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Essay text:
Innovation can be developing and implementing ideas for restructuring the organization, cost cutting, better level of communication within the organization or for introduction of new technology. This approach could help the company progress in a successful manner.
Ref: (www.quickmba.com/entre/definition)
“Entrepreneurship refers to an activity which leads to the creation and management of a new organization designed to pursue a unique innovative opportunity.”
According to an Austrian economist Joseph Schumpeter, wealth is created when innovation results in new demand and the function of the entrepreneur is to combine various input factors in an innovative manner to generate value to the customer with the hope that this value will exceed the cost of the input factors, thus generating superior returns that result in the creation of wealth...
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Common topics in this essay:
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