CHAPTER ONE

THE CONCEPT OF ENTREPRENEURSHIP

Conceptual definition of entrepreneurship
Entrepreneurship is the activity of setting up a business or businesses, taking on financial
risks in the hope of profit. It is the ability and readiness to develop, organize and run a
business enterprise, along with any of its uncertainties in order to make a profit.
Entrepreneurship can also be defined as the act or process of identifying business
opportunities and gathering the necessary resources to initiate a successful business
activity. This implies having an idea and trying to implement the idea to create values on
it through establishing a business enterprise
Entrepreneurship is a therefore a term which encompasses:
- Identifying a business opportunity or a particular demand
- Looking at the opportunity as a process of creating something that did not exists,
- Constantly searching and harnessing ones environment and resources to implement
the activities involved.
- Creating a totally new product and improving an existing one

Creativity, Innovation and Entrepreneurship

The interrelation between these terms is so tight that when you meet an entrepreneur, you
automatically assume that they must have some creative and innovative qualities. But
why is this assumption and association made? Well, one of the most important
requirements of a successful entrepreneur is to offer something of unique value to the
marketplace and to fill a niche gap in the market. To pull this off effectively, it usually
requires some levels of creativity and innovation.
The creative person generates new and unique ideas; the innovative person builds on
these new ideas or existing ideas to produce a new or unique product while the
entrepreneur takes the risks to turn the new product into a business.
Creativity helps entrepreneurs with one of the most important steps in their business
journey: coming up with a profitable business idea while innovation helps the
entrepreneur to commercialize ideas and turn them into an opportunity by creating new
products and services. However, this is not entrepreneurship until risk is taken to ensure
that the opportunity becomes profitable by building new businesses.
Entrepreneurs must not necessarily be creative or innovative though those with high
levels of creativity and innovation are often able to come up with exceptionally unique
businesses that fill a niche gap in the market. For example, Ray Kroc was able as an
entrepreneur to use another person‟s innovation of hamburger to build a profitable
business called McDonald. Henry Ford didn‟t invent the car, but he used the innovation
to create the very successful Ford Motors.
Historical development of entrepreneurship
The word is derived from the French word, „entreprendre‟, which means „to undertake‟.
The word entrepreneurship was first established in the 1700s and used to refer to
someone who undertakes a business venture. The meaning has evolved ever since and
various economists and philosophers termed this differently in their own unique ways.
The first academic use of the word by an economist was likely in 1730 by Richard
Cantillon, who identified the willingness to bear the personal financial risk of a business
venture as the defining characteristic of an entrepreneur..
In the early 1800s, economists Jean-Baptiste Say and John Stuart Mill further popularized
the academic use of the word “entrepreneur.” Say stressed the role of the entrepreneur in
creating value by moving resources out of less productive areas and into more productive
ones. Mill used the term “entrepreneur” to refer to a person who assumes both the risk
and the management of a business.
In the 20th century, economist Joseph Schumpeter viewed entrepreneurship “creative
destruction,” where entrepreneurs create new things thereby making old industries
outdated. After the Second World War, local governments started shifting their focus to
promoting entrepreneurship and this led to the development of the entrepreneurship in
most countries.
Entrepreneurship versus Intrapreneurship
The term intrapreneurship refers to a situation where employees use their entrepreneurial
skills within another person‟s company. For example, Ramzi Haidamus, the president of
Nokia Technologies, is often considered an intrapreneur because of his initiatives with
the company though he did not create the company.
There a few similarities between the concepts of entrepreneurship and intrapreneurship.
1. Both concepts embrace the entrepreneurial mindset of constantly thinking of ways to
solve real-world problems through new or improved products or services.
2. Also they involve the exhibition entrepreurial traits and skills such as creativity,
leadership abilities, passion etc.
There are some differences between the two concepts.
1. While entrepreneurship allows you to use their entrepreneurial skills to start your own
company, intrapreneurship allows you to use the skills to foster another person‟s
company.
2. An entrepreneur develops a concept for a new business while an intrapreneur
embraces innovation of new products or services that can further the company‟s
growth objectives.
3. Entrepreneurship calls for an independent leader with a unique vision while
intrapreneurship supports the larger vision of the organisation.

