Role Of Government As An Entrepreneurial Environment

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

In his book, “The Entrepreneurial Imperative”, author Carl Schramm discusses how the transformation of our economy to an entrepreneurial one has taken place over the last thirty years, and what must be done to sustain the advantages that this economy has given our nation in the years to come.

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

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

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.

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

Entrepreneurs are a very, or perhaps the most, important boost in our economy. They do not only take the risk for the sake of a business, but also they provide our economy with employment opportunities and culture. A society can only be prosperous only when it rewards and encourages entrepreneurial activity because in fact, it is the entrepreneurs and their activities that are the critical factor for success, prosperity, growth and opportunity in any given economy. Entrepreneurship is not easy and it comes with its own risks and up and downs. On the last decade, entrepreneurship has rose and expanded, with this change and constant expansion, it has changed the rules of entrepreneurship once again. But I certainly believe that

Research has been collected, over the years, to determine what the true definition of corporate entrepreneurship is in the business context. Leaders do not need to focus on the size of the corporation, as corporate entrepreneurship can be displayed in small firms and start-up ventures (Morris, Kuratko, & Covin, 2011). They only need to develop new behaviors within an existing corporation to build upon components that currently exist (Karacaoglu, Bayrakdaroglu, & San, 2013). The majority of professionals, who are in the field of business, have come to the consensus that corporate entrepreneurship is the process of being innovative and the ability to identify opportunities to improve an established company’s positioning in the marketplace (Morris, Kuratko, & Covin, 2011). Innovation is the ability to create a new product, process, or system in order to remain competitive. Essentially, corporate entrepreneurship can be broken down into three dimensions, which

They help in intensifying competition with the help of technology they master in increasing productivity and thus contributing in the development of the country, followed by economic growth.(Dr. Sangya Shrivastava 2013) Entrepreneurship has been given much emphasis by organizations and governments in recent years. It acts as a vehicle for small businesses. We can see the increasing level of economic development when more of the population gets involved in entrepreneurship which is basically self-employment. Entrepreneurship plays a critical role in the development of the economy as this is the key contributor to innovativeness and product improvement. It is one of the important ingredients to the creation of new employments and in the building of communities in ways of offering them jobs. By contributing to local charities, taking part in local business, investing in projects in communities, and creating and participating in different networks in entrepreneurship, they build up robust communities which contribute to the community development. Governments have struggled to develop policies which will enhance entrepreneurship by understanding the critical difference existing between small business owners and entrepreneurship. At the same time, a misconception about entrepreneurs and where entrepreneurs can be found can also help the local people to create the right picture of entrepreneurship and thus become aggressive and contribute to

The government should pursue policies that encourage and facilitate business formations, operations and competition. Local and National governments need to reduce or maintain low barriers to the formation of new businesses—thereby encouraging entrepreneurship.

Some countries are incubators for successful entrepreneurs and a small business starting out need not worry about how big they can grow. The GEM (Global Entrepreneurship Monitor) research indicates that the presence of “entrepreneurial framework conditions (EFCs)” shape entrepreneurial activity and effect the creation of new ventures (Amorós, & Bosma, 2014). EFCs are those things that effect the business environment or climate including financial and government support, business regulations, market openness, R&D transfers,

It is a common notion that it is primarily the private sector that drives innovation and economic growth, while the government, at best, plays only organization role in ‘fixing market failures’. Under this myth lies a different story, where some of the best advanced economies in the world have been shaped directly by government¬ led investments. By not being capable to recognize the government as a source for major business innovation we run the risk of economic stagnation and the loss of inventive new technology. In publication, (Mariana Mazzucato 2013) reveals how the state, through direct funding to high ¬risk areas and mission ¬oriented planning, has provided boost leading to the development of new technologies and sectors. She debates that key technological revolutions, from the internet to biotech, to echo tech today, have required an active ‘entrepreneurial government’ that is willing to invest in innovation – and that economists have no words to describe this process of government led market creation.

Entrepreneuring: efforts to bring about new economic, social, institutional, and cultural environments through the actions of an individual or group of individuals → emancipatory process with broad change potential. This view foregrounds three aspects: (1) seeking autonomy, (2) authoring, and (3) making declarations.

The foremost importance of the entrepreneur to the economy is the creation of new output. At any given point in a society, production is stagnant.

Entrepreneurship has been a topical issue in business administration literature and mostly the wave on interest is on the role of entrepreneurship in economic growth literature. This paper