Entrepreneurs Fostering the Spirit of Exploration, Experimentation and Daring:
Economic growth, among other things, requires breaking away from the shackles of traditions and attitude that contain growth. For example if ‘crossing the seas’ were a taboo, there would not have been international trade and the consequential economic development.
Creativity and Innovation are much needed for Fostering the Spirit of Exploration and Experimentation. Creativity is needed everywhere in the business, from the research and development department to simply re-organizing files. Our only advantage over technology at least for a while, is our ability to reason, reflect and think divergent. It is about using our brains and thinking creatively. The established ways of life need to be challenged and change must be seen as an opportunity to improve rather than something to be scared of. Entrepreneurs, through their urge to do something new, seeing change as an opportunity, experimenting with the novel ideas and showing the courage to try them prepare a fertile ground for persistent economic development.
Thus, whether one looks at economic development narrowly in terms of the increase in GDP or in the wider context of economic, institutional and social change, entrepreneurship plays a crucial role. Global Entrepreneurship Monitor studies report a lag of 1-2 years between entrepreneurial activity and economic development, suggesting that it takes time for the impact of entrepreneurship on economic development.
An important observation needs be made here. While entrepreneurship leads to economic development, the vice-versa is also true. That is, economic development also fosters entrepreneurship development. Growing economies provide a fertile soil for the flourishing of entrepreneurship, an aspect that we will take up while discussing entrepreneurship development.