Potential Benefits of entrepreneurship over intrapreneurship

- Entrepreneurship allows the individual to be their own boss while intrapreneurship
makes you a subordinate.
- Entrepreneurs enjoy decision-making freedom while intrapreneurs have less decision-
making authority.
- Entrepreneurs reap more financial rewards through profits as compared to the salaries
paid to intrapreneurs.
- Entrepreneurs receive full acknowledgement for the success of the business even
when the work may be done by the intrapreneur.

Potential Drawbacks of entrepreneurship over intrapreneurship

- In entrepreneurship, there is complete responsibility for the successes and failures
while such responsibility is reduced in intrapreneurship.
- The entrepreneur assumes all risks of business problems, while the intrapreneur
assumes little to no risk.
- Entrepreneurship can be more stressful, especially in the beginning stages and while
scaling than intrapreneurship.
- The entrepreneur may face difficulty separating business issues and personal time
while this is easier with an intrapreneur.

Entrepreneurial process
The entrepreneurial process can be defined as the steps taken in order to establish a new
enterprise. It is a step-by-step method, one has to follow to set up an enterprise.
1. Idea Generation: This is the first step in the entrepreneurial process since every new
venture begins with an idea. The entrepreneur starts by identifying a business idea or
opportunity which can be a market need or a business problem coupled with a
possible solution.
2. Opportunity evaluation: Here the entrepreneur evaluates the business ideas and
opportunities. The entrepreneur must conduct a feasibility study and take information
from other people to find out whether the opportunity is worth investing in, is
sufficiently attractive, is feasible, has any competitive advantage and the risk
associated with it.
3. Developing a Plan: Once you have decided that an opportunity is worth investing in,
you need to develop a plan to help realize it and launch the company. This is a crucial
step in the entrepreneurial process. The plan will provide details on business
objectives, goals, mission statement, and details of products or services, business
strategy and operating structures.
4. Resource Gathering: The next step in the entrepreneurial process is resourcing, where
the entrepreneur identifies the sources from where the finance, human labour,
technology, machines, materials and other resources can be arranged. Here, the
entrepreneur finds the investors for its new venture and the personnel to carry out the
business activities.
5. Company formation/launch: Once the entrepreneur secures the funds and resources,
they will launch the company and form a legal entity. The entrepreneur will go
through the process of choosing the right form of corporate entity depending on its
requirements and actually creating the venture as a legal entity.
6. Managing the Business: After launching the company, it will start producing products
or offering services, generating revenue and moving toward sustainable performance.
The entrepreneur will ensure that the business is running smoothly and growing.

The role of entrepreneurship in economic development

A) To the Government
1. Enhances full exploitation of a country‟s resource which would otherwise been idle or
wasted.
2. Promotes industrial development as more industries are created within an economy
using new technology thereby leading to increased business output.
3. Entrepreneurship can increase the gross national product (GDP) by using more
national resources to increase the quantity of goods produces in the economy.
4. Entrepreneurs can help attain a balanced regional development by setting up new
businesses in less developed and backward areas
5. Reducing foreign dominance and reducing the dependence of the economy on
imported goods and services by promoting local entrepreneurs in various business
activities
6. Entrepreneurs contribute to government revenue through taxes which can be invested
in public services.
7. Promotes an entrepreneurial culture where entrepreneurs existing act as role models to
boost entrepreneurial activities.

B) To the Society
1. Creation of employment/jobs by absorbing people who would otherwise be jobless
hence providing an opportunity for people to improve their financial situation.
2. Raising standards of living through receipt of salaries as well as availing a variety of
quality goods and services
3. Entrepreneurship promotes community development by improving infrastructures and
social amenities for the community where the businesses are located.
4. Promotes healthy competition as more businesses are created, hence production of
high quality goods and lower prices.
5. By creating businesses and providing jobs, entrepreneurship encourages capital
formation by the accumulation of savings and investments which can be used for
further investments.
6. Reducing rural-urban migration as businesses in rural area offer employment
opportunities

