Relationship Between Science and Entrepreneurship

On the other hand, entrepreneurship means the ability to come up with a business idea and put them into practice. Through innovations and inventions in science, entrepreneurs have been able to put these inventions to practice to make profits (Kim, & Park, 2018, p. There is a strong relationship between science and entrepreneurship, and without science, there cannot exist entrepreneurship. Through science, human beings have come up with different tools which has dramatically helped entrepreneurship. Scientific inventions have helped entrepreneurship in various sectors which include the transport sector, marketing sector, production, Banking sector, warehousing, and marketing. Through air transport, agricultural products like flowers have found their ways into the market on time-saving the entrepreneurs on the cost of storage.  (JOHNBEE, & P. JYOTHI, 2012, p.

 1) Through this cost-cutting, entrepreneurs have been able to maximize their profits. Fragile goods like the glasses have gotten better transport systems and breakage and spoilage through other means like roads has been solved through air transport. Oil products have a direct impact on entrepreneurship especially in the transport sector and production sector when there is power blackout (Kim, & Park, 2018, p. Through piping of oil, a steady flow of oil has been achieved allowing faster transportation to enhance entrepreneurship. Production This is the sector where goods are being manufactured. Most entrepreneurs produce their goods in large scales in industries. Large-scale productions are impossible without including science. , L. , G. , & V. , 2012, p. Packaging can now be done uniformly compared to when it is done using human labor.

 ("Post-Normal Science," 2013, p.  1471) This has even increased the security of the entrepreneurs as they can bank using their phones preventing walking around with huge cash. Theft when entrepreneurs close their shops has dramatically been reduced. Accounting in the banks have been digitalized, and errors made in managing the ledgers in the bank has been eliminated. Entrepreneurs' trust in banks generally have, and this has increased the amount of money revolving in the economy. Furthermore, science has led to increased security through electric fencing, CCTV camera installation, and computer controlling of doors and gates of the warehouses. These security systems have led to a reduction of theft and robbery as the identification of the suspects can be done immediately and the stolen goods recovered in time ("FDI restrictiveness index, 2013," 2018, p.

The increase in security has reduced the number of insurance premiums as the frequency of risks happening tends to be lower. Reduced insurance policy due to theft has saved entrepreneurs, and more entrepreneurs are pouring into the market because of reduced risks. Storage facilities in the warehouse have seen the great transformation as they have been designed to suit the kind of product being stored. Displays of products that appeal and attracts customers are now possible, and this makes advertisements to look cooler. Radio and Television have become a standard feature in almost every household, and when an entrepreneur uses these advertising tools then he is sure that the intended audiences are reached and the message gotten (Kim, & Park, 2018, p. Packaging has also been made attractive using science even in the food sector where foods can be packaged using beautiful materials to attract more customers.