What is the Role of Entrepreneurs in the Global Economy?
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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This paper is going to examine the role of Entrepreneurs in economic development and it will clearly highlight what the role of entrepreneurship in globalization is.
Entrepreneurship has a number of definitions but the uniformity in all of them is that the concept identifies and exploits new opportunities to its advantage. According to Global Entrepreneurship Monitors, entrepreneurship and entrepreneurial activities in the world have intensely developed. The entrepreneurial process explains the various stages that an entrepreneur undergoes to start up a business that is from identification of the opportunity to put into practice to the growth of the idea. The role and contribution of entrepreneurs are very significant to a country’s economy. However, there is a controversy on the origin of entrepreneurs in an economy. Entrepreneurship is considered vital in determining the effectiveness of market economies. Entrepreneurs are regarded as negotiators of growth and development in a market economy and can quicken the generation, distribution, and presentation of innovative ideas.
Entrepreneurs perform a vital role in a number of economies around the globe. According to the micro perspective, a number of people try to identify the significance of entrepreneurs in their country. The origin of Entrepreneurship is a subject of debate among individuals because of its influence on the economy, commerce, and life. As a result, the long-lived debate about entrepreneurs is about whether they are born or made. I.e. any person can be an entrepreneur by nature, with distinctive desires or nurture, and training skills. The question of entrepreneurship originality is similar to the chicken and egg question. Though, there are numerous viewpoints in disagreement with the question. This assignment will discuss various viewpoints in relation to the question paused of whether entrepreneurs are made or born and also provide the multiple roles that entrepreneurs play in the economy.
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What is the Role of Entrepreneurs in the Global Economy? A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept of Entrepreneurship, what it is, and its role in a global economy
- Understand the importance of Entrepreneurs to the growth and success of an economy
- Discuss Entrepreneurs functions and their role in achieving an organization's strategic goals and objectives and economic growth
1.0 INTRODUCTION
Entrepreneurs are well-known to predict or foretell when an opportunity is most likely to be beneficial in any situation. They take advantage of these opportunities and create new products or even services that are demanded by the different markets. Entrepreneurs exploit these opportunities in a way that reaps profits for them. This essay is going to examine the role of Entrepreneurs and their impact on jobs and economic growth.
Important to note is that entrepreneurs are very innovative and great risk takers which impart them with the skills to operate profitably in a business environment even though it is highly risky. As a matter of fact, the key requirement of entrepreneurs is to be innovative in nature as it is one of the tools that help them gain a competitive grip over established competitors in the business environment. Entrepreneurs are also defined as individuals who practice entrepreneurship activities based on how innovative they are towards solving pressing issues in a society
Entrepreneurs play a critical role in shaping the futures of the economies of nations by creating value through starting businesses and ventures, which ensures that there is an increase in the wealth of the nation. They also contribute to economic growth by exporting goods and services which ensures that the economy earns valuable foreign exchange that is vital for the countries.
Additionally, they ensure that the people in the nations are gainfully employed by creating various streams of employment. They also spearhead sustainability, social justice, and CSR through their various social causes that advocate for good public activities.
It is worth noting that their biggest contribution or rather the fundamental subject that is addressed through all the aforementioned contributions is their distinctive ability and capability to innovate and invent which ensures the speedy and efficient development of nations and their economies.
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