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In the today's world, technological advancement is reaching its heights which has helped the people to avail the services of different equipment. Thus, it has assisted the economy to grow to a greater level. Further, with the pacer of time it is very important for the organization to develop with the goods with some innovation and also come up with newly invented goods so as to cover the market (Gokhberg and Meissner, 2013). Innovation refers to the usage of new idea, method ore device in the products so as to meet with the current needs of the customers. Whereas, the entrepreneurs are the main reason behind the implementation of the different innovations. With the help of initiations and technology the life of the humans have become easier. As a result it is been assessed that entrepreneurship plays a crucial role in the development of the economy. In contrast to this, invention refers to the process with overall engineering and developing with the new products in the market. The present document will enlighten the importance of entrepreneurship for the development of economy. In addition to this, how they are interrelated with each other are also going to be discussed in this assignment.
Schumpeter determines that the innovation made in the business is highly dependent on the economic, historical, social and other factors which have a great impact on the process of the company. Moreover, technologically and economically the product needs to be efficient so that it can gather with large number of customers. In addition to this, Schumpeter also has stated that with the invention or innovation of some products they are indulged with mainly two types of risks. The former ones is risk related to the technical failure in the production and the later one means risk related to commercial failure. Thus, when the mobile phones are been developed there is an high degree of risk that the product may function properly and do not cause harm to anyone. Further, the commercial risk means that company is not able to attract the customers for buying the products. Thus these two risks will ultimately decrease the profit and sales of the company. Further, he states that entrepreneurial actions plays an important role in the economic development. Thus, the entrepreneur profit is the ultimate result of the efficient activity of innovation and developing with the newly introduced product.
Earlier, there were different modes of communication which was used by the organizations and the individuals. For an instance, use of letters and radios was the prime source of communication. Whereas, these sources are mainly required for the communication purpose by the entrepreneur. The entrepreneurs are the one who comes up with the innovative ideas and techniques in order to present something better. However, there are several innovations are done by various entrepreneurs. The development of economy has a major link with the entrepreneurship. In context to this, the entrepreneur comes up with the new ideas and thoughts which assist the public to use latest technology. They bring the latest technology in different forms. For an instance, in the early times of radio engineering, the idea of handheld cell phone was developed. However, with the assistance of the entrepreneurship the standard of living of general people has tended to enhance. There are several instances of the entrepreneurship that are explained further. For an instance, it is seen that in the year 1917 Eric Tigerstedt an inventor filed with patent for the introduction of pocket size telephone. In addition to this, entrepreneurship remained crucial for the creation of smart phones in 2009, there was a great invention of smartphones which were totally different from the previous generation phones. They were having touchscreen and 3G and 4G network in them. Moreover, the resolution of the camera was increased which provided with high quality pictures. The battery of the phone was also developed and provided high power source to the people which means they can use it for longer time period. Moreover, the facility of dual SIM was also launched. This means that the person can have two network connections in one cell. This was highly beneficial for the people as they can keep there corporate and personal number together. Handsets were also developed with innovative designs such as swap model, big screen, qwati-keypad etc. which were were highly attractive to the people. Further, with the pace of time, the android phones were developed which provided with different applications to make the develop greater access for the customers in terms of work, entertainment and other functions. This raised with a introduction of whattsap, hike and different games like temple run, candy crush which provided with greater entertainment to the people. Thus, in this era many companies started inventing with there own mobile phone and try to gather the market to a greater extent. The companies which includes Samsung, Nokia, Apple etc. were the leading one which has covered a large market.
