It requires a seamless, structured management approach that begins with board- and CEO-level leadership and connects all the way through technology investment and implementation. Above all, sustained innovation is a journey, not a destination. Consider the following three examples: The smartphone market is red-hot, with Apple and Samsung engaged in the most fierce race for dominance via product innovation.
Economy Works In every economic system, entrepreneurs and managers bring together natural resources, labor, and technology to produce and distribute goods and services.
The United States is often described as a "capitalist" economy, a term coined by 19th-century German economist and social theorist Karl Marx to describe a system in which a small group of people who control large amounts of money, or capital, make the most important economic decisions.
Marx contrasted capitalist economies to "socialist" ones, which vest more power in the political system. While those categories, though oversimplified, have elements of truth to them, they are far less relevant today.
If the pure capitalism described by Marx ever existed, it has long since disappeared, as governments in the United States and many other countries have intervened in their economies to limit concentrations of power and address many of the social problems associated with unchecked private commercial interests.
As a result, the American economy is perhaps better described as a "mixed" economy, with government playing an important role along with private enterprise. Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful.
Basic Ingredients of the U. The United States is rich in mineral resources and fertile farm soil, and it is blessed with a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico.
Rivers flow from far within the continent, and the Great Lakes -- five large, inland lakes along the U. The second ingredient is labor, which converts natural resources into goods.
The number of available workers and, more importantly, their productivity help determine the health of an economy. Throughout its history, the United States has experienced steady growth in the labor force, and that, in turn, has helped fuel almost constant economic expansion.
Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African-Americans whose ancestors were brought to the Americas as slaves.
In the early years of the 20th century, large numbers of Asians immigrated to the United States, while many Latin American immigrants came in later years. Although the United States has experienced some periods of high unemployment and other times when labor was in short supply, immigrants tended to come when jobs were plentiful.
Often willing to work for somewhat lower wages than acculturated workers, they generally prospered, earning far more than they would have in their native lands. The nation prospered as well, so that the economy grew fast enough to absorb even more newcomers.
In the early days of the United States, frontier life required hard work, and what is known as the Protestant work ethic reinforced that trait.
Labor mobility has likewise been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled.
Similarly, economic opportunities in industrial, northern cities attracted black Americans from southern farms in the first half of the 20th century.
Labor-force quality continues to be an important issue. Today, Americans consider "human capital" a key to success in numerous modern, high-technology industries. As a result, government leaders and business officials increasingly stress the importance of education and training to develop workers with the kind of nimble minds and adaptable skills needed in new industries such as computers and telecommunications.
But natural resources and labor account for only part of an economic system. These resources must be organized and directed as efficiently as possible. In the American economy, managers, responding to signals from markets, perform this function. The traditional managerial structure in America is based on a top-down chain of command; authority flows from the chief executive in the boardroom, who makes sure that the entire business runs smoothly and efficiently, through various lower levels of management responsible for coordinating different parts of the enterprise, down to the foreman on the shop floor.
Numerous tasks are divided among different divisions and workers. In early 20th-century America, this specialization, or division of labor, was said to reflect "scientific management" based on systematic analysis.
Many enterprises continue to operate with this traditional structure, but others have taken changing views on management.The relevance of entrepreneurship to economic development has been highlighted by many researchers (e.g. Davidsson et al, ) and it is now wellrecognised that - education and training opportunities play a key role in cultivating future entrepreneurs and in developing the.
a. the cost of living in emerging economies tends to be lower than that in developed economies. b. the purchasing power parity is much higher in emerging countries. c.
the population in emerging economies is much higher than that in developed economies. Small and medium enterprises have significantly contributed to the economic growth of many countries such as developed, developing or least developed countries (LDC).
There are about 90% of small and medium enterprises that contribute over 50% of employment worldwide (IFC, ). Has managerial enterprise contributed to the success of leading economies (; ) ‘managerial enterprise’ is among them.
His theory links strategic decisions, internal structures and corporate performance and despite its criticism, it is still used to explain corporate success (and failure) of the late19th, 20th and even the 21st.
This study considers a small scale enterprise as one that has less than fifteen employees and whose capital outlay is less than three million naira. From this consideration, this study is intended to evaluate the effect of leadership style on the performance of.
Managerial Enterprise Contribution To Success Of Leading Economies Economics Essay; Has 'managerial endeavor ' contributed to the success of taking economic systems? To what extent can this organizational signifier be applied in differing national fortunes? Managerial Enterprise Contribution To Success Of Leading Economies Economics.