Factors that drive entrepreneurship growth

A) Economic factors
1. Economic growth and stability: Entrepreneurs can confidently invest in new ventures
or expand their businesses with a healthy economy that has stable economic policies.
2. Rising consumer purchasing power: Entrepreneurs are sure of a market for their
products in an economy with an expanding market and rising consumer demand for
goods and services.
3. Low-interest rates: When the cost of capital is low and entrepreneurs have easier
access to these capital it facilitates them to make new investments or expand their
operations.
4. Low rates of inflation: When inflation rates are low, it boost investment since prices
are stable and uncertainty is reduced.
5. Availability of low-cost skilled labor: An economy where there is the presence of
skilled workers at low-cost attracts investors as this reduces their expenses.
B) Political Factors
1. Favorable government policies and regulations: Enacting policies and regulations
that favour entrepreneurs such as access to funding, tax exemptions and simpler
compliance requirements will help to foster entrepreneurship.
2. Support for small business development: Ensuring the growth of small businesses
through strategies like startup initiatives and supports to help private ventures and
new businesses is a government policy that can drive entrepreneurship.
3. Political stability and security: Entrepreneurs feel safe and confident to invest when
the political climate is stable. Foreign investors also find this environment appealing,
which opens up more opportunities for entrepreneurs to gain access to capital,
technology, and expertise.

C) Social Factors
1. Population growth: Entrepreneurship can be primarily fueled by population growth.
There is a need for new businesses to provide goods and services and create jobs due
to the large and expanding population.
2. Demographic changes: A country‟s shifting demographics, including a growing
middle class, provides entrepreneurs with new opportunities to innovate and cater to
the shifting requirements of customers.
3. Urbanization and migration patterns: New consumer needs will emerge as a result of
rapid urbanization and migration patterns, offering entrepreneurs opportunities to
capitalize.
4. Entrepreneurial Education: Educational and training programs that are
entrepreneurship-focused can equip individuals with the knowledge and abilities they
need to start and run their own businesses, resulting in increased entrepreneurial
activity and economic expansion in the nation.
5. Cultural attitudes towards entrepreneurship: The acceptance and recognition of the
potential of entrepreneurship to bring about social change and economic expansion
can prompt the development of a number of fruitful business ventures.

D) Environmental Factors
1. Availability of natural resources: Entrepreneurship is greatly facilitated by abundance
of natural resources, such as agricultural land, minerals, and renewable energy sources
that are needed as raw materials for companies.
2. Climate and weather conditions: Entrepreneurs in the fields of agriculture, renewable
energy, and disaster management can take advantage of a country‟s diverse climate
and weather conditions as opportunities to develop solutions.
3. Improved Infrastructure: Reliable electricity, transport network and internet are
examples of improved infrastructure that can lower transaction costs and expand
market access, making it easier for entrepreneurs to start and expand their businesses.
4. Access to energy and water resources: Providing businesses with access to energy
and water resources can encourage the growth of entrepreneurship in a country.

Factors that hinder entrepreneurship growth

These are challenges that especially new entrepreneur may experience in a developing
countries like Cameroon:
1. Inadequate capital: This is the major problem of entrepreneurs in most developing
countries. Banks and investors are not willing to take risks associated with providing
loans to private ventures who often do not have the required collateral. Where loans
are granted, high interest rates are imposed which discourages most entrepreneurs
from obtaining loans.
2. Harsh economic conditions: The harsh economic conditions in countries usually
prevent entrepreneurs from making good profits. These conditions will discourage
entrepreneurs and force them to focus where their businesses can be profitable.
3. Poor entrepreneurship orientation: The education system does not train and
encourage student to be entrepreneurial. There are specific skills needed to succeed in
business that can only be empowered by education and training.
4. Lack of government protection and support: Without government protection, most
small entrepreneurs are exposed to economic predators. Even where incentives are
provided, cumbersome and costly bureaucratic procedures often pose barriers.
5. Unfriendly government policies: Multiple taxes and procedures from governments
pose a threat to force entrepreneurs out of business. Resources smaller companies
could have directed towards investment are rather used for tax compliance.
6. Lack of role models: New entrepreneurs need coaching to help reduce the rate of
failure. However, many experienced entrepreneurs are not reachable. Also there are
limited business consultancy institutions to advice young investors.
7. Degenerative culture: Peer group influence the way people act and destroys the
entrepreneurial culture. The growth of ills like scamming, drugs and prostitution have
gone a long way to make most youth lazy and less industrious.
8. Gender discrimination in many African traditions: Though this is not as rampant as
before, it still pose a threats as women still face a level of discrimination in areas
dominated by men.
9. Lack of organizational and management skills: Most businesses in developing
countries are small size enterprises owned and managed by their owners. Though
majority of them possess production skills, there are weak in managerial skills.
10. Stiff competition from foreign entrepreneurs: Many home entrepreneurs are not able
to face the competition posed by foreign large businesses whose products are often
superior in quality. Also, government policies in international trade are not stiff
enough to protect products and entrepreneurs.
11. Poor infrastructural development and amenities: Transport network needed to boost
business activities is poor hindering access to markets or inputs. Also erratic
electricity supply and absence of water supply may hinder business activities.
12. Inadequate manpower to effectively run the business: It is a disheartening reality
today that many graduates lack the skills for the available and emerging jobs. Getting
the right people is challenging for most entrepreneurs who in many instance have to
incur cost training those they have hired.
13. Inadequate Technical Infrastructure: Inappropriate technology which may result in
less quantity or poor quality products.

