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Entrepreneurship Essay

1290 Words6 Pages

The need for entrepreneurship for economic development has always been crucial in the history of successful nations and developed economies because entrepreneurs are the leaders who invent innovative ideas that give spark to economic activities. Entrepreneurship is a key determinant of sustainable growth in modern times. Mostly jobs are produced by small businesses started by entrepreneurial mind persons, many of them set up large companies. Entrepreneurship is frequently expressed in terms of higher self-esteem, to exercise creative freedoms, and an overall greater sense of control over their own lives. Many economists and educators believe that these types of experienced entrepreneurs foster the robust entrepreneurial culture that exploit …show more content…

The first task is to identify those factors along with the role of education, Research and Development activities which significantly explain the entrepreneurial potential and skills and at the second stage, to examine the impact of those entrepreneurial skills on economic growth and employment.
The variables used in the study have been collected by different sources such as different types of entrepreneurial activities (Necessity Driven, Opportunity/Improvement Driven and Growth Oriented), GDP growth, per capita income, population Growth, R&D Secondary Education, Employment rate, Govt. Consumption Expenditures, Research and Development Expenditure have been taken from World Development Indicators (WDI) 2012 whereas Investment Profile and Government Stability have been taken from International Country Risk Guide (ICRG). Global Entrepreneurship Monitor, GEM has captured three types of entrepreneurial activities/self-employment in the market such as necessity driven, opportunity and growth oriented. These are the entrepreneurs of small, medium and large level enterprises. The necessity driven entrepreneurs are not by choice but by necessity based due to lack of wage employment. The opportunity driven self-employment is by choice, in order to make use of some perceived market

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