Johnny Ch Lok

The Difference Between Economy And Psychology Factors Influence Enterprise Success Johnny Ch Lok

Nowadays, economic-based theories and models largely fall short of addressing to important economic outcomes. For example, the accumulation of factors of production, i.e. knowledge, human and/or physical capital can't alone explain economic development. Innovation and entrepreneurship are needed to input in profitable ways. Thus, it brings this question: How does successful new enterprise t the micro level to transfer into economic progress at the social level and for a failed entrepreneurship at the micro level to contribute to economic development ? However, the societal implications of the actions of individual entrepreneurs, i.e. how that translates into growth and prosperity is thus not fully considered. I feel knowledge is important to any entrepreneur because knowledge generation and exploitation. Have the financial systems by evaluation prospective entrepreneurs, mobilizing and channeling savings to finance the most productivity-enhancing activities, diversifying risks, etc. play a vital role. Thus, the question is how that is accounted for in standard knowledge driven growth models. How to avoid uncertain and risky outcomesWhy do individuals engage in entrepreneurial ventures with uncertain and risky outcomes? To answer this question, we need to know innovation contains elements of risk also for the entrepreneurs. In fact, the role of the entrepreneur is as someone who transforms uncertainty into a calculable risk. Thus, the uncertainty and risk to the entrepreneur may include that what innovation is perceives and creates new opportunities, how and why operates under uncertainty and introduces products to the market, decision on location, and hoe manages whose businesses and the for and use of resources and competes with others for a share of the market. Can entrepreneurships influence economic growth? we can view this case from the distribution between supply side and demand side to force seem somewhat. Is for instance, unemployment a variable that can be derived from the demand or the supply side of the economy?