The Importance of Critical Thinking Skills in Accounting...

AC550 - Critical Perspectives in Accounting Individual Critical Research Paper Lecturer: Mary Canning 2012 Gillian Bane 58043884 4/20/2012 AC550 - Critical Perspectives in Accounting Individual Critical Research Paper Lecturer: Mary Canning 2012 Gillian Bane 58043884 4/20/2012 Contents Critical Research Paper†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦2 - Chosen Topic†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.2 - Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 - Critical Thinking- Definitions and Importance†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦4 - Accounting Education- Its Current State and Criticisms†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.5 - Incorporating Critical Thinking Skills into Accounting Syllabi- Examples and Challenges†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.7 -†¦show more content†¦(Kurfiss 1988 cited in Baril et al. 1998, p. 383) However critical thinking has no one, universally accepted definition. This perhaps represents the first difficulty in incorporating such skills into accounting education; no one can agree on what precisely critical thinking skills encompass (Young and Warren 2011). Pascarella and Terezini (2005, p.155) summarise these skills to include: The general intellectual outcomes of postsecondary education that permit individuals the process and utilize new information; communicate effectively; reason objectively and draw objective conclusions from various types of data; evaluate new ideas and techniques efï ¬ ciently; become more objective about beliefs, attitudes, and values; evaluate arguments and claims critically; and make reasonable decisions in the face of imperfect information. Education plays an imperative role in developing these skills. Young and Warren (2011), in their review of the education literature, stated that a number of cross-sectional research studies have shown that a student’s critical thinking ability can improve while at college. While Parcarella and Terenzini (2005) approximate that a student can improve their critical thinking skills by 63% by the end of their sophomore year. According to Hurt (2007) these skills must be developed consistently, purposefully and rationally over time to enable students to appropriately respond to the intricate issues that the working environmentShow MoreRelatedThe Red Velvet Cupcake, The Best Place One Can Help For A Prosperous Future Is Education995 Words   |  4 Pagesplace one can improve both their critical thinking skills and education. From the first time I visited the campus I decided that this is the perfect place for me to continue my studies. With my ambition, my knowledge and my strengths I believe that I am the right flavor to the culture that the University of Washington needs. I was born and raised in Galati, Romania, where the fundamental component to improving your chances for a prosperous future is education. 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Accountants must gather data, interview employees of the client’s organization, and interact with members of the audit team.† Universities, for the most part, are preparing students to interact and work collaboratively within group settings. Many courses assign projects which require students to work together culling information for the given topicRead MoreHow Educational And Cultural Environment Of A Subject Can Make A Difference Essay1587 Words   |  7 Pagesvariable self-construal and therefore influence sceptical judgment. There has not been any research done in this respect that involves Chinese accounting student in China and Australia. Two countries with similar accounting standards but very different educational systems. In order to challenge the assumption data was collected by using surveys from final year accounting students in both countries. Then the data was examined using the experimental research method (Ying and Patel, 2016) .And the results agreedRead MoreA Financial Statement Analysis Project for Introductory Financial Accounting5953 Words   |  24 PagesPerspectives on Accounting Education Volume 6, 2009, 83-96 A FINANCIAL STATEMENT ANALYSIS PROJECT FOR INTRODUCTORY FINANCIAL ACCOUNTING Marilyn B. Misch Business Administration Division Pepperdine University Malibu, California USA Carolyn A. Galantine Business Administration Division Pepperdine University Malibu, California USA ABSTRACT This paper describes a financial statement analysis project useful in both preparerbased and user-based introductory courses in financial accounting. The project requiresRead MoreA Financial Statement Analysis Project for Introductory Financial Accounting5944 Words   |  24 PagesPerspectives on Accounting Education Volume 6, 2009, 83-96 A FINANCIAL STATEMENT ANALYSIS PROJECT FOR INTRODUCTORY FINANCIAL ACCOUNTING Marilyn B. Misch Business Administration Division Pepperdine University Malibu, California USA Carolyn A. Galantine Business Administration Division Pepperdine University Malibu, California USA ABSTRACT This paper describes a financial statement analysis project useful in both preparerbased and user-based introductory courses in financial accounting. The project Read MoreBusiness Plan For A Business1885 Words   |  8 PagesAs a business professional that has just earned their degree, one would want to know if they are equipped with the skills necessary to enter the workforce. After four to five years of taking business and accounting courses, students hope to be equipped with sufficient hard and soft skills. Different institutions offer different courses. As an undergraduate, there are courses available to help prepare the individual. Business Cornerstone will help them search and land a job. 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Mummification An Ancient Egyptian Burial Rite - 1826 Words

Mummification is an ancient egyptian burial rite that is centered around preparing the soul of the deceased for the afterlife. There are multiple steps involved in the process of mummification and several objects with different functions used to perform this burial rite. Mummification is centered around the thought that death was merely physical and your soul continued living, with the ability to take distinct action, in the afterlife. Everyone desired to be mummified, however the extent of the mummification depended on the wealth of the family involved. Mummification was also generally not a rite reserved for criminals and lawbreakers since the idea behind mummification is for the deceased to have an easier afterlife. The mummification process is done in two phases, the first being embalming and the latter being wrapping and burial. There was a special place for embalming to take place known as the ibu. The ibu was called the place of purification. The first thing the embalmers do is to clean his body with aromatic palm wine and rinse it with Nile water. The next step involves removing all but a select few of the internal organs. The process used to remove the internal organs changed over time and varied with the wealth of the body in question. The heart was left in the body because of its necessity as the focal point of mental and emotional stability. The body’s fluids and rags used in this phase are left with the body for its burial. The body is left for a period ofShow MoreRelatedBurial Practices of Ancient Egypt Essay1322 Words   |  6 Pagesfunerary rituals introduced by the Egyptians were the most intricate, spiritual rites in their times and, perhaps, even to this day. Their elab orate customs, tombs, and gifts to the dead were representative of their pious, devoted nature. Albeit not all were as imposing as the oldest and still remaining Seven Wonder of the World, the Pyramids of Giza, all were meaningful and sacred. 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Human Development Index Free Essays

