The administrative procedures in which entrepreneurs have to interact with external entities: local and national governmental offices, lawyers, auditors, banks, notaries, etc.
Published in Chapter:
Innovation, Value Creation, and Entrepreneurship by Opportunity: An Analysis of European Countries
María-Soledad Castaño-Martínez (University of Castilla-La Mancha, Spain)
Copyright: © 2020
|Pages: 21
DOI: 10.4018/978-1-7998-1169-5.ch003
Abstract
Technological progress is one of the main generators of increases in the production economy, involving the introduction of new products which, in turn, allows companies that carry out innovative actions to survive in the market. According to Schumpeter, innovation is an important source of value creation, improving growth in companies and economy. Thus, entrepreneurs introducing innovations in the market to take advantage of new business opportunities increase value creation, understood as the actions implemented to increase the value of goods and services created by enterprises. Likewise, the exploitation of these new opportunities that arises thanks to technological change are also largely conditioned by entrepreneurs' human capital, availability of financial resources, investment in research and development activities, expectations, and efficient business regulations.