Entrepreneurship Is A Major Determinant Of Economic Growth

In poor or developing countries people are more entrepreneurial than in developed countries out of necessity. In those countries, people have a constant need to earn a little more than what they earn from their regular employment. However, in the developed countries like the U.S., UK, and other industrialized European countries, entrepreneurs pursue business by choice. This is the reason why most of the largest enterprises come out of these

(3) Moreover, to obtain his information, a questionnaire was developed which included mixtures of scaled, dichotomous, multiple choice, open ended and rank-order questions. (3) Hisrich findings were divided into four areas; the demographic composition and background of the entrepreneurs, the nature of their business ventures, the skills, and personalities of the entrepreneurs as well as the problems confronted in starting and operating a new venture. (3) In the sample entrepreneurs were between the ages of thirty-five and forty-five; in which sixty percent were married and had children. (3) Forty-two percent were first-born children in their families, and the majority grew up in lower or middle class environments.

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Being in America, people may guide you to become an entrepreneur when asked how to become rich. Entrepreneurship was the key aspect of what makes America the land of entrepreneurship. Stories from rags to riches is what drives the American people wanting to become the next entrepreneur. That may be true because people want to be the next Bill Gates or Mark Zuckerberg but that is not the case anymore.

Through fresh innovative and creative ideas we have seen how these different concepts and ideas change the business environment. Entrepreneurship plays a role in the economy and can result in the growth and development of the economy in a country. This essay will be discussing the different aspects on what Entrepreneurship is, The Role it plays in the economy and the different type Entrepreneurial businesses involved in the growth and development of the economy of the country. Entrepreneurship will help the economy by providing more job opportunities, creating new wealth and can reduce unemployment . It is clear that there is positive relationship between Entrepreneurship and Economic growth; this link will be discussed in the essay.

This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but only 6% of the population of entrepreneurs because they have limited capital, large ponderous bureaucracy with many regulations though the regulations fail to protect the intellectual property. Let us consider Uganda on the other hand, contrary to the stable government of Turkey, Uganda has a violent past, but they have the highest entrepreneurship rate of 28%, from hand crafted furniture, trinkets, cobblers, honey makers, everyone is selling something. There may not be a Steve jobs or Bill gates but most people embody the entrepreneurial spirit. High unemployment and survival rate are the key factors driving the entrepreneurial spirit in Uganda, there are also other factors in place. The initiative to lay down fiber optic cables has enabled the country to link even the rural villages to various resources. In this case we can observe two important factors such as necessity (Uganda) and choice (Turkey) at play here which are mainly based on the culture and history

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

In a country like India starting an entrepreneurship is not an easy task. There are many factors which influence the initial stage of the start up. When someone starts a new enterprise or tries to get into entrepreneurship they face many problems like finance, land permissions, environmental clearance, foreign investment proposals, family support, team, marketing strategy, legal aspect, resource allocation, censorship, accurate advice and information, fear of failure.

How important is entrepreneurship in the development and growth of the economy of the country

It is a well recognized factor that entrepreneurship and entrepreneurs are important drivers of economic growth, because they encourage employment , innovation and improve the GDP of the country. “Entrepreneurship” became the buzzword in India only in the early part of the new century. Traditionally Indian have a very strong culture of security in income, barring a few communities like Marwaris, Punjabis, Parsis and Sindhis most other communities prefer to have secure jobs and are risk averse. Most of the entrepreneurial ventures were from these communities. This has changed considerable of late and one hears of several success stories were the entrepreneurs are self-made

In 1978, China started its economic reform, which opened the door for entrepreneurs to venture in the rural and agricultural sectors (Naughton, 1995). This decision has led hundreds of millions of people out of poverty and can be considered one of the most significant events in poverty reduction in the twentieth century (Urban & Springerlink, 2010). Through the newly created firms, jobs were created and people were able to access a range of products and services which eventually effected the total household saving which increased by 10% within approximately four years of introducing the reform in addition to the contribution of these firms to China’s economic growth (Naughton, 1995).

Entrepreneurship is an essential part of economic development, and it has been so especially since the industrial revolution. Development is achieved for example through innovation, which the Organisation for Economic Co-operation and Development (OECD, 2005) defines as the ‘implementation of a new or significantly improved product (good or service), or process, a new marketing method or a new organisational method in business practices, workplace organisation or external relations’. Innovative performance is an essential part when determining competitiveness and progress on a societal level. The following chapters will focus solely on innovative and opportunity entrepreneurs, as necessity entrepreneurs and entrepreneurs that imitate others contribute little to none towards economic development.

The main questions addressed in this paper are: entrepreneurs are born not made and how the small start-ups have changed the business industries. Many arguments were for and against that entrepreneurs are born with inherent highly developed business skills. Entrepreneurship is a comprehensive term that is an immensely arduous to delineate (Thurik and Carree, 2005). However, the research which was accomplished about entrepreneurs, I think that entrepreneurs are not born they are made on the stage of cultivating new business ideas into reality. Entrepreneur is not determined as the person who has made the entity stupendous, but the one who employs himself and launches the own company (Glackin & Mariotti, 2010). Therefore, there are no specific boundaries among various patterns of the societies. For instance, Starbucks is one of the substantial businesses between the organisations and the co-finder Zev Siegel has shared the story of this tremendous start-up in 20th century. “We wanted to make a change in our lives and do something that could have impact and be meaningful” – have mentioned CEO-director Zev Siegel in one of the 2016’s interview. Nowadays, Starbucks has more than 24,000 stores in seventy various countries and nevertheless expanding the coffee industry with incredible rapidity. In contemplation “Nature or Nurture: Decoding the Entrepreneur “, it indicates that there are several peculiarities in common among the entrepreneurs (Monte and London, 2011). Consequently,

The access on resources is also important for the creation of new venture. The new entrepreneurs mostly start their business with lack of wealthy, therefore financial support to penetrate market entry barriers is needed. It requires the financial institution to facilitate the liquidity constraints (Fogel et al 2005,

Greece is the lowest ranked country in the EU, in the context of the ongoing sovereign debt crisis resulting in the highest levels of unemployment within the EU. Their economy is mainly based on tourism, trade, and agriculture. Thus, lacking an established competitive industry and an entrepreneurship-friendly environment, which continues to constrain Greece’s ability to emerge from the crisis. To overcome these difficulties, Greece must embrace entrepreneurship as a key lever for growth restoration and job creation, in the absence of career alternatives and in pursuit of national competitive advantages (Endeavor (2010).