Measures taken by government to encourage entrepreneurs.

1. Provide access to funding: One of the biggest challenges facing entrepreneurs is
access to capital. Many entrepreneurs have great ideas but lack the financial resources
to turn them into reality. Governments can help by providing funding through grants,
loans and other financial incentives.
2. Granting tax incentives: Governments can provide tax breaks or incentives to help
businesses start. Companies can use these services to reduce their taxes while
reinvesting the proceeds in their businesses. A government can use tax incentives to
entice startups to locate in specific areas or to invest in specific types of businesses.
3. Reduce bureaucratic red tape: Entrepreneurs often struggle to go through complex
regulations and paperwork. Governments can reduce this burden by simplifying and
streamlining the process of starting and running a business.
4. Promote entrepreneurial orientation: Governments can invest and encourage
entrepreneurship in their educational system to make it more practical oriented and
train students based on skills required in emerging businesses. For example the
Cameroon government has introduced a student entrepreneur programme in its higher
education system to promote the development of the entrepreneurial spirit of young
students.
5. Foster a culture of entrepreneurship: Governments can promote entrepreneurship by
creating a culture that supports it. This can be done through public awareness
campaigns and by recognizing and celebrating contributions of entrepreneurs.
6. Stimulate networking and collaboration: Governments can foster networking and
collaboration by creating opportunities for entrepreneurs to meet and exchange ideas.
For example, creating accelerators and incubators that provide mentorship, training
and resources to early-stage start-ups.
7. Encouraging consumption of home products: Foreign trade policies, such as tariffs
and import quotas on foreign goods, can be increased to discourage their
consumption. This will help to increase the demand for home products.

Forms of entrepreneurship
1. The Innovator: This is an entrepreneur who seeks to create new ideas, methods and
products. They scan the world around them and seek for ways to improve it therefore
innovation motivates them strongly. They are creative and are not afraid of taking the
risk.
2. The Imitator: This entrepreneur tries to play safe by copying a successful business
model. They use other people‟s business ideas, but work to improve them so that they
can have a competitive edge over the current market.
3. Small Business Entrepreneurs: These entrepreneurs create business ventures that
provide services for a small range of people or local community. Examples of small
business entrepreneurship businesses are local restaurants and neighborhood grocery
stores.
4. Large Company Entrepreneurs: Large-scale entrepreneurs are those who have a
higher capacity to bear risks, and make use of capital, technology, techniques and
management skills, on large scale and also perform the function of innovations.
5. International entrepreneurs: These are entrepreneurs who conduct business
activities across their national boundaries. This could either be opening a sales office
in another country or exporting goods to a foreign country or opening a
manufacturing plant in the foreign country.
6. Social Entrepreneur: These are entrepreneurs who recognise a social problem and
tailor their activities to develop solutions to solve them and bring about social change
such as environment conservation, philanthropic activities etc.
7. Commercial entrepreneurs: These are entrepreneurs who create and manage a
business or organization with the primary goal of generating profit. Commercial
entrepreneurs aim to create a product or service that meets market demand, and their
primary focus is on financial success.
8. Public entrepreneurs: These are individuals within government institutions that can
identify opportunities, leading to the development of new business ideas that could
help achieve the objectives of the government. Thus, they act as both public servants
 and entrepreneurs. Thus, it can be said that those initiatives undertaken by public
servants, to create value within government institutions in an innovative way is public
entrepreneurship.
9. Autocreational entrepreneurs: This are entrepreneurs who are self-created from
artistic and philosophical concepts such that the work and the creator evolve jointly.
Their creation is not just a one-off act, but a continuous process of learning and
development. As such the artist can adapt, question himself and innovate throughout
the creative process. Auto-creation can concern different forms of art (painting,
writing, music, etc.).
10. Political entrepreneurs: These are individuals usually active in the fields of either
politics or business who founds a new political project, group, or political party. They
create ideas and innovations, and act as new leaders in the field of politics. They use
the political field to make profit, gain influence or seek to improve the politics of a
nation or region.
 CHAPTER TWO
THE ENTREPRENEUR
Who is an Entrepreneur?
An entrepreneur is a person who sets up a business with the aim to make a profit. The
entrepreneur is defined as someone who has the ability and desire to establish, administer
and succeed in a startup venture along with risk entitled to it, to make profits.
Entrepreneurs are some of the world‟s most powerful transformers. From Elon Musk
sending people to Mars to Bill Gates and Steve Jobs making computers part of every
household, entrepreneurs imagine the world differently. Entrepreneurs see possibilities
and solutions where the average person sees only annoyances and problems.

