Business and Economics
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The leisure-fair policy that is practiced by Hong Kong is characterized by the absence of tariff or non-tariff barriers to trade and low tax rates that have led to increasing economic growth in the country. Consequently, the freedom of exchange in Hong Kong fosters production capacity of citizens and businesses by enhancing the easiness to trade goods and services both internally and in foreign markets (Yu, 2011). According to Holmes & Spalding (2011), economic liberty promotes individuals’ ability to create wealth for themselves and the nation. Moreover, the freedom to conduct business encourages specialization in trade and allows a business to benefit from increased opportunities for foreign exchange which in turn boosts the country’s economic growth (Holmes & Spalding, 2011). Similarly, the advanced liberty allows people to pursue their business interests in an economy that encourages fair pricing of goods and services as well enforces to property rights that more people gain economically. Due to low regulations, the economy maximizes creativity, competition, productivity, and access to domestic and foreign markets that is critical in making businesses thrive. Furthermore, Holmes & Spalding argue that there is a positive correlation between economic liberty and businesses since the economic freedom results into more per capita income (Holmes & Spalding, 2011).
On the other hand, the absence of government interference limits accessibility to goods and services for those who cannot produce it. Consequently, economic liberation encourages monopoly of a few companies who manage to stay in business amidst stiff competition of many businesses as a result of free market entry. In the case of Li Ka Shing, the citizens of Hong Kong have no choice but to live in low-quality housing that they cannot produce themselves. Similarly, business freedom can pose large economic risks by allowing few businesses to dominate the market share. If such businesses fall, the country’s economy will be negatively affected as well.
Modern entrepreneurship highly depends on innovative ideas of creating a competitive advantage over other businesses. Consequently, entrepreneurship stems from a creative concept which develops into a business opportunity. Individuals aspiring to be entrepreneurs create business ideas from products or service gaps in the markets or may capitalize on their passion for a given activity (Price, Stolca & Boncella, 2013). Whether it is a start-up or an existing business, entrepreneurs depend on their ability to be sustainable that requires creativity. Creativity can be generated from innovativeness which comprises new different ideas, creative ways of developing products, and high level of experimenting with new concepts. Creativity is often associated with small firms or entrepreneurs because of their flexibility to adapt new ideas to gain a competitive advantage over big corporations. Similarly, non-bureaucracy in small businesses makes it easy to experiment in production as opposed to legal procedural requirements in companies. Consequently, entrepreneurs owe their profits solely to creativity. If not creative, entrepreneurs become more subject to risk of being quickly eliminated in the market.
According to Price et al. (2013), creativity is more efficient in increasing the capacity of productivity and earnings for entrepreneurs than any other production variable. Creativity can be helpful when an inefficient use of technology or previous production ideas makes the business unprofitable. The creative ability of an entrepreneur depends both on the composition of its policies and business ideas and the process of implementation of those ideas. The effective use of innovation and creativity fosters long-term sustainability of a business and creates opportunities to grow into a corporation (Price, et al., 2013).
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