How Entrepreneurship and Economic Development Works

Mr. Marcus Asay earned his Bachelor of Science in Business and Public Administration. Marcus Asay

went on to matriculate at Thunderbird, The American Graduate School of International

Management, where he earned his Master of Business Administration in 1982.

Mr. Marcus Asay began his impressive professional career as a dedicated undergrad student attending California State University, Sacramento.

Having come a long way since his academic career, Marcus Asay today serves as a Principal of Planning and Development for IE/Cal Design & Development Center. With over 20 years of professional business experience under his belt, Marcus Asay has developed a solid reputation as an efficient leader with savvy business skills. As Principal of Planning and Development, Marcus Asay is responsible for the management of projects, such as the firm’s newest design proposal for a National Museum of African American History and Culture in Washington, D.C. Under Marcus Asay’s keen management, IE/Cal Design & Development Center has completed a number of projects, including Kira Japanese Restaurant, the Fresno Falcons’ Ice Hockey Arena, and Trump National, Golf & Gardens.

In any country, Entrepreneurship plays a very vital and significant role in the economic development and growth. Both are positively and closely tied in a way that each of them complements the other like wisely. The idea about the relationship between entrepreneurship and economic development of any country has made out its way since former works of Schumpeter (1911). Having an extensive experience and innovative skills, entrepreneurs bestows growth for their firms, which in return assists in developing and modernizing economy of their countries. This thing really makes people to believe in the fact that a substantial increase in the number of entrepreneurs in a particular country entails a substantial increase in economic development. Schumpeter has depicted innovative activities and skills as the “carrying and channelization of new combinations”.

Here follows his five combinations, as per Schumpeter, 1963 (1911), p.66):

•The foundation and innovation of a new good that is not yet familiar with the consumers.•The origination of a new method of yielding and production, that has not yet been tested by the manufacturing department concerned, and by no means would be ascertained on a scientific discovery channel.•The initiation taken to open up a new market, in which the particular branch of the manufacturing of the country hasn’t priory acceded, nor does the market.•The conquest or subjugation of a new source of provision of half manufactured items or raw materials, regardless of the fact whether this source has already existed or the first one to be produced.•The carrying and acquitting of the new firm of any industry, such as the foundation of a monopoly position or breaking-off of a monopoly position.

With the help and assistance of these innovative activities, entrepreneurs make new profitable opportunities. Such opportunities can be considered as an outcome of rise and development in productivity, which encases the clear and transparent relationship of the entrepreneurs with the development. Furthermore, the aura created by the entrepreneurs aids extremely in constructing prosperous and friendly grounds for profitable opportunities. Thus, more number of entrepreneurs means more economic development in the country, that leads to arise in the number of entrepreneurs and the whole process is known as self feeding.

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