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Literature Review On Entrepreneurship

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Chapter 2: LITERATURE REVIEW
2.1 What is entrepreneurship?
A modern world is facing an era of an intensive growth of entrepreneurial spirit all around the globe. Nowadays with the development of all spheres of modern time, more and more sides of life are open to be re-thought, combined and optimized, which is being executed by an entrepreneur, who first sees the opportunity of a new project to be started and after that takes responsibility of its implementation and sustainable growth.
An economic history shows a long-lasting transformation of a definition “an entrepreneur”. However it is possible to use one which reflects a modern understanding of entrepreneurship. Entrepreneurship is - “the resource, process and state of being through and in which individuals utilize positive opportunities in the market by creating and growing new business firms. ”
The speed of entrepreneurship development depends greatly on the stage of the economy in a given country. According to Porter (2002), there are three stages of the economy which define the competitiveness in the economy and also affect the entrepreneurial state in the country: (1) “factor-driven stage”, (2) “efficiency-driven stage” and (3) “innovation-driven stage” , and also there is a couple of transitional periods between the first and the second stage. In the first stage the economy is defined by a big amount of small sole entrepreneurs of a non-agricultural nature (service firms and small manufactures). In that stage the

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