Introduction: The Human Development Index (HDI) is a composite statistic used to rank countries by level of â€Å"human development† and separate â€Å"very high human development†, â€Å"high human development†, â€Å"medium human development†, and â€Å"low human development† countries. The Human Development Index (HDI) is a comparative measure of life expectancy, literacy, education and standards of living for countries worldwide. It is a standard means of measuring well-being, especially child welfare. We will write a custom essay sample on Human Development Index or any similar topic only for you Order Now It is used to distinguish whether the country is a developed, a developing or an under-developed country, and also to measure the impact of economic policies on quality of life. There are also HDI for states, cities, villages, etc. by local organizations or companies. Background: The origins of the HDI are found in the annual Human Development Reports of the United Nations Development Programme (UNDP). These were devised and launched by Pakistani economist Mahbub ul Haq in 1990 and had the explicit purpose ‘‘to shift the focus of development economics from national income accounting to people centered policies’’. To produce the Human Development Reports, Mahbub ul Haq brought together a group of well-known development economists including: Paul Streeten, Frances Stewart, Gustav Ranis, Keith Griffin, Sudhir Anand and Meghnad Desai. But it was Nobel laureate Amartya Sen’s work on capabilities and functionings that provided the underlying conceptual framework. Haq was sure that a simple composite measure of human development was needed in order to convince the public, academics, and policy-makers that they can and should evaluate development not only by economic advances but also improvements in human well-being. Sen initially opposed this idea, but he went on to help Haq develop the Human Development Index (HDI). Sen was worried that it was difficult to capture the full complexity of human capabilities in a single index but Haq persuaded him that only a single number would shift the attention of policy-makers from concentration on economic to human well-being. Data collection: Life expectancy at birth is provided by the UN Department of Economic and Social Affairs; mean years of schooling by Barro and Lee (2010); expected years of schooling by the UNESCO Institute for Statistics; and GNI per capita by the World Bank and the International Monetary Fund. For few countries, mean years of schooling are estimated from nationally representative household surveys. Many data gaps still exist in even some very basic areas of human development indicators. While actively advocating for the improvement of human development data, as a principle and for practical reasons, the Human Development Report Office does not collect data directly from countries or make estimates to fill these data gaps in the Report. Dimensions and calculation: Published on 4 November 2010, starting with the 2010 Human Development Report the HDI combines three dimensions: 1. A long and healthy life: Life expectancy at birth 2. Access to knowledge: Mean years of schooling and Expected years of schooling 3. A decent standard of living: GNI per capita (PPP US$) The HDI combined three dimensions up until its 2010 report: 1. Life expectancy at birth, as an index of population health and longevity 2. Knowledge and education, as measured by the adult literacy rate (with two-thirds weighting) and the combined primary, secondary, and tertiary gross enrollment ratio (with one-third weighting). 3. Standard of living, as indicated by the natural logarithm of gross domestic product per capita at purchasing power parity. New methodology for 2010 data onwards: In its 2010 Human Development Report the UNDP began using a new method of calculating the HDI. The following three indices are used: LE ¬-20 1. Life Expectancy Index (LEI) = 63. 2 vMYSI . EYSI 2. Education Index (EI) = 0. 951 ln (GNIpc) – ln (163) 3. Income Index (II) = ln(108,211) – ln (163) Finally, the HDI is the geometric mean of the previous three normalized indices: HDI = v LEI . EI . II 2010 report: The 2010 Human Development Report by the United Nations Development Program was released on November 4, 2010, and calculates HDI values based on estimates for 2010. Criticisms: The Human Development Index has been criticised on a number of grounds, including failure to include any ecological considerations, focusing exclusively on national performance and ranking (although many national Human Development Reports, looking at subnational performance, have been published by UNDP and others—so this last claim is untrue), not paying much attention to development from a global perspective and based on grounds of measurement error of the underlying statistics and formula changes by the UNDP which can lead to severe misclassifications of countries in the categories of being a ‘low’, ‘medium’, ‘high’ or ‘very high’ human evelopment country. Other authors claimed that the Human Development Reports â€Å"have lost touch with their original vision and the index fails to capture the essence of the world it seeks to portray†. The index has also been criticized as â€Å"redundant† and a â€Å"reinve ntion of the wheel†, measuring aspects of development that have already been exhaustively studied. The index has further been criticised for having an inappropriate treatment of income, lacking year-to-year comparability, and assessing development differently in different groups of countries. Economist Bryan Caplan has criticised the way HDI scores are produced; each of the three components are bounded between zero and one. As a result of that, rich countries effectively cannot improve their rating (and thus their ranking relative to other countries) in certain categories, even though there is a lot of scope for economic growth and longevity left. â€Å"This effectively means that a country of immortals with infinite per-capita GDP would get a score of . 66 (lower than South Africa and Tajikistan) if its population were illiterate and never went to school. † He argues, â€Å"Scandinavia comes out on top according to the HDI because the HDI is basically a measure of how Scandinavian your country is. † Economists Hendrik Wolff, Howard Chong and Maximilian Auffhammer discuss the HDI from the perspective of data error in the underlying health, education and income statistics used to construct the HDI. 18] They identify three sources of data error which are due t o (i) data updating, (ii) formula revisions and (iii) thresholds to classify a country’s development status and find that 11%, 21% and 34% of all countries can be interpreted as currently misclassified in the development bins due to the three sources of data error, respectively. The authors suggest that the United Nations should discontinue the practice of classifying countries into development bins because the cut-off values seem arbitrary, can provide incentives for strategic behavior in reporting official statistics, and have the potential to misguide politicians, investors, charity donators and the public at large which use the HDI. In 2010 the UNDP reacted to the criticism and updated the thresholds to classify nations as low, medium and high human development countries. In a comment to The Economist in early January 2011, the Human Development Report Office responded[24] to a January 6, 2011 article in The Economist which discusses the Wolff et al. paper. The Human Development Report Office states that they undertook a systematic revision of the methods used for the calculation of the HDI and that the new methodology directly addresses the critique by Wolff et al. in that it generates a system for continuous updating of the human development categories whenever formula or data revisions take place. The following are common criticisms directed at the HDI: that it is a redundant measure that adds little to the value of the individual measures composing it; that it is a means to provide legitimacy to arbitrary weightings of a few aspects of social development; that it is a number producing a relative ranking which is useless for inter-temporal comparisons, and difficult to compare a country’s progress or regression since the HDI for a country in a given year depends on the levels of, say, life expectancy or GDP per capita of other countries in that year. However, each year, UN member states are listed and ranked according to the computed HDI. If high, the rank in the list can be easily used as a means of national aggrandizement; alternatively, if low, it can be used to highlight national insufficiencies. Using the HDI as an absolute index of social welfare, some authors have used panel HDI data to measure the impact of economic policies on quality of life. Ratan Lal Basu criticises the HDI concept from a completely different angle. According to him the Amartya Sen-Mahbub ul Haq concept of HDI considers that provision of material amenities alone would bring about Human Development, but Basu opines that Human Development in the true sense should embrace both material and moral development. According to him human development based on HDI alone, is similar to dairy farm economics to improve dairy farm output. To quote: ‘So human development effort should not end up in amelioration of material deprivations alone: it must undertake to bring about spiritual and moral development to assist