Entrepreneurship And Innovation Analysis

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Entrepreneurship
To some economists, entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving (Tirana and Albania, 2015). It is vital for stimulating economic growth and employment opportunities in the society. Besides that, some are also emphasized the entrepreneur's role as an innovator who markets the innovation and develop new goods or services that the market demands and are not currently being supplied.
In the 20th century, an economist Joseph Schumpeter is the author to whom the association between entrepreneurs and innovation. Schumpeter identified entrepreneurs as being the people most needed to revitalize the economy and the organizations. He associated innovation by entrepreneurs with five elements which are the introduction of a new good, the introduction of a new method of production, the opening of a new market, the conquest of a new source of supply of raw material, the carrying out of the new organization of any industry (Filion, 2008).
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(Leibenstein, 1976). Schumpeter (2004) classified entrepreneurship into two types, which are catalytic and allocating. Catalytic entrepreneurship is the act of catalytic entrepreneurs who create idea, concepts and new production possibilities. For example, William Gates who is one of the catalytic entrepreneurs started his business relied on the innovation of creating Microsoft which is an unprecedented product and became the world’s richest man (Zcs and Sany, 2009). Allocating entrepreneurship is observed the opportunities and catalytic entrepreneurs will present in economic activity. For example, the expansion of McDonald restaurant which a chain store is founded in a new promising area, the entrepreneur will always get extra profit on the basis of imitation innovation. (McDonald’s Canada,

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