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So, one can say that increase in entrepreneurship has a positive influence upon the economic growth and vice versa.
But the real life situation is a complicated one. If there is increase in entrepreneurship there can be two options that can be present in economy either there are lesser job opportunities that people are shifting towards getting self-employed or there are important barriers that as a last resort people are creating their own job opportunities. In this scenario one can say that high levels of entrepreneurship can be observed when there are slow economic growth in the country or if there is lag in development opportunities.(Z.J. Acs, 2004 )
There are different kinds of entrepreneurship opportunities available; one need to know which type is prevailing in order to know its impact on the economy. One type is opportunity entrepreneurship in which the new business is opened in the unexplored or wrongly explored area. Other type of entrepreneurship is opening up a business because you do not have any other option. It is believed and that is proven by research also that it is the opportunity entrepreneurship that has significant affect upon the economy.(A.Varga, 2005)
It has been observed that the development economies monitor the affects upon the economy in three different stages that are. In the first or primary stage, the basic focus of the microeconomics factors and supply demand is upon small manufacturing concerns and the agricultural yields enhancement. In the secondary stage the development economy moves from the small production units to more organized and comparatively larger manufacturing concerns and finally in the third and last stage the development economy moves from manufacturing towards the services sector development.(Syrquin, 1988)
In the first stage most of the people are self employed, independent of the type of organization. No matter what sort of economy it is industrial or subsistence, every economy faces this
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However, due to increasing concerns of rural unstableness, liberal relaxations of Chinese rural policies were announced between 1984 and 1989. Under one-child policy, a couple from urban area can have only one -child whereas a couple from rural area may have two kids if the first kid is a girl.
Changes in the global business trends continue to shift the position of entrepreneurship from time to time. Specifically, entrepreneurship has become more significant as world business trends advances to encompass global diversity and dynamism. The creative economy in the business world crucially takes into account the ever changing nature of individual, firm, organizational, and state interactions in the business arena.
Entrepreneurship results in the formation of new organizations or the reenergizing of mature organizations, as a response to an emerging opportunity. Entrepreneurship’s most obvious form involves the starting of a new venture, also referred to as a startup company, although, in recent times, entrepreneurship has also been used to refer to political and social entrepreneurial activity.
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How Globalization and Large Corporations Affect Small Business. On the twenty first century, globalization phenomenon it is asserted to be on the increase. With the evidenced continuous human interaction witnessed almost in all sectors of the society, and with inventions and innovations in technology, it has made globalization and market liberalization a reality in the contemporary world.
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