the biped to become truly human. [31] For example, a high suicide rate would bring the index down. A few authors have proposed alternative indices to address some of the index’s shortcomings. However, of those proposed alternatives to the HDI, few have produced alternatives covering so many countries, and that no development index (other than, perhaps, Gross Domestic Product per capita) has been used so extensivelyâ€⠀or effectively, in discussions and developmental planning as the HDI. However, there has been one lament about the HDI that has resulted in an alternative index: David Hastings, of the United Nations Economic and Social Commission for Asia and the Pacific published a report geographically extending the HDI to 230+ economies, whereas the UNDP HDI for 2009 enumerates 182 economies and coverage for the 2010 HDI dropped to 169 countries How to cite Human Development Index, Papers Human Development Index Free Essays string(146) " the most important development was the practice of dry farming that allowed farmers to profitably grow wheat on the semi-arid southern prairies\." What is HDI? The Human Development Index (HDI) is a composite statistic used to rank countries by level of â€Å"human development†, taken as a synonym of the older terms â€Å"standard of living† and/or â€Å"quality of life†, and distinguishing â€Å"very high human development†, â€Å"high human development†, â€Å"medium human development†, and â€Å"low human development† countries. HDI was devised and launched by Pakistani economist Mahbub ul Haq, followed by Indian economist Amartya Sen in 1990. The HDI is a comparative measure of life expectancy, literacy, education, and standards of living of a country. We will write a custom essay sample on Human Development Index or any similar topic only for you Order Now It is a standard means of measuring well-being, especially child welfare. It is also used to distinguish whether the country is a developed, a developing or an underdeveloped country, and also to measure the impact of economic policies on quality of life. There are also HDI for states, cities, villages, etc. by local organizations or companies which have interest in the matter. The HDI formula result is a number from 0 to 1, 1 being the best outcome possible. Components of HDI What does HDI tell us? The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. The HDI can also be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with such different human development outcomes. For example, the Bahamas and New Zealand have similar levels of income per person, but life expectancy and expected years of schooling differ greatly between the two countries, resulting in New Zealand having a much higher HDI value than the Bahamas. These striking contrasts can stimulate debate about government policy priorities. What are the criteria for a country to be included in the HDI? The Human Development Report Office strives to include as many UN member countries as possible in the HDI. To include a country in the HDI we need recent, reliable and comparable data for all three dimensions of the Index. For a country to be included, statistics should ideally be available from the relevant international data agencies. India’s position in the world India ranks a low 134 among 187 countries in the list that is headed by Norway and in which the Democratic Republic of Congo is at the very bottom in terms of the human development index (HDI). India’s ranking in 2010 was 119 out of 169 countries. According to the â€Å"UN Human Development Report 2011: Sustainability and Inequality†, India’s HDI is 0. 5 compared to 0. 3 in 2010. Comparison of India with few other countries Countries| Per Capita income in US $| Literacy Rate| Life Expectancy in years| HDI Rank| India| 1600| 74%| 67. 1| 134| US| 48,147| 99%| 79| 4| Canada| 51,147| 99%| 80. 7| 6| Germany| 40,631| 99%| 79. 4| 9| Nepal| 650| 68. 2%| 66. 5| 157| Pakistan| 1250| 70%| 66. 3| 145| Growth Pattern of India Factors responsible for growth of India The then Prime Minister Narasimha Rao, along with his finance minister Manmohan Singh, initiated the economic liberalization of 1991. The reforms did away with the Licence Raj, reduced tariffs and interest rates and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors. Since then, the overall thrust of liberalization has remained the same, although no government has tried to take on powerful lobbies such as trade unions and farmers, on contentious issues such as reforming labour laws and reducing agricultural subsidies. By the turn of the 20th century, India had progressed towards a free-market economy, with a substantial reduction in state control of the economy and increased financial liberalization. This has been accompanied by increases in life expectancy, literacy rates and food security, although urban residents have benefited more than agricultural residents. Also the boom in IT and other industries in services sector helped India to achieve economic strength whereby foreign currency started pouring in into the market. This was supported by the availability of skilled labours, talented brains and large young population. Growth Pattern of Nepal Nepal’s economic growth continues to be adversely affected by the political uncertainty. Nevertheless, real GDP growth is estimated to increase to almost 5 percent for 2011/2012. This is a considerable improvement from the 3. 5 percent GDP growth in 2010/2011 and would be the second highest growth rate in the post-conflict era. Sources of growth include agriculture, construction, financial and other services. The contribution of growth by consumption fueled by remittances has declined since 2010/2011. While remittance growth slowed to 11 percent (in Nepali Rupee terms) in 2010/2011 it has since increased to 37 percent. Remittances are estimated to be equivalent to 25-30 percent of GDP. Inflation has been reduced to a three-year low to 7 percent. The proportion of poor people has declined substantially in recent years. The percentage of people living below the international poverty line (people earning less than US$1. 5 per day) has halved in only seven years. At this measure of poverty the percentage of poor people declined from 53. 1% in 2003/2004 to 24. 8% in 2010/2011. With a higher poverty line of US$2 dollars per-capita per day, poverty declined by one quarter to 57. 3%. However, the income distribution remains grossly uneven. Growth Pattern of Canada Factors responsible for growth in Canada The Canadi an economy improved dramatically after 1896, and from that year until 1914, Canada had the world’s fastest growing economy. The west was settled, the population grew quickly. The cause of this boom is debated. Whether the settlement of the west was a cause or effect of the boom is one of the most important issues. Globally the economy was improving with the end of the Long Depression. The last semi-humid farmland in the United States was exhausted, leaving Canada with the best unexploited farm land in North America. Technological changes from the steel plow to combine harvesters played an important role, but perhaps the most important development was the practice of dry farming that allowed farmers to profitably grow wheat on the semi-arid southern prairies. You read "Human Development Index" in category "Papers" The most noted expansion was in western Canada, but at the same time Central Canada was undergoing a period of significant industrialization. While western and central Canada boomed during the pre-World War I years the economies of the three Maritime Provinces grew far more slowly. Investors from US and UK helped fuel country’s economic growth. Growth pattern of USA Factors responsible for growth in USA In the early years of American history, most political leaders were reluctant to involve the federal government too heavily in the private sector, except in the area of transportation. In general, they accepted the concept of laissez-faire, a doctrine opposing government interference in the economy except to maintain law and order. This attitude started to change during the latter part of the 19th century, when small business, farm, and labor movements began asking the government to intercede on their behalf. By the turn of the century, a middle class had developed that was leery of both the business elite and the somewhat radical political movements of farmers and laborers in the Midwest and West. Known as Progressives, these people favored government regulation of business practices to, in their minds, ensure competition and free enterprise. Congress enacted a law regulating railroads in 1887 (the Interstate Commerce Act), and one preventing large firms