performance management, evaluation, and in doing excellent market analysis (Carter & Jones-Evans, 2006, pp. 152-175). They constantly update themselves on trends and readily adapt to changes to leverage itself from every opportunities.

Entrepreneurs also study business laws and policies made by legislatures to ascertain that they are able to adhere to or recommend measures to enhance business chances. They too are incisive about the kind of analysis and scheme they’d packaged depending on situational context from a rapidly evolving market (Carter & Jones-Evans, 2006, pp. 152-175). They are expert on researching and studying economic forecasts as well. It’s this need to sustain the learning process that entrepreneurs often take metacognitive decision-making about his/her interrelationship with clients and customer while recognizing too the limiting factors by reflecting and understanding the varied controls in customer and client relations (Mitchell, Smith, Gustafsson, & Mitchell, 2006, pp. 5-12). Innovations set in.

As observed globally, entrepreneurs increased their efficacy by adapting the use of technology as tool to hasten distinction in production and in marketing goods (Deakin & Freel, 2003, pp. 1-35).Unlike before when market is limited in established public facilities for vendors, entrepreneurs now reach out clients and customers in the households using internet or web-based connections. Modes of payments are also transacted via automated machines or electronic transfers (Deakin & Freel, 2003, pp. 165-209). Production of materials and goods are also enhanced by technologies hence, massively produced.

There is also an increasing tendency from business sectors to prescribed on science and engineering to engage competitive human capital to leverage in other economic regions. As a consequence, they are able to explain the contents and substances of their goods, especially those in food, medicine, and beverages industry, to convince customers about their product’s health’s contribution to users.For instance small pharmaceutical companies are using advance technology to produce medicines and invented digitized system of tools for diagnosing illnesses and in assuming risks.

They have also used e-business in promoting and advertising their products. Entrepreneur these days therefor has evolved from traditional to knowledge-based economy where competition is raised to the level on how they are able to explicate to the market about the quality and use of their products (Deakin & Freel, 2003, pp. 165-209). They develop network and links with customers using information technology and with sellers who are expert in using knowledge to appeal to consumers’ about the significance, usefulness or effectiveness of their merchandises (Deakin & Freel, 2003, pp. 165-209).Indeed, with overwhelming model of business management, it’s therefor crucial for entrepreneurs to undertake education and learn the fundamentals of information technology as integral component of business management and to leverage within a rigid business models in the market.

Successful entrepreneurs maximize the inseparability of innovation and creativity in running an enterprise. It’s for this reason that economists perceived of entrepreneurs as significant agent of innovation by the uniqueness of services they provide and the optimization of technology in introducing their products and ideas in the market. Their presence is so much felt in the households too as most consumers are increasingly relying on knowledge-based economy and thus responsibly research goods and products online before they decide to make purchases.

Vigorous efforts to advertise goods, products and services are also done online and such made economic flow more dynamic, forceful and vital for entrepreneurial endeavors.ReferencesMitchell, R.J., Smith, J.B., Gustafsson, V., Mitchell, R.K. (2006). Thinking About Thinking About Thinking: Exploring How Entrepreneurial Metacognition Affects Entrepreneurial Expertise. Babson Research Conference, Babson College, Wellesley, MA. pp. 5-12.Carter, S. & Jones-Evans, D. (2006). Enterprise and Small Business.

Principles, Practice and Policy, 2nd Ed.FT/Prentice Hall, pp. 1-10; 129-151; & pp. 152-175.Deakin ,D & Freel, M. (2003). Entrepreneurship and Small Firms 3rd. McGrawHill Educationpp, Maidenhead, Barkshire, UK, pp. 1-35; 165-209.