Entrepreneurial Traits
In order to organize and run a business successfully, an entrepreneur must possess certain
traits important for driving success. Some of them are:
1. Self-confidence: Every entrepreneur must be able to trust themselves, what they do
and the decisions they take. Others will trust you only when you trust yourself.
2. Risk-taking: Business is all about taking risks and trying it out. Entrepreneurs need to
have risk-taking ability to be able to venture into business.
3. Competitiveness: Entrepreneurs should always be ready to give and face competition.
They must always strive to be best in a pool of entrepreneurs to keep the business
alive.
4. Intelligence: Entrepreneurs always need to keep their mind active and increase their
IQ and knowledge. They should be able to understand why and how things happen.
5. Vision: Entrepreneurs should have the ability to see things from different point of
views and have a direction for their business.
6. Patience: This is another virtue which is very important for entrepreneurship as the
path to success is often very challenging and it requires a lot of patience for
sustenance.
7. Emotional tolerance: The ability to balance professional and personal life and not
mixing the two is another important trait of an entrepreneur.
8. Ambition: Succeeding in business requires a strong drive. This keeps the desire to
realize the vision burning.
9. Enthusiasm: The interest and eagerness for the business must be ever present if the
entrepreneur intend to do well.
10. Resilience: Every business will at one point face the storm and only entrepreneurs
who are able overcome the shocks and still stand in business will be considered
successful.
11. Passion: This is an irrational but irresistible desire to create and manage the business.
It shows how much you love what you do.
12. Flexibility: Entrepreneurs who want to succeed must be able to change with times
and conditions. This helps to avoid a situation where they or their business become
outdated.

Entrepreneurial Skills
1. Decision-making skill: Entrepreneurs should have the willingness and capability to
take decisions in favor of the organization all the time.
2. Leadership skill: Entrepreneurs should be able to lead, control and motivate others to
follow them.
3. Technical skill: To be in stride with the recent times, entrepreneurs should at least
have a basic knowledge about the technologies that are to be used.
4. Managerial skill: Entrepreneurs should have the required skill to manage different
people such as clients, employees, co-workers, competitors, etc.
5. Conflict resolution skill: Entrepreneurs should be able to resolve any type of dispute.
6. Organizing skill: They should be highly organized and should be able to maintain
everything in a format and style.
7. Motivational skills: Entrepreneurs should have high level of motivation. They should
be able to encourage everyone to give their level best.
8. Creative skills: They should be innovative and invite new creative ideas from others
as well.
9. Communication skill: They should be able to gather and disseminate the needed
information within and outside their business on time and in the right way.

