The market economy is advancing at an astonishing speed in present-day society. Business, which is divided into large, medium and small business, has become a primary symbol of the development of market economy. Entrepreneurship is defined as "the process, brought about by individuals, of identifying new opportunities and converting them into marketable products or services"(Schaper and Volery 2007, 4), and it is often related to small business. This essay will argue that the level of entrepreneurship in Australia is higher, compared to other affluent nations. Then it will move on to explain what factors can motivate individuals to conduct entrepreneurial activities. Finally, it will outline that there is no significant evidence that small enterprises are beneficial to the economy.
It is difficult to estimate the level of entrepreneurship. However, it is a misconception that the number of entrepreneurs in Australia is lower than other developed countries. According to Autio (2007, 12), compared to other affluent nations, Australia and New Zealand have more entrepreneurs, and then North America. Entrepreneurship in Australia is at a higher level as a result of two aspects: innovation and start-up rate. There is no denying that innovation is a significant indicator, which can measure the level of entrepreneurship (Kukoc and Dominic 2008, 17). Australia is at the highest level of Early-Stage Entrepreneurial Activity (TEA) in terms of innovation economies. Interestingly, innovation activities in Australia are dominated by females, in the case of joining in entrepreneurial activity with an equal right (Kelley, Bosma and Amorós 2010, 9).
The other index of measuring the level of entrepreneurship is the incidence of start- up (Kuko...
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The health of a labour market can be judged by levels of unemployment and changes in wage growth. Both of these issues come into play when The Australian Financial Review reports that the Australian labour market has tightened over the past twelve months and comments on predictions for the coming year.
UK Increasingly a Nation of Entrepreneurs. (2003) Available from: http://www.prnewswire.co.uk/cgi/news/release?id=114873 [Accessed on 22 July 2011].
INTEGRATING BUSINESS PERSPECTIVES “The legal regulation of business is a necessary evil in the Australian business environment”. Discuss the arguments for and against this statement using examples of where the law has enhanced and hindered business. Regulating businesses through the law, allows Australian businesses to flourish, while at the same time, ensuring that all involved are protected. While there are downfalls to the regulation of businesses, the overall benefits of legal regulation, far outweigh the damages caused. This is seen in the case of the Australian Competition and Consumer Commission (ACCC) in which business rights are mandated to ensure a fair business environment for all.
Shortly before the Economic Crisis hit, Ireland was well on its way to launching a strong entrepreneurial development drive. Taking advantage of its previous success in creating an entrepreneurial base, Ireland laid out a vision where entrepreneurship would become a significant driver of future economic growth, given its critical role in driving innovation, competitiveness and growth. The policy was intended to guide the entrepreneurial development in an approach similar to the drive that attracted foreign direct investment into the country. It outlined key areas for development related to culture, education and entrepreneurship amongst women and immigrants with the aim to make Ireland one the best locations to start and grow a business.
The participation rates of Canadian women business owners are comparable to those in the United States and higher than those of other leading nations such as Denmark, Finland, and New Zealand (Brush, Carter, Gatewood, Greene, & Hart, 2002). • A flexible work schedule is a greater motivator for women planning to open their own business (63%) than for men planning to do so (51%). • 36 percent of men planning to open a business plan to do so to become wealthy, while only 23 percent of women planning to open a business do so for the same reason. • The majority of women and men entrepreneurs (69 and 64 percent respectively) seem to be equally driven by a love for what they do or hope to do. • Women are less likely than men to start a business because they want to be their own boss.
There has been a large amount of attention paid to the subject of entrepreneurship in the last few years; mainly because most people have chosen to go from working for somebody else, to be their own bosses and work for their dreams. Nevertheless, many still wonder what is entrepreneurship and what is that sets entrepreneurs apart from other regular business owners. At first, it seems both concepts do not differ much from each other since they both start up and run businesses and assume risks to pursue opportunities; however, there are certain traits that difference them.
"Entrepreneurs who start and build new businesses are more celebrated than studied. They embody, in the popular imagination and in the eyes of some scholars, the virtues of "boldness, ingenuity, leadership, persistence and determination." Policymakers see them as a crucial source of employment and productivity growth. Yet our systematic knowledge of how entrepreneurs start and grow their businesses is limited. The activity does not occupy a prominent place in the study of business and economics.
Within every major economy, a great factor in providing the energy of the core of the nations economy is the small and medium enterprises. These cluster of firms are what provide new economic activity, new innovative products and services, along with growing employment and in general a crucial system in ensuring the economy is at a stable growth level. With a majority of this activity stemming from family controlled or managed businesses, the focus on developing a global and long term perspective for these firms are ever growing in importance because of the global perspective entrepreneurship has started to take.
Entrepreneurship incorporates unconstrained imagination and a readiness to settle on choices without strong information. The entrepreneur may be driven by a need to make something new or assemble something unmistakable. As new ventures have low achievement rates, the business person should have impressive tirelessness. Because of this, the entrepreneur may have the best risk of achievement by concentrating on a business sector corner either too little or too new to have been commanded by built up organizations.
Nowadays, entrepreneurship becomes most popular career, where our government encourages our graduated student to involve in business so that unemployment will not happen in our country. Policymakers, academics, and researcher agree that entrepreneurship is a vital route to economic advancement for both developed and developing economics (Zelealem et al., 2004). Entrepreneurship has many types for example small business and others. Today small business, particularly the new ones, is the main vehicle for entrepreneurship, contributing not just to employment, social and political stability, but also to innovation and competitive power (Thurik & Wennekers, 2004).
The first zones are the high rain fall zone and the coastal zone these zones are
The success of a business is greatly dependent on its entrepreneur. An entrepreneur is someone who takes the financial risk of starting and managing a new business venture. In order to be a successful entrepreneur, one must be ready to take a risk and invest one’s own savings into a business. The job requires that the individual be ambitious and committed to working hard in order to achieve the set targets. A successful entrepreneur is able to multi-task and communicates effectively with people, possessing leadership qualities such as confidence and motivation. The individual must play the role of constant motivator and inspire employees to improve their work performance, whilst ensuring a comfortable environment for the employees to work in. According to Schumpeter (1982), an entrepreneur is more of a ‘heroic’ than an ‘economic’ figure; his motivation should not solely be monetary, rather stemming more from inspiration and ambition.
Small businesses have been considered the mainstay in countries around the world. In many European countries for example, the small business has been considered crucial to the success and flourishment of the country in general. Most individuals start upon a small business venture in the hopes of realizing ownership, independent profits and personal success. Small businesses can prove extremely successful when planned properly. Studies suggest that several small businesses, however, close or fail within the first few years of operation. This failure suggests that a majority of small business owners may not have as yet realized the crucial success factors necessary for successful implementation of a small business.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
IONESCU, C. (2012). BUSINESS WOMEN ENTREPRENEURSHIP IN THE NEW ECONOMY. Hyperion International Journal Of Econophysics & New Economy, 5(1), 177-186.