Posts Tagged consumers

Entrepreneurship and Economic Development

Entrepreneurship plays an important role in economic development of any country. Both are closely and positively linked together. The idea about this relationship has made its way since early works of Schumpeter (1911). Entrepreneurs with their skills and innovative activities brings growth for their firms and which in turn helps in developing economy for their countries. This makes us to believe that an increase in number of entrepreneurs means an increase in economic development.

In his book Schumpeter has described innovative activities as “the carrying out of new combinations”. Here are the five combinations presented by him (Schumpeter, 1963 (1911), p. 66) -  

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How Should Government Encourage Small Business Growth And Entrepreneurship?

With the recent economic uncertainties it’s understandable that small business would be a bit jittery. What if anything can the government do to encourage growth and entrepreneurship in the small business community?

The government should encourage small business by doing absolutely nothing.

That’s right — nothing …

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