In context to above, entrepreneurship is not only crucial for the inventions and the innovations but also for the development of economy. The economic development is purely based on the standard of living of the people. In addition to this, the entrepreneurship also become a major reason generating wealth for the economy. With the help of this concept, the entrepreneurs add their profits in the national income. This helps an economy to grow and improve its physical conditions. Besides this, the concept of entrepreneurship allows creating social changes by offering great and useful products and services to the society. In addition to this, the stated concept also assist in developing the community in an effectual manner. According to Schumpeter, the "gale of creative destruction" describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one (Schumpeter, 1934)
In terms of economic development, the concept of entrepreneurship is essential because it provides various innovative services and products. However, the interaction between the economic development and entrepreneurship is seen. This has positive impacts on the economy and the society as well. It is seen that technology has highly helped in driving the economic development across the world. Further, Israel Kirzner determines that the highly alert and opportunity gainer entrepreneurs are the crucial ones for economic development as they can capitalise with the uncertainties occurred in the transformative cycles. (Kirzner Israel, 1973). Israel have taken with number of aspects which have a impact on the effectiveness of the company. Further, it has determined that technological and economical factor are very crucial for developing with innovation in the products of the company. Moreover, the risk factor is also important to be considered as it may hinder the performance of the organization a greater extent. In addition to this, Joseph Schumpter has stated that there is a greater link between the entrepreneurship and economic development as they lead towards the innovations in the products and transforming with the industries. Entrepreneurs are the ultimate people which ensures that efficient products are been developed with some innovative techniques. Further, mobile phones being the major element has helped in contributing high amount in the economy of the country. The reason behind this is the development of newly innovative mobile phones with greater features in the market which has increased the demand among the people. Now days people are changing there cell phones just to avail with the latest features which are available to them. At present, the hones developed by BlackBerry was considered as the most efficient product for they executives which are very busy with there work. But with the time every company was able to develop with the products which provide with efficient features which can satisfy the customers to a greater extent (Avidar and et.al., 2013). The evolution of the applications assisted in changing with the manner of communication for doing the business, social interaction and learn about different things. Further, it has been analysed that the mobile sector has highly contributed to the economy and was estimated amount earned is around $2.4 trillion to the international economy which includes with gross domestic product around 3.6%. Moreover, with the development of this sector it has helped in creating with large number of jobs to the people. The estimated job were around 10 million which helped in decreasing the unemployment rate in the country. Further, it is been evaluated that the mobile phone industry is growing at higher which means that the revenue generated from it will increase as the fondness among the people for the mobile phones has increased to a greater level. This is expected that the contribution of this sector in GDP would be 5.1% in the year 2020.
The technological advancement in the world has helped to the people to make there life easy and comfortable to a greater extent (Gallego, Woerndl and Huecas, 2013). Further, with the time technology has evaluated a massive expansion in developing the smartphones to provide with high featured gadget to the customers.
Business development- As per the view point of Shane (2011)in the present time most of the business is done with the help of using whattsap application as this will reach the client directly and the businessman can send the pictures of the products so as to give them with several choices. Further, video conferencing is also an efficient means to fix the deals in the domestic as well as in the international market (Tice, 2011).
Smartphones are having large number of advantages but with these there are various disadvantages of the same. Leibenstein (1996) states that in the present time people are becoming highly addicted to the use of different technological advancement and are becoming lazy towards performing there task. This has led to the negative impact on the health of the human beings (Sarwar and Soomro, 2013). Further, the following are the major features which determine that smartphones have a bad impact on the society:
Social relationships- With the development of different applications, the individual gatherings have come to an end. Thus, the bonding among the family members is decreasing with the time. Further, rather enjoying with the family children are busy putting the post, check-ins and pictures on the Facebook and other social media sites. This block communication among the members.
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According to the view point of Knight, this theory efficiently determines with the idea from different people so as to develop with the most efficient product. Further, in this proper evaluation is been made to know the needs and requirements of the customers and come up with the innovative product to satisfy the people to a greater extent. In this the following are the steps which are involved to come up with innovative products:
Awareness- For innovating new cellphone in the market, it is very important to be aware about the needs and requirements which the customers want in there phone. Further, for this they must conduct with the survey which will help in determining exactly what kind of phone is been required by them.
Interest- The company must consider the interest area of the customers for developing with newly innovative cellphones in the market. This will help to attract wider range of people to avail the product.
Evaluation- After finding the needs it is important to gather the information about the future of the product. This means that to evaluate that how many competitors are serving with the similar featured cell phone and the cost price in which they providing. This will make them get the idea about the phone which they need to introduce in the market.
Trial- Further, events or exhibitions must be organized to make the survey about the phone and let the people use the cell phones and determine with there advantages and disadvantages. Further, this will influence the people to purchase the cell phone when it is in the market (O'Brien and Shennan, 2010).
Adoption- Thus, it is the last step in which people are attracted towards buying the products as the features disclosed and trial events helped them to know about the product to a greater extent.
From the above report it can be articulated that in the present era, entrepreneurship and technology are linked with each other in order to develop an economy. the technological advancement has changed the lifestyle of the people as this has assisted them to reduce with there work load to a greater extent. Further, it has also seen that phone industry is contributing high amount in the economic development of the country. In addition to this, the usage of smartphones have a positive as well as negative impact on the society.
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