Export Promotion Vs Import Substitution Essay Typer
An entrepreneur is an individual responsible for developing and establishing a business. The entrepreneur exploits a business opportunity by setting up an entity that meets market needs. The individual or group is expected to manipulate the factors of production to provide goods and services.
An entrepreneur is not restricted to operate locally. They implement expansion strategies and introduce their products and services in other regions where opportunity exists. In this regard, the entrepreneur is responsible for perceiving and acting on business opportunities in other countries.
An entrepreneur will also exploit locally available opportunities. The individual or group would develop products and services to compete with existing providers (local producers and importers). However, for the venture to be successful, the entrepreneur is expected to offer superior value. In this regard, the entrepreneur is responsible for innovation and invention to improve the goods or services.
...Economic specialization is a feature, not a bug By Lawrence Summers July 26, 2011 Email Print inShare By Lawrence H. Summers The opinions expressed are his own. Reuters invited leading economists to reply to Mark Thoma’s Op-Ed on the “great divide” in economics and will be publishing the responses. Below is Reuters columnist Lawrence Summers’s reply. Here are responses from Roger Martin, Ashwin Parameswaran, James Hamilton, Dean Baker, and a recap of Paul Krugman’s. Mark Thoma is obviously right that academic economists should listen more to practitioners – both economists who who work outside the academy and also, although he does not stress this point, to those who are active participants in the economy as buyers and sellers of products, labor, securities or anything else. He is also right that much of what goes on in academic economics is rather removed from any reality and that there are all sorts of important practical problems that should get more attention from academics. However there are a number of respects in which his arguments is naive, incomplete, or goes to far and his analogy with what doctors do is misplaced. First, there is a proper division of labor between those who develop theories and those who meet day to day challenges. It is progress, not regress, that today we have physicists who conceive theories and do experiments and civil engineers who build bridges. This work was done by the same people centuries ago. In the same way,...