Entrepreneurship, innovation, economic development, and sustainability Essay

Entrepreneurship, innovation, economic development, and sustainability - Essay Example Burj-Al-Arab, and Burj Khalifa that even supersedes the hotel. By the end of 2008, the world in general and the UAE in particular were hit by the global financial crisis. As a result of the economic downturn, entrepreneurs rapidly started drawing their money out of the UAE, particularly Dubai. This further aggravated the condition and increased the economic challenges for the UAE. The sale of innovative products in the present age amounts to 33 per cent of the total sales of a company (Cooper, 2001, p. 4). While so many people talk about innovation, there are not many who understand what it means truly. For many people, anything that is new in some way is innovative. â€Å"[C]reativity is commonly defined through the recognition of produced and valued novelty† (Martin, 2009). Innovation is in many cases, a reinvention of old things by combining their features in a unique way. Basically, innovation happens from ideas that are unique. The idea of one individual might never have been experienced by another and thus when it is incorporated into a new product, it becomes innovative (Boden, 2004, p. 13). Many studies aimed at identifying common personality traits in creative people have successfully identified some (Amabile, 1996, p. 5). Irrespective of what qualifies as innovation, a factor whose importance cannot be overemphasized for the economic development as well as sustainability is the usefulness of the product for the society at large. â€Å"Attempts must be made to address the potential unintended and unforeseen consequences of the technology, as well as its potential benefits, if it is to be successfully applied† (Hall and Martin, 2005). â€Å"†¦creation is a continuous process... This essay present a thorough theoretical analysis of the impacts that economic categorical concepts of entrepreneurship, innovation, development and sustainability have on each other. These concepts are all strongly interrelated The sale of innovative products in the present age amounts to 33 per cent of the total sales of a company. Creativity is commonly defined through the recognition of produced and valued novelty Innovation is in many cases, a reinvention of old things by combining their features in a unique way. Basically, innovation happens from ideas that are unique. The idea of one individual might never have been experienced by another and thus when it is incorporated into a new product, it becomes innovative. Many business entrepreneurs think of sustainability and the need to adopt environment friendly business practices as a burden whereas in reality environmental-friendliness not only cuts down the costs of business but also increases its profitability, which is what makes sustainability integrally related to both entrepreneurship and innovation. Sustainability is quite as strongly linked with economic development and the logic behind it is quite understandable and simple; the lesser the costs and the higher the profits in business, the greater the contribution of the entrepreneurs in the gross domestic product of the country, and the more the economic development consequentially. Sustainability saves the country’s resources that can be utilized in better ways to yield more money.