from controlling a single industry in 1890 (the Sherman Antitrust Act). Many of today’s U. S. regulatory agencies were created during these years, including the Interstate Commerce Commission and the Federal Trade Commission. Electrification in the U. S. started in industry ca. 1900 and by 1930 about 80% of power used in industry was electric. Tractors began being mass-produced. In the 1980s, Japan was accelerating its speed and catching up to the USA. In the face of competition from Japan, Americans did not give up hope, but acted with a great sense of urgency. Ronald Reagan called on the industrial association and think-tanks to discuss countermeasures. Through investigation and analysis, they found that the computer and communications industries were beginning to show vitality and had large market potential. In the future, it was possible that they would develop into the world’s largest industries. Therefore, the Reagan administration declined to adopt a short-term, profit-oriented competition strategy; rather, it adopted methods that allowed universities to work collaboratively with enterprises to co-develop the computer and communications industries. During the Clinton administration, a large investment was made in building up the world’s internet highway. Growth Pattern of Pakistan Growth Pattern of Germany Factors responsible for growth of Germany Germany’s economic growth stemmed from a number of causes. One of the main physical reasons behind economic growth was the sophistication of infrastructure. Between 1845 and 1870 5000 more miles of rail had beenbuilt and in 1850 Germany was building her own locomotives. This increase of rail transport created a huge demand for coal, iron and buildings, therefore industry began on a plant style level. All of this increased the amount of labour needed. The labour need was fuelled by a population growth. From 35 million people in 1840 Germanygrew to 49 million people in 1875 creating a young dynamic workforce,full of innovated ideas for the new industry. Not only was the workforce gained from a population increase, urbanisation also added to the need. People working in factories grew from 4% to 10%. Banks, particularly investment banks gave a great stimulus to industrialization. It was a combination of commercial enterprise, investment, and investment trusts backed by large central banks. The second industrial revolution was promoted by a number of important factors. Most important of these was probably the scientific-technological developments at the end of the century. Another factor which propelled German industry forward was the unification of the monetary system, made possible in part by political unification. Another economic factor was the increased markets,domestic and overseas. Comparison of growth patterns Why HDI of India is low? While we are steadily increasing our investments in health and education, we have been let down at the most basic level: female mortality rates. Our maternal mortality figures are 450 deaths per 100,000, which is the worst in south Asia. Our adolescent fertility rates also let us down, as do figures for female education. Yet, a quick stroll through the HDI figures does show some improvement across sectors in most parts of the country. The stumbling blocks are Uttar Pradesh, Bihar, Madhya Pradesh, Jharkhand, Chhattisgarh, parts of West Bengal and even Maharashtra. Quite obviously, in our race to get ahead, we have forgotten the basics. It has taken us over 60 years since the Constitution was adopted to pass the Right to Education Act for free and compulsory secondary education to all, even though it has long been a part of our Directive Principles. Our dropout rate is high and the girl child is the first to lose the race to school. More painful is the rich-poor divide. Our cities may be full of state-of-the-art hospitals, ready to cater to medical tourists, but village after village in India does not even have access to primary health care. We supply doctors all over the world but are unable to service our own needy. It is almost as if we have got so used to being a poor country that we hardly notice it any more. But as the Sensex and the economy show, India is no longer an ultra-poor country in the aggregate. But we still have a shockingly large proportion of poor people who are being deprived of just about everything. This HDI report is just one more reminder of how far we have to go. It tells us where our priorities should be. India has made huge strides in the field of education and water supply system but the biggest block in the human development indices for India is in the field of sanitation where 58 per cent of open defecation in the world takes place in India. A mere expenditure of Rs 2000 crore (Rs 20 billion) in the field of sanitation is being made while the budget for water supply was Rs 20,000 crore (Rs 200 billion). Agriculture Slow agricultural growth is a concern for policymakers as some two-thirds of India’s people depend on rural employment for a living. Current agricultural practices are neither economically nor environmentally sustainable and India’s yields for many agricultural commodities are low. Poorly maintained irrigation systems and almost universal lack of good extension services are among the factors responsible. Farmers’ access to markets is hampered by poor roads, rudimentary market infrastructure, and excessive regulation. Agricultural output of India lags far behind its potential. The low productivity in India is a result of several factors. According to the World Bank, India’s large agricultural subsidies are hampering productivity-enhancing investment. While overregulation of agriculture has increased costs, price risks and uncertainty, governmental intervention in labour, land, and credit markets are hurting the market. Infrastructure such as rural roads, electricity, ports, food storage, retail markets and services are inadequate. Further, the average size of land holdings is very small, with 70% of holdings being less than one hectare in size. The partial failure of land reforms in many states, exacerbated by poorly maintained or non-existent land records, has resulted in sharecropping with cultivators lacking ownership rights, and consequently low productivity of labour. Adoption of modern agricultural practices and use of technology is inadequate, hampered by ignorance of such practices, high costs, illiteracy, slow progress in implementing land reforms, inadequate or inefficient finance and marketing services for farm produce and impracticality in the case of small land holdings. The allocation of water is inefficient, unsustainable and inequitable. The irrigation infrastructure is deteriorating. Irrigation facilities are inadequate, as revealed by the fact that only 39% of the total cultivable land was irrigated as of 2010, resulting in farmers still being dependent on rainfall, specifically the monsoon season, which is often inconsistent and unevenly distributed across the country. Corruption Corruption has been one of the pervasive problems affecting India. A 2005 study by Transparency International (TI) found that more than half of those surveyed had firsthand experience of paying bribe or peddling influence to get a job done in a public office in the previous year. A follow-on 2008 TI study found this rate to be 40 percent. In 2011, Transparency International ranked India at 95th place amongst 183 countries in perceived levels of public sector corruption. In 1996, red tape, bureaucracy and the Licence Raj were suggested as a cause for the institutionalised corruption and inefficiency. More recent reports suggest the causes of corruption in India include excessive regulations and approval requirements, mandated spending programs, monopoly of certain goods and service providers by government controlled institutions, bureaucracy with discretionary powers, and lack of transparent laws and processes. The Right to Information Act (2005) which requires government officials to furnish information requested by citizens or face punitive action, computerisation of services, and various central and state government acts that established vigilance commissions, have considerably reduced corruption and opened up avenues to redress grievances. The number of people employed in non-agricultural occupations in the public and private sectors. Totals are rounded. Private sector data relates to non-agriculture establishments with 10 or more employees. The current government has concluded that most spending fails to reach its intended recipients. A large, cumbersome and tumor-like bureaucracy sponges up or siphons off spending budgets. India’s absence rates are one of the worst in the world; one study found that 25% of public sector teachers and 40% of public sector medical workers could not be found at the workplace. The Indian economy has an underground economy, with an alleged 2006 report by the Swiss Bankers Association suggesting India topped the worldwide list for black money with almost $1,456 billion stashed in Swiss banks. This amounts to 13 times the country’s total external debt. Education India has made huge progress in terms of increasing primary education attendance rate and expanding literacy to approximately three-fourth of the population. India’s literacy rate had grown from 52. 