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Innovation As A Development Factor Of The Global Economy Entrepreneurship

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  • UNGUREANU Alexandra

    (Stefan cel Mare University of Suceava, Romania, Doctoral School of Socio-Human Sciences, Research direction: Economics, Suceava, Romania)

Abstract

In the entrepreneurial environment of the 21st century, changes are taking place constantly. Business performance benchmarks are changing and competition is more pronounced. The current economic conditions and fierce competition that prevail today, are forcing companies to look for new ways to reduce costs and increase profitability. If a company expects to survive and grow, it needs constant creativity to differentiate, add value, and create a competitive edge. Therefore, to thrive and excel, business organizations need continuous innovation, rapid response, and creative human talent. This paper presents an essential aspect of entrepreneurship in the 21st century, the importance of innovation and creativity, and the role they play in the global entrepreneurial context. Introduces the entrepreneurial environment and discusses the evolution of entrepreneurship as a science from the earliest period until the present. Using a methodology based on a critical research method, the results briefly describes the importance of innovation and creativity in today's global entrepreneurship, the importance of knowing the difference between creativity and innovation, and the advantages it has over entrepreneurship all over the globe. The aim of the article is to emphasize the connection between creativity and innovation, as well as the strategy to encourage creativity and innovations among entrepreneurs in today's competitive business environment, as long as creativity generates new ideas and innovation materializes them. The globalization topic summarizes the evaluation of entrepreneurial opportunities and explains the objectives involved in global entrepreneurship.

Suggested Citation

  • UNGUREANU Alexandra, 2020. "Innovation As A Development Factor Of The Global Economy Entrepreneurship," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 410-421, December.
    • Handle: RePEc:ora:journl:v:1:y:2020:i:2:p:410-421
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    File URL: http://anale.steconomiceuoradea.ro/volume/2020/n2/038.pdf
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    References listed on IDEAS

    as
    1. Fabienne Ilzkovitz & Adriaan Dierx & Viktoria Kovacs & Nuno Sousa, 2007. "Steps towards a deeper economic integration: the internal market in the 21st century," European Economy - Economic Papers 2008 - 2015 271, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    More about this item

    Keywords

    entrepreneurship; innovation; creativity; progress; globalization;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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