Entrepreneurship Assessment Strategies For Economic Development

1615 Words7 Pages
Entrepreneurship assessment strategies for Economic Development: Developing an implementation case for Kingdom of Saudi

Entrepreneurship is an extremely important aspect of the modern economy. Entrepreneurship entails improving business and the development of areas that are good for a business, people and the overall economy of a country (Galindo, & Méndez-Picazo, 2013). Since the need for entrepreneurship has been widely discussed and proven through research (Isenberg, 2010; Khan, 2016; Rahman, 2014), it is important to focus on the frameworks that can positively influence the structure of the country’s economy.
The economy of Saudi Arabia is centered on oil hence entrepreneurship has also tended to be focused on oil and
…show more content…
The second set of literature sources was to provide information about Saudi Arabian entrepreneurship status. Gaps in the Saudi Arabian entrepreneurship ecosystem were identified and proposed improvements were recommended for implementation in Saudi Arabia.
4.Entrepreneurship ecosystem in Saudi Arabia
Development of an entrepreneurship ecosystem is the need of time. The idea is to generate a field where the growth of entrepreneurs and their respective firms is triggered and positively enhanced by support. Although this is a very complex area and requires support and collaboration of many business firms and law bodies, but the implementation of such an environment can provide a way to keep the chain of entrepreneurship well sustained in Saudi Arabia. The term entrepreneurship ecosystem is an innovation in itself. It implies the use of collaborations and business ventures for achieving long term business success and sustenance of the job market for the locals. Shaping the economy could perhaps not be achieved in a better way than the development of a sound entrepreneurship network.
The definition of entrepreneurship given by Zimmerman (2007) (cited by Khan 2016 p. 68) is “the recognition or creation of an opportunity, coupled with action by an individual or group of individuals…”. This leads to sustainable business ventures (Ibid.). The six
Get Access