2% in 1991 to 74. 04% in 2011. The right to education at elementary level has been made one of the fundamental rights under the eighty-sixth Amendment of 2002, and legislation has been enacted to further the objective of providing free education to all children. However, the literacy rate of 74% is still lower than the worldwide average and the country suffers from a high dropout rate. Further, there exists a severe disparity in literacy rates and educational opportunities between males and females, urban and rural areas, and among different social groups. Infrastructure In the past, development of infrastructure was completely in the hands of the public sector and was plagued by slow progress, poor quality and inefficiency. India’s low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher growth rates. This has prompted the government to partially open up infrastructure to the private sector allowing foreign investment, and most public infrastructure, barring railways, is today constructed and maintained by private contractors, in exchange for tax and other concessions from the government. While 80% of Indian villages have at least an electricity line, just 44% of rural households have access to electricity. Some half of the electricity is stolen, compared with 3% in China. The stolen electricity amounts to 1. 5% of GDP. Transmission and distribution losses amount to around 20%, as a result of an inefficient distribution system, handled mostly by cash-strapped state-run enterprises. Almost all of the electricity in India is produced by the public sector. Power outages are common, and many buy their own power generators to ensure electricity supply. 6] Substantial improvements in water supply infrastructure, both in urban and rural areas, have taken place over the past decade, with the proportion of the population having access to safe drinking water rising from 66% in 1991 to 92% in 2001 in rural areas, and from 82% to 98% in urban areas. However, quality and availability of water supply remains a major problem even in urban India, with most cities getting water for only a few hours during the day. Economic disparities A critical problem facing India’s economy is the sharp and growing regional variations among India’s different states and territories in terms of poverty, availability of infrastructure and socio-economic development. Six low-income states – Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa and Uttar Pradesh – are home to more than one third of India’s population. Severe disparities exist among states in terms of income, literacy rates, life expectancy and living conditions. The five-year plans, especially in the pre-liberalization era, attempted to reduce regional disparities by encouraging industrial development in the interior regions and distributing industries across states, but the results have not been very encouraging since these measures in fact increased inefficiency and hampered effective industrial growth. After liberalization, the more advanced states have been better placed to benefit from them, with well-developed infrastructure and an educated and skilled workforce, which attract the manufacturing and service sectors. The governments of backward regions are trying to reduce disparities by offering tax holidays and cheap land, and focusing more on sectors like tourism which, although being geographically and historically determined, can become a source of growth and develops faster than other sectors. In fact, the economists fail to realize that ultimately the problem of equitable growth or inclusive growth is intricately related to the problems of good governance and transparency. HDI for Indian states State| HDI| Rank| Maharashtra| 0. 689| 12| Madhya Pradesh| 0. 375| 33| Kerala| 0. 921| 1| Reasons for low HDI in Madhya Pradesh and Maharashtra as compared to Kerala: Life Expectancy: The life expectancy in MP is 56. 5 years for male and 56. 2 years for females averaging around 56. 4. The life expectancy in Maharashtra is 64. 5 for males and 67 for females averaging to 65. 8 years for the total population. The life expectancy in Kerala is 73. 5 years. As an important component of HDI life expectancy should be higher, but here it is low as compared to Kerala. Literacy rate: The literacy rate in MP is only 64. 11% which is very low. More than that literacy rate of women is very low. The literacy rate in Maharashtra is 77. 21 % whereas in Kerala it is 90. 92 %. Literacy is reasonably a good indicator of development in a society. Spread and diffusion f literacy is generally associated with essential trait of today’s civilization such as urbanization, modernization, industrialization, communication and commerce. Standard of living: The main factors influencing standard of living are poverty, physical infrastructure, regional imbalance. Poverty is very high in MP. Also the physical infrastructure is very poor. Poverty is high I Maharashtra because of high population. The physical infrastructure varies from region to region. In cities like Mumbai and Pune the infrastructure is world class, but in other regions of the state the infrastructure is not so good which shows regional imbalance Poverty in Kerala is very low. All over Kerala the physical infrastructure is good, there is no regional imbalance. How to cite Human Development Index, Papers Human Development Index Free Essays What is HDI? HDI (Human Development index) is a way of measuring development by combining indicators of life expectancy, educational attainment and income. The breakthrough for the HDI was the creation of a single statistic which was to serve as a frame of reference for both social and economic development. The HDI sets a minimum and a maximum for each dimension, called goalposts, and then shows where each country stands in relation to these goalposts, expressed as a value between 0 and 1. We will write a custom essay sample on Human Development Index or any similar topic only for you Order Now It is also used to distinguish to a large extent, whether the country is a developed, a developing or an underdeveloped country, and also to measure the impact of economic policies on quality of life. NEED FOR HDI ————————————————- The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. The HDI can also be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with such different human development outcomes. For example, the Bahamas and New Zealand have similar levels of income per person, but life expectancy and expected years of schooling differ greatly between the two countries, resulting in New Zealand having a much higher HDI value than the Bahamas. These striking contrasts can stimulate debate about government policy priorities. ————————————————- CALCULATION OF HDI 1) Life expectancy index (LEI) = (LE-20)/(83. 4-20) 2) Education index (EI) = v(MYSI*EYSI)/ 0. 951 3) Income Index (II) Log (GNIpc)-log(100)]/ [Log (107721) – log (100)] LE: Life expectancy at birth MYS: Mean years of schooling (Years that a 25-year-old person or older has spent in schools) EYS: Expected years of schooling (Years that a 5-year-old child will spend with his education in his whole life) ————————————— ———- GNIpc: Gross national income at purchasing power parity per capita COUNTRY| GDP RANK| HDI RANK| HDI| India| 4| 134| 0. 571| U. S| 1| 4| 0. 910| U. K| 8| 28| 0. 863| China| 2| 101| 0. 87| Pakistan | 29| 145| 0. 50| Oman| 77| 89| 0. 705| India ranks a low 134 among 187 countries in terms of the human development index (HDI), which assesses long-term progress in health, education and income indicators, said a UN report released on Wednesday. Although placed in the â€Å"medium† category, India’s standing is way behind scores of economically less developed countries, including war-torn Iraq as well as Philippines. India’s ranking in 2010 was 119 out of 169 countries Sri Lanka has been ranked 97, China 101 and the Maldives 109. Bhutan, otherwise respected for its quality of life, has been placed at 141, behind India Pakistan and Bangladesh are ranked 145 and 146 in the list of countries that is headed by Norway and in which the Democratic Republic of Congress is at the bottom. The other two countries in South Asia, Nepal and Afghanistan, occupy ranks 157 and 172. According to the â€Å"UN Human Development Report, 2011: Sustainability and Inequality†, India’s HDI is 0. 