Again, other eminent writers also speak about entrepreneurship, in terms of its wealth creation abilities. Through innovation, the business creates demand for its products or services, which meets customer or market acceptance and satisfaction. This market acceptance is translated into greater demand for goods, which in turn, over a period of time, results in profits for the entrepreneurs. Thus, as the noted economist, Joseph Schumpeter has said, "from a steady economy, a technical innovation by a single entrepreneur opens up new profitable avenues - therefore, more entrepreneurs are induced to innovate, thereby increasing the profits in the economy as a whole, thereby driving growth." (After Marx: Structural Change and Steady States).
This process has to be strategically dealt with, since it has serious market ramifications and could affect market positioning of competitive products, and is of importance in the ultimate success or failure of the product. The legal aspects notwithstanding, it is imperative that innovation to market creates value addition to products/services and delivers aspects or improvements on contemporary products or services. This is important, since new product should justify their position in the market and should consider issues and provide solutions that may not have been addressed by other products. ...Show more