Entrepreneurship

Changing mindsets for economic growth

Most university and tertiary graduates leave college with a mindset of seeking for jobs. I-Kurve CG take the position to facilitate the so called job seekers towards changing a mindset to become job creators. Introducing them to innovative entrepreneurial mindsets. To build their own firms to create products or services to supply a niche.

Processes of economic development and innovative entrepreneurship are multifaceted, the relationship between the two phenomena and its specifics has had I-Kurve CG teams test models that capture the new or young and innovative firms, as aspects of innovative entrepreneurship and determinants of economic growth rates.

We foster Entrepreneurs to boost economic growth by introducing innovative technologies, products, and services, with Entrepreneurship having been acknowledged to have a salient role in driving innovation, economic growth, and welfare, in addition to its effect on job creation.

Entrepreneurs and their impact on jobs and economic growth

Productive entrepreneurs can invigorate the economy by creating jobs and new technologies, and increasing productivity.

Innovation pitch

Entrepreneurs are a rare species. Even in innovation-driven economies, only 1–2% of the work force starts a business in any given year. Yet entrepreneurs, particularly innovative entrepreneurs, are vital to the competitiveness of the economy. The gains of entrepreneurship are only realized, however, if the business environment is receptive to innovation. In addition, policymakers need to prepare for the potential job losses that can occur in the medium term through “creative destruction” as entrepreneurs strive for increased productivity.

We strive to inform both the entrepreneur and the policy maker, by demonstration and development of models that enable the environment to productive entrepreneurship and framework for job creation at the locale.

Pros

  • Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.
  • Increased competition from entrepreneurs challenges existing firms to become more competitive.
  • Entrepreneurs provide new job opportunities in the short and long term. 
  • Entrepreneurial activity raises the productivity of firms and economies.
  • Entrepreneurs accelerate structural change by replacing established, sclerotic firms.

Cons

  • Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.
  • Increased competition from entrepreneurs challenges existing firms to become more competitive.
  • Entrepreneurs provide new job opportunities in the short and long term. 
  • Entrepreneurial activity raises the productivity of firms and economies.
  • Entrepreneurs accelerate structural change by replacing established, sclerotic firms.

Importance of Entrepreneurship to economic development

Entrepreneurship is important to economic development. The benefits to society will be greater in economies where entrepreneurs can operate flexibly, develop their ideas, and reap the rewards. Entrepreneurs respond to high regulatory barriers by moving to more innovation-friendly Counties /countries/states or by turning from productive activities to non-wealth-creating activities. To attract productive entrepreneurs, governments need to cut red tape, streamline regulations, and prepare for the negative effects of layoffs in incumbent firms that fail because of the new competition.

Motivation

When an economy is doing well, there is less incentive to encourage new, entrepreneurial firms. When people and firms are making money, why take a risk on something new and untested? Entrepreneurs often challenge incumbent firms, and while this might seem undesirable, unchallenged, established firms tend to become complacent, content to take their profits without investing in research and development to improve their business. These stagnating firms are the first to suffer when imports arrive—withering rapidly, unable to respond to the competition. Thus, challenging incumbents to do better during good economic times is a benefit of entrepreneurship.

Entrepreneurs are equally, if not more, important when the economy is doing badly. When unemployment is high and the economy is contracting or stagnating, dynamic entrepreneurship could help turn the economy around. By developing novel products or increasing competition, new firms can boost demand, which could in turn create new job opportunities and reduce unemployment.

If entrepreneurs are consistently encouraged, in bad economic times as well as good, then all businesses are kept on their toes, motivated to work continuously to improve and adapt (see Different types of entrepreneurs). Entrepreneurs are the fresh blood that keeps economies healthy and flourishing even as some individual firms fail.

Capitalist economies are not alone in encouraging entrepreneurs.
Managed economies, such as China’s, are beginning to encourage and facilitate entrepreneurship. They have discovered that entrepreneurial activities, once viewed as a threat to the established system, are crucial for maintaining economic competitiveness and for achieving long-term success.

Graduates from universities and tertiary institutions are encouraged to join our programs to foster a change of mindset toward the creation of wealth, thus job creation and economic growth.

While institutions with opportunities to support innovation pitching and Business startup challenge funds are encouraged to partner with us to create wealth.

We, Innovation Kurve Consulting group have (I-Kurve CG), got the knowledge and technical expertise for the development of productive job creation and wealth for economic growth.

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