5 compared to 0. 3 in 2010. COMPONENTS OF THE HUMAN DEVELOPMENT INDEX The education component of the HDI is now measured by mean of years of schooling for adults aged 25 years and expected years of schooling for children of school entering age. Mean years of schooling are estimated based on educational attainment data from censuses and surveys available in the UNESCO Institute for Statistics database and Barro and Lee (2010) methodology). Expected years of schooling estimates are based on enrolment by age at all levels of education and population of official school age for each level of education. Expected years of schooling are capped at 18 years. The indicators are normalized using a minimum value of zero and maximum values are set to the actual observed maximum value of mean years of schooling from the countries in the time series, 1980–2010, that is 13. 1 years estimated for Czech Republic in 2005. Expected years of schooling are maximized by its cap at 18 years. The education index is the geometric mean of two indices. The life expectancy at birth component of the HDI is calculated using a minimum value of 20 years and maximum value of 83. 4 years. This is the observed maximum value of the indicators from the countries in the time series, 1980–2010. Thus, the longevity component for a country where life expectancy birth is 55 years would be 0. 552. For the wealth component, the goalpost for minimum income is $100 (PPP) and the maximum is $107,721 (PPP), both estimated during the same period, 1980-2011. The decent standard of living component is measured by GNI per capita (PPP$) instead of GDP per capita (PPP$) The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean. The HDI facilitates instructive comparisons of the experiences within and between different countries. FACTORS AFFECTING HDI There are various factors that affect the economic development of any economy like health, education, per capita income, gender inequality, deforestation, population, pollution levels, literacy rate, infant mortality rate etc. Let us see a few of them one by one and try to find where India lags behind majority of the economies and why there is a mismatch in India’s growth and evelopment. A) Education index Education is an important indicator of a nation’s wellbeing, standard of living and is a measure of the economic development and quality of life which further helps in determining whether an economy is developed, developing or underdeveloped. India’s Shortfalls The Indian government has been lethargic in this aspect and has fail ed in ensuring a better education framework. Here, the government alone is not to be blamed. A majority of Indian population tend to neglect primary education. Poverty has been a major cause leading to lower literacy rates in India. Poor parents in underdeveloped states and backward regions make their children work to support the family financially. Girls in rural areas are forced to stay back at home and do daily chores. Also, education funding in rural areas is quite low. Uneducated parents don’t find it important to educate their children and this vicious cycle continues leaving the whole community uneducated. The government is not spending enough in education. Currently around 4% of GDP is being spent on education much lower than the target of 6% of GDP. Lower enrolment, high dropout rates, teacher absenteeism, poor instruction qualities, poor infrastructural facilities like classrooms, libraries, low encouragement and gender inequality are the root causes of low education index in India. About 30% of the world’s illiterate population belongs to India. COUNTRY| EDUCATION INDEX| India| 0. 450| The U. S| 0. 939| The U. K| 0. 815| Pakistan| 0. 386| China| 0. 623| Oman| 0. 539| SCALE| EDUCATION INDEX| Very High| 0. 894| High| 0. 715| Medium| 0. 561| Low| 0. 392| B) Health Index 2% of India’s children below the age of three are malnourished, almost twice the statistics of sub-Saharan African region of 28%. Although India’s economy grew 50% from 2001–2006, and its child-malnutrition rate only dropped 1%, lagging behind countries of similar growth rate. Malnutrition impedes the social and cognitive development of a child, reducing his educational attainment and income as an adult. These irreversible damages resul t in lower productivity. Infant mortality rate Approximately 1. 72 million children die each year before turning one. The under five mortality and infant mortality rates have been declining, from 202 and 190 deaths per thousand live births respectively in 1970 to 64 and 50 deaths per thousand live births in 2009. However, this rate of decline is slowing. Reduced funding for immunization leaves only 43. 5% of the young fully immunized. Infrastructure like hospitals, roads, water and sanitation are lacking in rural areas. Shortages of healthcare providers, poor intra-partum and newborn care, diarrheal diseases and acute respiratory infections also contribute to the high infant mortality rate. Inadequate safe drinking water Access to protected sources of drinking water has improved from 68% of the population in 1990 to 88% in 2008. However, only 26% of the slum population has access to safe drinking water,  and 25% of the total population has drinking water on their premises. This problem is exacerbated by falling levels of groundwater caused mainly by increasing extraction for irrigation. Insufficient maintenance of the environment around water sources, groundwater pollution, excessive arsenic and fluoride in drinking water pose a major threat to India’s health. Rural health Rural India contains over 68% of India’s total population with half of it living below  struggling for better and easy access to health care and services. Health issues confronted by rural people are diverse and many – from severe malaria to uncontrolled diabetes, from a badly infected wound to cancer. Postpartum maternal morbidity is a serious problem in resource-poor settings and contributes to maternal mortality, particularly in rural India; however, Misoprostal has been identified as a cost-effective maternal mortality intervention for home births. A study conducted in 2009, using multinomial logistic regression methods, found that 43. % of mothers reported to have experienced postpartum morbidities six weeks after delivery. Rural medical practitioners are highly sought after by people living in rural India as they more financially affordable and geographically accessible than practitioners working in the formal public health care sector. The  National Rural Hea lth Mission  (NRHM) was launched in April 2005 by the Government of India. The goal of the NRHM is to provide effective healthcare to rural people with a focus on 18 states which have poor public health indicators and/or weak infrastructure. COUNTRY| HEALTH INDEX| India| 0. 717| The U. S| 0. 923| The U. K| 0. 949| Pakistan| 0. 717| China| 0. 843| Oman| 0. 836| SCALE| HEALTH INDEX| Very High| 0. 946| High| 0. 838| Medium| 0. 784| Low| 0. 611| C) GDP per capita (PPP) It is defined as GDP divided by the total population of a country. Per capita income is often used as a measure of the wealth of the population of a nation, particularly in comparison to other nations. The very fact that India in spite of being the 4th largest economy stands 140th in terms of per capita income indicates that the income is distributed unevenly where a very percentage of the population is rich while majority is poor. COUNTRY| GDP per capita($)| India| 2933| The U. S| 41761| The U. K| 32147| Pakistan| 2369| China| 6200| Oman| 23333| COUNTRY| INCOME INDEX| India| 0. 508| The U. S| 0. 869| The U. K| 0. 832| Pakistan| 0. 464| China| 0. 618| Oman| 0. 778| Poverty in India  is widespread, with the nation estimated to have a third of the world’s poor. In 2011,  World Bank  stated, 32. 7% of the total Indian people falls below the  international poverty line  of  US$  1. 25 per day (PPP) while 68. 7% live on less than  US$  2 per day. Lack of a market economy amp; over government regulation and red tape, known as License Raj is the main cause of poverty in India. While other Asian countries like China, Singapore and South Korea started with the same poverty level as India after independence, India adopted a socialist centrally planned, closed economy. Another cause is a high population growth rate, although demographers generally agree that this is a symptom rather than cause of poverty. While services and industry have grown at double digit figures, agriculture growth rate has dropped from 4. 