Information Technology and the Canadian Economy Essay

Information Technology and the Canadian Economy - Essay Example Entrepreneurship has not been fully covered with the current academic programs, as the discipline is usually taught as an integrated unit and not as an independent program like a degree. An entrepreneur is an initiator, while entrepreneurship accommodates any private or public organization, or individual, with the potential to respond to ever changing demands, utilizes new technologies and produces additional value from the assets at disposal, also entailing the need to motivate the continual phenomena of natural entrepreneurship. Entrepreneurs seek to utilize their ideas by introducing new means of meeting demands, or changing existing means of commodity delivery in order to add value. Primarily, an entrepreneur carries out varying activities including adopting innovative means of addressing socially related problems; seeking to challenge traditional manner of working; incorporating ideas, people, and resources so as to integrate change; spotting business opportunities and optimizing on resources which are under utilised and taking uncertainties and risks; as well as responding to an issue with clarity over the outcome right in mind. In economic development, the role of entrepreneurship entails more than just accumulating per capita income and output; it entails initiation and constitution of change in the business structure, the economy as well as society. The referred change is followed by growth of premise and increased income, which permits more wealth to be shared amongst various participants. Additionally, entrepreneurship has been acknowledged as a major tool to help bridge the gap between science and the business market although entrepreneurs faced challenges of lack of managerial skills necessary for running their businesses. Although entrepreneurs face a lot of difficulties, entrepreneurship holds the most effective means of commercializing innovations, forming new enterprises, as well as