Post written by Anshul Gupta. Follow me on twitter.
The development of "creative obliteration," whereby entrepreneurs with innovative ideas and techniques of production displace less efficient incumbents, is understood to play a critical role in driving productivity growth in the economy.
High-profile entrepreneurs produce and commercialize new technologies such as automobiles and semiconductors--major innovations that offspring new industries. Although clearly important, such start-ups only symbolize an insignificant proportion of overall entry in the economy.
Creativity, innovation, better and more efficient ways of operations are the main valuables which these entrepreneurship ventures bring into the table. The policymakers should not look them from a narrow and short sighted focus, so that right kind of policy making can be done.
A huge amount of studies done in the past suggests that, these entrepreneurs play a big role in creating national wealth over a period of time.
Not having the accessibility to easy capital availability is the biggest problem that an entrepreneur faces today. We need to come out of our inside the box thinking, we should stop looking only winners. Focus on the underlying system is the key to understand the quality of entrepreneurial activity.