8% to 2%. About sixty percent of the population depends on agriculture whereas the contribution of agriculture to the GDP is about eighteen percent. The surplus of labor in agriculture has caused many people to not have jobs. Farmers are a large vote bank and use their votes to resist reallocation of land for higher-income industrial projects. D) Gender Inequality Index There is strong evidence to suggest that India is a country of high concern in relation to missing women. The 2011 Census found a worrying trend in child sex ratios with only 914 females for 1,000 males, a drop from 927 in 2001. Using data from the 2011 Census in India, after adjusting for excess mortality rates in girls, the estimates of number of selective abortions of girls rose from 0 to 2 million in the 1980s, to 1. to 4. 1 million in the 1990s, to 3. 1 to 6. 0 million in the 2000s. The study shows that the problem is in fact growing amongst the middle class which suggests that missing women cannot be attributed to poor socio-economic status. The male/female sex ratio for the total population in 2012 is 1. 08. According to data from the 2006-2007 Demographic and Health Survey for India, 41. 5% of girls and 45. 3% of boys under the age of two had received all their vaccinations. Under-five mortality rates were higher for girls than for boys (79. 2 per 1000 live births for girls, 69. % for boys), while malnutrition rates were equal or slightly higher for girls. Given that in most contexts, rates of under-five mortality and malnutrition are higher for boys than for girls, this would indicate bias towards sons in regard to early childhood care. Gender-disaggregated data in regard to child labor was unavailable. Primary and secondary school enrolment and attendance rates are lower for girls than for boys indicating some son preference in regard to access to education. COUNTRY| GENDER INEQUALITY INDEX| India| 0. 646| The U. S| 0. 311| The U. K| 0. 216| Pakistan| 0. 611| China| 0. 224| Oman| 0. 09| Conclusion â€Å"Economic growth† and â€Å"development† of any economy should go hand in hand unlike Indian economy where there is a huge contrast in this regard. India should focus on primary education, basic healthcare, gender equality and other social, environmental and economic aspects to ensure sustainable development. India has been very slow in reacting to the transformation of economy restructuring. Masses need to be educated about family planning, importance of education, gender inequality especially in rural areas so that they don’t take much time to adapt to an environment which is essential for development. Educational institutes should be set up on a large scale focusing more on basic education. Healthcare sector needs to be given prime importance. We need to take advantage of the technology available to us. Corruption is the biggest hindrance coming in the way of development and thus should be kept in check. India has till date come up with many schemes and programs for the poor section but has repeatedly failed to implement them effectively. So, while economic growth is vital to the economy, human development is to be given equal importance which decides or shows the true picture of the economy. How to cite Human Development Index, Papers

Challenges in the Field of Innovation-Free-Samples for Students

Questions: 1.Evaluate the Concept of Entrepreneurship and its role in Social and Economic Development 2.Distinguish between Types and Forms of Enterprise activity. Answers: Introduction The report argues over the importance and challenges in the field of innovation and creativity that the organisation faces. Creativity is the imagination that exists in the mind of an individual. Every person holds on the interpersonal skills that pop up only when certain unspecific activities have been quoted or in the situation of dilemma. Innovation stands firmly on the base of creativity, it is necessary for the entrepreneur to introduce the new things and accordingly make changes in the internal and external environment of the organisation. Innovation and creativity is needed in both interior and exterior environment so that balance gets maintained and simultaneous growth takes place. The relativity between them is that both the terms are interlinked with each other; creativity is the base of innovation. Innovation is not possible if creativity and newness is not added to it and creativity does not make sense if not added to the innovation as it proves to be the gist in the entr epreneurship (Serrat, 2017). The report involves the importance of innovation and the role it plays within the organisation. Along with innovation the importance of creativity has also been mentioned. Since both innovation and creativity plays a vital role there are certain challenges that need to be fought of. For that sake challenges of innovation and creativity in context of entrepreneurship is developed. It could be concluded that both the challenges and importance need to be discussed so that relativity could be derived out and appropriate measures could be taken to repair the problems on the immediate notice by the employee and the manager. Analysis Importance of creativity and innovation in entrepreneurship For an economy to ensure the growth there is a need to have innovation. Innovation and modification is necessary for those businesses that are facing the downfall. For entrepreneurship innovation is the key. The entrepreneurs come up with the newness in market and setting up the trend to enhance consumers desire (Aranha, Garcia Dos Santos, 2017). The innovation leads the business to a new level so that development can be made and growth is ensured. In order to gain the popularity and set the brand positioning the successful entrepreneurs have to implement new strategies and adopt certain new dimensions to excel in the particular field. For implementing innovation first of all the study of market has to be made so the niche market is targeted and segmentation took place in order to gain the expertization in every field and thereby establishing the better positioning of products and services in the market. The importance of innovation depicts that there should be certain new ways that need to be implemented to increase the value of the product. Also it is not always possible to invent and launch something new every time thus, modification could also be opted (Garcia, Leles Romano, 2017). Entrepreneurship is not only about the newness and creativity. Also for setting up the new venture there is a need to have huge investment to make the business progress further. Finance is denoted as the blood of business because without blood body stops functioning similarly without the adequate availability of finance commencement of business will not be possible. Entrepreneur need to arrange the investment from various sources. They could opt for distributing shares and thereby delivering timely dividends to the shareholders, for this IPO has to be launched and essential requirements have to be fulfilled. Also there are different routes through which the business could enter into the new business era. The entrepreneur could change the practices occasionally also new technolo gy should be adopted to cope up with the dynamic environment and accept eth challenge of learning new technology and finding out something creative which could be treated as the opportunity and weakness could be overcome from such an adaptability. The constant study of market has to be made which results in learning various new things and many times it happen that from a single product various by-products are invented which results in more profit than the actual one (Coulson-Thomas, 2017). As discussed innovation is the key to the entrepreneurship and the key is derived out of creativity. Creativity is the generation of ideas after analysing the situation that is been carried out. It analyses and evaluated the external environment and accordingly takes the wise step. The managers and marketers keep a constant watch on competitors activity and thereby select the unique activity to stay ahead in the market (Liu, Gong, Zhou Huang, 2017). Example Apple is known for its creativity and innovativeness in every product it launches. Though it too has the competitors but Apple proves to be the trend setter and establish the new benchmark for the competitors to achieve. Creativity is not only meant for introducing the new feature or new technique it is also used to solve the problems in the