Research indicates that entreprenuership can be both the cause and effect of economic development in the sense of wealth distribution. Countries in which wealth is concentrated in the hands of a small fraction of the population face greater difficulties in coordinating the major components of progress (Mamede & Davidsson, 2003). These three components are labor, capital, resources and innovation. According to Mamede and Davidsson (2003), considering that the three driving forces of entrepreneurial success - founders, opportunity recognition, and resource requirements - are more likely to occur in a combined way, there are better chances to prosper in regions in which wealth is more equitably distributed. These researchers have also observed that members of such societies are in a more favorable condition to get involved in entrepreneurial endeavors.
National and international research and development and innovation policies are being improved around the world, in order to increase economic growth and achieve higher living standards (Erskine, 2003). Understanding of the drivers of technological progress and the key factors that underlie successful research and development and innovation is intensifying (Erskine, 2003). A review of a large number of studies that assess the factors that have helped drive successful research and development and innovation in countries that are research and development and innovation leaders confirms a few general conclusions. First, it is very difficult to determine exactly what underlies a successful national research and development effort, and it is easy to conclude that everything depends on everything else, but it is clear that innovation systems and processes must be considered, not just specific technical issues with the promotion of research and development (Erskine, 2003). Culture, and in particular an entrepreneurial spirit and a willingness to risk and experience failure, is vital to innovation (Erskine, 2003).
Research indicates that it is still unknown how to change a nation's culture, but all the available evidence confirms that incentives that reward particular behavior do tend to have results and that education in processes not well understood. Private expenditure on research and development in any country will be insufficient to maximize the nation's productivity potential, unless it is subsidized, either through taxes or grants or some other mechanism (Erskine, 2003). International studies suggest that the social return for such subsidization is high. Research and development expenditures are likely to have a greater commercial impact if aggregate these funds are allocated with commercialization potential as a key criterion (Erskine, 2003). This is best fulfilled through competitive and market-driven or industry-driven mechanisms for allocating research and development funds (Erskine, 2003). Research indicates that education, tax and immigration policies that ensure availability of skilled and motivated labor are a feature of almost all the leading countries. A review of the literature reveals that the pace and intensity of global innovation is accelerating and that all the international evidence is that leadership from the top can make a critical difference.
Difficulties faced by poor countries, wherein low average income is a limiting factor of savings and investments, tend to reinforce each other in what is known as the vicious cycle of poverty, in which low savings and investment is followed by low pace of capital formation, that results in low levels of productivity, which does not all lead to improvements in the levels of average incomes (Mamede & Davidsson, 2003). The consequences of such cycles, usually worsened by significant inequalities in the distribution of wealth, negatively impact the level of entrepreneurial activity of a nation or region (Mamede & Davidsson, 2003). Baumol (1993) argues that even if entrepreneurs are not in complete control of their economic destiny, they influence its direction as few others are able to do. Baumol (2003) also sees the entrepreneur as responsible for a significant amount of historic growth of modern society. Baumol (2003) sees the entrepreneurial talent and motivational mechanisms of entrepreneurial activity as one of the main explanations for the successful growth of some economies in contrast with others.
Studies have been conducted to assess what the international best practices are, in order to identify the key factors in each of the countries that are critical for that success. It is now well accepted that innovation and research and development are positively associated with productivity growth. Research and development provides an important contribution to output and total factor productivity growth (Erskine, 2003). The empirical evidence typically shows that a 1% increase in the stock of research and development leads to a rise in output of 0.05-0.15% (Erskine, 2003). There is also evidence that research and development may play a different...
Leadership Analyze describe founding leader(s), leadership style, major business principles a profit-oriented entrepreneurial approach primary goal provide a product service consumers make a profit. 2. Analyze describe founding leader(s), leadership style, major business principles a social-responsibility oriented entrepreneurial approach primary goal make a positive impact society (people, families, ecology, similar) providing a product service consumers make a profit. Leadership style refers to the method or manner in which a person provides guidance
Lastly, I would just like to know what approaches are out there. Everybody has his or her own idea, but I want to know what works for other people. Some will argue against any serious ethical principles at all, some will make ethics a central part of their company. For me, I know that I have to choose a market-based approach, so I am definitely curious to learn about the
Leadership Style The author of this report has been asked to select from among a list of ten leaders and assess their leadership style including whether it is effective or not whilst using four to five sources. From the list, the author of this report has chosen Mary Barra, the current CEO of General Motors in the United States. The primary article that shall be used from a reference standpoint is
Richard Branson Describe Branson's leadership style terms leadership models addressed Chpts. 10 & 11 evaluate effectiveness style U.S. today. 2. Recommend a leadership style (combination styles) make Branson effective leader Richard Branson: Leadership style Richard Branson is the charismatic CEO of the Virgin Group Ltd. Branson is internationally famous for his iconoclastic approach to leading his organization. Branson can be characterized as a transformational leader, intent upon using his somewhat unsystematic personality to
Steve Jobs was a visionary leader, who preferred a centralized command structure in order to execute his visions. He rallied people around his vision, getting a high degree of buy-in, and in the process was able to build a leading consumer products company. He founded Apple and guided it to early success. After his ouster, the company lost its way, but when Jobs came back into the company, he was
His human resources management is not considered to be efficient. Specialists in the field have stated that Murdoch is a ruthless manager that terrorizes his employees in order to motivate them. His visits in certain divisions of his company determine increased tension among his employees and their superiors. In addition to this, Murdoch's authoritative style determines his employees to follow the rules he establishes. His leadership style does not allow
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