Global Entrepreneurship Monitor ( Gem )

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The business environment, which the entrepreneur operates in, has varying impact on business performance (Ahmad et al 2010). Social norms are known to be one of the most significant factors within the business environment (Hong and Kacperczyk 2009). Owing to the fact that social norms differ across nations and cities, the level of entrepreneurial competencies influenced by culture can be assumed to be different. Therefore, a country comparison between the two countries, UK and Singapore, will be conducted using the Global Entrepreneurship Monitor (GEM). Paul Reynolds and a team of scholars created the GEM model for an international index aimed to be an equivalent for entrepreneurship and enterprise of the World Economic Forum’s Global Competitiveness Index (Reynolds et al 2005). This reputable model outlines two business processes that they suggestively associate with the growth or decline of an economy. GEM contributing authors describes: “The first process portrays existing routine business activity and its antecedents. GEM proposes an additional complementary process in which individuals perceive opportunities and are thereby promoted to create new business activity, which in turn is proposed to impact economic growth” (Levie and Autio, 2008, p.237). Using data from GEM (2014) allows this study to narrow in and investigate how the UK and Singapore are alike on business performance and entrepreneurial competencies. The entrepreneurial environment within the UK and
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