quirky manner. Creativity not only comes up with the product but also with the deeds (Reichert, 2017). Creativity depends upon the communication, the more person interact they exchange the be tter ideas which lead to the innovativeness and fusion of two minds always come up with something extra ordinary. The communication helps in solving problem quickly and even helps in building up the relations. Through mutual understanding the doubts are better clarified and differences are resolved in the positive manner (Noke Mosey, 2017). Creativity plays a crucial role in implementing the hobbies and learning new things. It helps in developing the mind and push ups the hidden skills of an individual that need to come out for the development of person along with the up gradation of organisation. It assists in bringing the discipline within the organisation, the learning and knowledge is developed which increases the interest in the job and motivates the employees to work more enthusiastically and devote themselves more towards the work and organisational commitment gets increased resulting in employee engagement. For the creativity there is a need to conduct brainstorming session where the gems could be extracted as many people frankly share their ideas and opinions. They are free to suggest any idea and all the suggestions are duly respected so hesitation is also removed which results in easiness within the environment (McLuskie, 2017). Through creativity even the surplus in production takes place as people gain lot more knowledge and abilities are enhanced which change perspective of employees and even the managers to view the things accordingly. Through creativity the hidden potential of the employees are seen and new talent gets introduced that benefits the employees along with the organisation. Now only hard work and analytical skills do not work to gain the achievements there is a need to have the interpersonal skills and out of the box thinking is needed to attain the desired heights (Connelly Zaccaro, 2017). Key challenges to innovation and creativity As discussed innovation is the base for the entrepreneurship and for the development innovation and creativity has to be there. Since everything comes up with a dual aspect therefor there are certain challenges as well that need to be studied. The challenges that are likely to appear is that innovation needs to have a set procedure that has to be followed but the thing that generally happens is Performa to implement the innovation is not specified and thus the appropriate application does not takes place (Miller Breton-Miller, 2017). There should be the innovative rewards awarded to the employees to boost up the morale so that they come up with variety of ideas but such activities are not performed so the employees do not take the pain to make a thought over such process. With the inculcation of innovation the changes occurs and the employees need to cope up with these dynamism that is been taking place. Such a thing increases the load and the staffs has to learn new things every ti me the newness appears that brings lot of distraction and break the connectivity of work. Also there is high risk involved with every innovative technique that is inaugurated and organisations have to consider and measure the parameter of risk and take the further step accordingly (Biragila Kadile, 2017). In innovation another challenge that appears is the focus is over internal factors and improvement of internal structure of organisation. The external environment get ignored at times and company is not able to cooperate with the exterior challenges and this is likely to create mismanagement when the internal changes are incorporated without having the knowledge in context to the external environment (Goodman Dingli, 2017). Innovation is derived out of the creativity and the person cannot always be creative for that there is a need to hold the sessions and training to impart creativity and focus on the individual so that latent potential is recognised and to implement such traini ng time, energy and cost investment is needed. For imparting the idea and share the opinion the hierarchy is followed and when the idea reaches to the management level it get manipulated to the high extent and also the time is consumed and seriousness of the topic is lost (Rick, 2017). The challenges related to the creativity in entrepreneurship are lack of directions. For getting the better idea there is a need to have a focussed objective so that better ideas are developed and the mind get directions to move in a particular direction and it does not oscillate in various ways and extract out something irrelevant that might become the cause for adverse situation. Also creativity curbs when fear of loss or failure is there. When the fear gets into the mind than the freeness of thoughts get limited (Wright, Siegel Mustar, 2017). The freshness is not developed and mind gets occupied with the tensions and unrest in the mind does not lead to deliver the creative thoughts. Another most common challenge that is generally faced by the employees and entrepreneurs is that there is a fear of getting criticised upon the ideas they suggest so they do not take chances to speak out their views and in such a case most of the intellect opinions are avoided that unknowingly become the cause of big loss. At times there occurs the situation that people do not take creative steps just because of the failures that took place in the past. Due to the adverse conditions that occur in past the employees loose courage to take a further step in the near future (Blundel, Lockett Wang, 2017). They get collapsed and stop trying the next time with more efforts. Such people do not learn after they fail and get demotivated and this turn out to be the cons in context of creativity. These are the people that stay in their comfort zone and do not move a step ahead of their comfort zone. This sought of situation is known as Homeostasis where the potential and energy of person is lost and they do not pursue risk with the fear of failure without considering the positive point and the profitable situation that probably occurs (Cravenho, 2017). Another challenge that the entrepreneur faces in the creativity is that people might react in the passive manner where they follow their ro utine and never try to induce any sought of change in it. They do not introduce anything new in the daily routine thus the effect on performance could be seen. Entrepreneur who follow the blueprint which has been set could not progress much while following the similar pattern there is a need to implement certain twists and turn to make the work interesting and worth adding efforts to it (Brain Tracy, 2017). Conclusion In the essay entrepreneurial activities have been discussed which include the importance of innovation and creativity within the organisation. The definition of innovation and creativity has been given which states the level where the businesses require certain newness in the environment to encourage the growth and increase the pace of development. Thereafter the analysis has been made which quotes the importance of innovation and creativity. Innovation is needed so that the business could compete in the running market and set the trend proving to be unique. Innovation is the essence of business and without it the venture could not survive for the longer period of time. For every business there is a need to have certain changes also the employees need to be trained in such a manner that they are adaptable to such dynamism and count out the opportunity from such changes by accepting them in a positive manner and taking the challenge to convert the opportunity into the firms strength. The importance of creativity has also been elucidated which argues that the creativity is the base for innovation, without the creative mind new ideas could not be generated. Innovation is said to be the idea generation while creativity is the application of such idea and turning it out into the reality. The challenges of creativity and innovation has been quoted as well which depicts the level of adaptability and reward on suggesting the ideas should be given to the employees so that they get motivated. Training of resistance to change has to be given to employees so that they learn new things without getting frustrated and dual development takes place simultaneously. References Aranha, E.A., Garcia, N.A.P. and Dos Santos, P.H., 2017. Fostering Entrepreneurship, Creativity and Innovation in Cities.International Business Research,10(4), p.92. Biraglia, A. and Kadile, V., 2017. 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