The Achievement of Economic Development

The work is to be 7 pages with three to five sources, with in-text citations and a reference page. With economic development, people are able to access not their needs but also to a very large extent, their wants also. Considering the fact that they need to meet once basic needs for existence can be jeopardized in the absence of economic development, not much can be said on the need to promote the economic development of all people at all levels of life. The understanding that economic development brings about better living and improved lifestyle does not, however, guarantee economic development. This is because the achievement of economic development is a complex and systematic process that demands a lot of knowledge, professional requirements, ethical know-how among other factors to achieve (Koduah, 2009). Kasof et al (2007) describe the elements that need to be put in place to attain economic development as values. In academic circles, theorists and economists have associated entrepreneurship and innovation as two of the most important values needed in achieving economic development. Lumsdaine and Binks (2007) also reiterate the fact that creativity and problem-solving has a lot of roles to play in ensuring that entrepreneurship and innovation are well combined to bring about economic development. This essay, therefore, seeks to discuss the relationship between entrepreneurship, innovation and economic development and the role that creativity and problem-solving play in this relationship. Being rather more technical and theoretical, the Lester Centre for Entrepreneurship (2011) explains that “entrepreneurship has crossed border from the days it used to be all about “the pursuit of opportunity beyond the resources you currently control” to now include a rather broadened scope “with segmented interest across a wide variety of fields and topics, including new venture creation, venture capital, social ventures, business model innovation, open software, internet, corporate entrepreneurship, global business, and biotechnology.” Innovation in the economic sense can also be given a broader interpretation than the mere act of creating something new. Innovation is actually a compounded ability to be of use not just to one’s self but to society at large (Ampong, 2004). There are therefore several theories on innovation that guides the utilization of the phenomenon. Some of the theories can be mentioned as a breakthrough, incremental and open source (Real Innovation, 2011).