Global Entrepreneurship Monitor ( Gem )

Bygrave, W.D. & Zacharakis, A. (2014). Entrepreneurship, 3rd ed. Hoboken, NJ: John Wiley & Sons, Inc. ISBN: 978-1-118-58289-3

Singapore’s economic factors is developing at a fast pace as a vibrantly free market economy. Singapore’s per capita income is the highest in ASEAN and are also encouraging new entrepreneurs and franchises to set up their bases here.

A factor that contributes immensely to the success of an economy as a whole is diversity. An organization that can effectively unite individuals from different cultures and backgrounds can expect healthy growth in the future. However, diversity can be considered to a much greater extent. When analyzing any economy, one can observe that is formed by large firms, medium sized firms, small firms, and firms that are barely getting on their feet. No matter the size or type of business, they all significantly contribute to the overall well being of any economy. Furthermore, one type of institution that forms a considerable facet of the diversity of economies are entrepreneurs. Entrepreneurship describes any institution that begins without the support of any higher corporation or established business. Any individual can study how an entrepreneur works and makes decisions in an economics class or they can even major in entrepreneurship in some universities. However, these educational institutions many times fail to inculcate in their students how these types of business actually operate in the real world. With that in mind, a concise yet profound analysis of a small business in Buckeye, Arizona will consider how an entrepreneur owned business truly works.

Volkmann, C. K., Tokarski, K. O., & Grünhagen, M. (2010). Entrepreneurship in a European Perspective: Concepts for the Creation and Growth of New Ventures. Springer Science & Business Media.

(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.

Its developmental and transformative qualities particularly on emerging global economies, has given great significance to the concept of entrepreneurship. The impact of entrepreneurship has more contributory value is most The concept of entrepreneurship has received significant global attention across the developed and developing countries due to its capacity to transform the economy (Le & Nguyen, 2009:867). The Global Entrepreneurship Monitor (2011:8) revealed that there are approximately 400 million entrepreneurs across 54 countries operating start-up businesses. These countries are grouped into three stages of economic development driven by: factor, efficiency and innovation (GEM, 2009:5). This is based on the level of

Baum and Locke (2004) literature review also used secondary headings to separate theoretical issues, existing research and methods. The empirical research article, discussed the relationship of entrepreneurial traits, skills, and motivation and the relationship to growth. The article was organized, and presented previous research. Studies on entrepreneurs’ traits, skills, and motivation the relationship to venture growth were introduced. The correlation between traits and skills among entrepreneurs’ was also

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

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.

Creativity and innovation: bring about products or services, execute new production methods and/or open new markets or supple resources.

Acs, Z.J., Morck, R.K. and Yeung, B. (2001), “Entrepreneurship, globalisation, and public policy”, Journal of International Management, 7, pp. 235-51.

As much as entrepreneurial mindset is important for business success, it is also vital to understand the current level in each entrepreneurial community by identifying which factors are lacking that needs to be improved as a means to foster the success of entrepreneurs. The above statement relates with the fact that business success in the new economy is merely not a function of relevant skills; but requires people with entrepreneurial mindsets.

Entrepreneurship is a term that has reentered the public vernacular over the last few years, many times in reference to what is wrong with America but what it means is rarely defined. Furthermore, it is generally agreed that more Entrepreneurship is a desirable trait but how to go about encouraging it is again a point of contention. This paper will address a specific facet of entrepreneurship and attempt to discover what are the key drivers to foster an entrepreneurial spirit from childhood.

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,

Entrepreneurship plays a vital role in a country’s economic growth. According to a study by the Global Entrepreneurship Monitor, “the correlation between the level of entrepreneurial activity and economic growth is greater than 70 percent” (Wiens & Jackson, 2015). Innovation is linked to productivity and growth. These business ventures are drivers in the exchange of capital from households to businesses, contributing to the overall activity within an economy. By providing entrepreneurs with the necessary capital, ideas can be realized in the real and tangible form of a start-up company. This, in turn, creates job opportunities; citing the article by Wiens & Jackson (2015), “new businesses account for nearly all net new job creation and almost 20 percent of gross job creation”. These new firms also contribute to a dynamic and competitive economy, further spurring the cycle of