Industrial Revolution Paper Term Example | Topics and Well Written Essays - 1750 words

Industrial Revolution - Term Paper Example The revolution was mainly governed by several important innovations that came into being around that time. These new methods and ways of doing things promoted greater efficiency and productivity, thereby incurring larger profits for manufacturers and yielding the manufacturing industry to become, for the first time in history, a more valuable asset to the economy than the agricultural industry (Olson, 2002). One of the major innovations of this kind was the invention and improvement of the steam engine. Previously, America had employed man- or horse-powered machinery, but was now shifting towards the use of water to run machinery, a feat that saved capital and time, thereby greatly increasing productivity and reducing cost. While most of the revolution did still rely greatly on horse and man (because of the lack of knowledge and know-how), uptake of use of water and steam engines to run machinery by several important factories paved way for many smaller ones to do so as well. Thus, c reating a somewhat chain reaction that moved towards use of the steam engine on a much larger scale (Grayson, 2010). ... This situation benefited both parties, the consumers and the producers. Because of consumer attraction, many factory owners enjoyed large profits because of the increased consumer spending and activity in the economy, leading to growth of these trades and factories in the cities of America. Another major implication of this revolution was the increased GDP per capita than had been seen ever, and the effects of the increased exports to other countries could not be ignored. In fact, for the first time after 1812 and the restrictions that followed the Embargo, America was found to be active in trading with other countries, a feat that ameliorated the national funds. Moreover, because of the complete transformation of the production system and the introduction of machinery, many jobs opened up for workers thereby increasing employment in this sense. Naturally, a revolution of this scale was to have great effects on the infrastructure of cities, and this was made very evident in America. Because of the large number of people moving into cities to work, numerous buildings were made to house these people. Buildings got taller, more modernized but the living spaces became more compact. Furthermore, because the manufacturing industry is one that greatly relies on transport and movement of parts and goods between cities, one demanded major changes in infrastructure of the cities. Firstly, the need for better roads and bridges was felt to expedite delivery of goods, and so better roads, such as the Crumberland Road, came into being. Moreover, America saw the creation of the Erie Canal, which helped simulate the economy of New York thereby helping it

Entreprenenuship Essay Example | Topics and Well Written Essays - 4000 words

Entreprenenuship - Essay Example However, the success rate associated with such business models depends on the business scope and strategic effectiveness of an entrepreneur. Specifically mentioning, the UK’s domestic market has currently emerged out of an economic recession. In this regard, it can be predicted about the difficulties faced for the success of the small and medium scale entrepreneurial businesses. Justification to this statement can be provided depending on the fact that within a stabilized economy, the existence of government restrains will be comparatively less and the scope of carrying out the business processes in an appropriate manner will be high (Trading Economics, 2014). Taking consideration of the aforementioned aspects, the discussion focuses towards understanding the significance of growing entrepreneurial business within an economically stabilizing nation such as the UK. In this context, different theories are considered with the aim of having a better understanding about entrepreneurial activity in the UK. Based on the above graph, it can be analysed that the UK economy has drastically entered into a state of instability between the periods of 2012 and 2013. However, the nation appears to have shown appreciable amount of economic growth between the 3rd quarter of 2013 and the final quarter of 2014. Thus, the nation has made consistent efforts towards attracting the attention of the young entrepreneurs who intended to establish their own business and contribute to the economic wellbeing of the UK. With stability within the economic growth pace, the chances of opportunity for entrepreneurship will be much higher in comparison to that of the necessity of entrepreneurship. Moreover, after the economic recession state, the UK government structure has also projected appreciable amount of flexibility within new business licensing and registration procedures in order to create the overall business establishment for new entrepreneurs as