p. 11. The importance of entrepreneurship
- Paul Westhead
- and Mike Wright
‘The importance of entrepreneurship’ considers the vital role entrepreneurs are perceived as playing in a capitalist economy in promoting economic development and looks at the history of the entrepreneur. They can act as agents of innovative change and they can transform existing firms to exploit new opportunities. However, the expectation that entrepreneurs can provide the panacea to economic ills is not always a realistic one. It has been overestimated. Despite growing interest and activity relating to the entrepreneurship phenomenon, considerable debate surrounds the notion of entrepreneurs and entrepreneurship.