Possible Weaknesses of Entrepreneurs

While the skills and traits of entrepreneurs represent their strength, there are some
possible weaknesses that entrepreneurs may have.
1. They may not be good with extensive details. Due to so many things to be done, the
stress level increases, and they find it difficult to concentrate on the details and so
 may not be able to accomplish all tasks. They can avoid this through comprehensive
planning and making to-do lists ensuring all the small and big tasks are completed.
2. They may have poor administrative and management skills. They may be good at
beginning a business but lack the administrative skills need to manage and run them.
Many entrepreneurs think they must run the businesses yet most will never be great
managers as there is too much stress at every level. They can get others manage the
business.
3. The entrepreneur’s family may suffer: Entrepreneurship can be financially taxing and
consumes a lot of time. Resources are limited at the start of a business, and much time
is needed as you have to work for more hours. This can really affect their families.
But it is important to remember that you spare enough time and resources for your
spouse and children.
4. They can be Emotional and Temperamental: Most entrepreneurs are passionate as this
is one of their main traits. When things or people fail them, they may become
emotionally troubled and bad-tempered. In this state, they make decisions that can
negatively affect the company.
5. They can be impatient: Entrepreneurs move at their own pace to keep themselves
excited. Slowing down because someone else “doesn‟t get it” or having to stay
focused on a single detail for too long is extremely challenging for Entrepreneurs.
6. They can be overzealous: Since they are risk takers, being overzealous is not good for
them. It can push entrepreneurs into poor businesses areas without thinking of the
long-term consequences.

Ethical values for entrepreneurs

These are the core moral values that can serve as the guide for judging between right and
wrong in the daily life of an entrepreneur. Some of these ethical values are given below:
1. Honesty: An entrepreneur must be committed to telling the truth in all communication
and actions. They must not tell partial truths, falsely omit information, make
exaggerations or willfully hide bad news that can help the public.
2. Integrity: Entrepreneurs show integrity when their actions are in line with their words.
They should keep promises, honor commitments, meet deadlines and refuse to be part
of crooked activities. This inspires trust and credibility.
3. Law abiding: Entrepreneurs and their businesses must fully comply with all
applicable laws and codes from local and state agencies, trade regulations and
standards and any additional mandatory organizational policies, practices and
procedures.
4. Respect: Ethical entrepreneurs demonstrate respect for the human privacy, rights, and
interests. They treat all people with equal respect regardless of sex, race or origin and
strive to treat others the way they would like to be treated.
5. Trustworthiness: Trustworthy entrepreneurs keep their word to other business
stakeholders. When you honor your commitments, it proves that others can count and
depend on you, making you a trusted business person.

Entrepreneurial Motivation
There are several reasons why different persons engage into business ventures. In general
the factors that motivate business formation can be divided between "Pull" and" Push"
influences.
a) Pull Influencers: Some individuals are attracted towards business ownership by
positive motives such as:
• Market opportunity: The identification of a perceived gap in the market place is
also a common reason for starting a business. Entrepreneurs may seek to exploit
this opportunity through special knowledge, product development or the
appropriate technology and skills.
• Financial motives: The promise of long-term financial reward can clearly be a
motive in starting a new firm. Entrepreneurship offers a possibility of achieving
more financial rewards than working for someone else.
• Community service: - Sometimes individuals with an entrepreneurial ability may
come across some needs and wants of the community and they may think that they
can provide it with an exchange of value. This community serving motive may
provide an advantage.
• Recognition and Self Fulfillment: Entrepreneurship provides the ability to be
involved in the total operation of the business, from concept to creation thereby
offering the prestige of being the person in charge.
b) Push influencers: Many people are pushed into founding a new enterprise by variety
of factors including;
• Independence: Entrepreneurship allows individual to undertake the activities of
their choice and comfort which offers freedom in return. For example, a study of
female entrepreneurs in Britain found that women were motivated particularly by
the need for autonomy.
• Unemployment: Job insecurity and unemployment are on the rise in most countries
due to the prevailing economic climate. Latest researches show that many
 entrepreneurs are pushed in this way to the entrepreneurial ventures as a means of
survival.
• Disagreement with previous employer: Uncomfortable relation at work has also
pushed new entrants into small business. These people want to be their own boss,
make their own decisions and choose whom to do business with, how and what
work they will do.
• Challenge: A challenge is most of the time a good motive for success. And only
the toughest entrepreneurs come to be successful in the ever-challenging
environment of the business world. These entrepreneurs are pushed by the actions
of others to venture into new areas.
• Curiosity: In a bid to gather knowledge in certain areas of life, entrepreneurship
has become appealing to some people since pursuing it allows them gain more
insight.
• Entrepreneurial programmes and incentives: Some people have become
entrepreneurs in order to take advantage of a lucrative program to assist start-ups or
the incentives allotted to a particular business area from the government.

CHAPTER THREE
ENTREPRENEURSHIP AND THE ECONOMY