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Introduction Growth Strategies are strategies that help entrepreneurial ventures to increase turnovers, employment and volume (Abubakar, 2014). Entrepreneurs need growth strategies because they want their businesses to grow in order to survive in the competitive market. However, this is not the only reason why their businesses should grow. Growing ventures satisfy the ego of entrepreneurs as they will capture economic scale which lowers the average cost of production, win larger market shares, gain more power, lead the market and become the brand leader. There are many different types of growth strategies and they can be divided into two groups, organic (internal) growth strategies and inorganic (external) growth strategies.
But normally the term capital means investment in goods that can produce other goods in the future.” – (Tutor2u, N.D) Capital refers t... ... middle of paper ... ...ficient. In conclusion, as a country works towards shifting the production possibility frontier outwards, the economy benefits by the fact that more jobs are being created as more products are being supplied. With the improvement of technology countries can exploit their resources more efficiently which causes more production, with more production come more sales and with more sales or exports there might eventually be an increase in economic growth. However, with more production come more external costs like pollution. Identifying and estimating a monetary value for air pollution can be very difficult to do but is important for economists concerned with the impact of economic activity on our environment.
This falls into the category of industrial organizational economics, as it emplo... ... middle of paper ... ...ket. Strategic Management Journal, Vol 12, pp 69–82 Teece, D. and Pisano, G. (1994) The dynamic capabilities of firms: an introduction, Industrial and Corporate Change, Vol3 Iss 2. BIBLIOGRAPHY Tidd, J. and Bessant, J. (2009) Managing Innovation: Integrating Technological, Market and Organisational Change, Chichester: Wiley. (For general background – particularly the critique of Porter) Freeman, C. and Soete, L. (1997) The Economics of Industrial Innovation (Third Edition), London: Routledge Hamel, G. and Prahalad, C. K. (1994) Competing for the Future, Boston, MA: Harvard Business School Press.
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