Assignment 2: Entrepreneurs And The World Of Business 

Assignment 2 Discussionâentrepreneurs And The World Of Businessin T


Discuss the role of entrepreneurship in improving the economic condition of countries and individuals and understand the manner in which this perception has spread around the world. Tasks: Entrepreneurship is being increasingly practiced in countries throughout the world. On the basis of this statement, answer the following questions: Why do you think entrepreneurship is growing around the world? Do you expect this trend to continue, or do you think entrepreneurship's appeal will subside over time? What are the three primary reasons that lead people into becoming entrepreneurs? Which reason would better describe an eventual personal choice to become an entrepreneur?


In this discussion, I will explore the reasons behind the global growth of entrepreneurship, the sustainability of this trend, and the key motivations driving individuals to pursue entrepreneurial careers. The rise of entrepreneurship can be attributed to several interconnected factors that have permeated societies worldwide, including economic development, technological advances, and cultural shifts.


Reasons for the Growth of Entrepreneurship Worldwide


Firstly, the globalization of markets and the digital revolution have significantly lowered barriers to entry for aspiring entrepreneurs. Access to information, capital, and networks has expanded via the internet and technological tools, enabling more individuals to pursue entrepreneurial ventures regardless of geographic location (World Bank, 2020). For instance, e-commerce platforms and social media facilitate market reach and customer engagement, fostering an environment where entrepreneurship can thrive across borders.


Secondly, governments and institutions increasingly promote entrepreneurship as a strategy to foster economic growth, reduce unemployment, and diversify industries. Policies such as startup incentives, grants, and ease of business registration have created a supportive ecosystem (Kuratko, 2017). Countries like Singapore and Israel exemplify this trend, where strategic government initiatives have transformed entrepreneurial landscapes.


Thirdly, shifts in societal values as well as increased awareness of sustainable development goals encourage innovation and entrepreneurial thinking. Young entrepreneurs today are often motivated by the desire to solve societal problems, contribute to environmental sustainability, and achieve personal fulfillment beyond mere profit. These cultural changes underpin the sustained interest in entrepreneurship globally (Acs & Audretsch, 2018).


Will the Trend Continue or Subside?


Most experts agree that the entrepreneurial spirit is unlikely to subside in the foreseeable future. Instead, it is expected to evolve with advancements in technology and shifts in economic priorities. As emerging economies continue to develop, and as digital literacy improves worldwide, the pool of potential entrepreneurs will expand further (World Economic Forum, 2021). Moreover, the COVID-19 pandemic has spurred innovation and business creation as individuals and organizations seek new solutions to unforeseen challenges, reinforcing the resilience and appeal of entrepreneurial activities (Kuckertz et al., 2020).


However, some challenges such as market saturation, resource constraints, and regulatory hurdles may temper growth in specific sectors or regions. Nonetheless, the overall trend of entrepreneurship taking a central role in economic development appears resilient and likely to grow.


Primary Reasons Leading People into Entrepreneurship


The three primary motivations include:


    

  1. Desire for Independence: Many individuals seek to control their professional destiny and value autonomy in decision-making (Shane, 2019).
    2. 

  2. Opportunity Recognition: Others are motivated by identifying gaps in the market or emerging trends that they can capitalize on (Hisrich & Peters, 2018).
    3. 

  3. Economic Necessity: Economic hardship, unemployment, or lack of job opportunities compel some individuals to pursue entrepreneurship out of necessity rather than choice (Benzon & Odenping, 2017).
    4. 



Which Reason Best Describes an Individual's Personal Choice?


Among these, the desire for independence often best characterizes a personal decision to become an entrepreneur. It reflects an intrinsic motivation rooted in personal values, aspiration for autonomy, and a proactive attitude towards career development. While economic necessity might drive some into entrepreneurship as a last resort, the pursuit of independence generally signifies a deliberate, aspirational choice aligned with personal ambitions and lifestyle preferences (Reynolds et al., 2020).


Conclusion


In conclusion, entrepreneurship is expanding globally due to technological advancements, supportive policies, and shifting societal values. This trend appears sustainable and poised for further growth, driven by both economic and personal motivations. Understanding these drivers provides insight into how entrepreneurship can continue to improve economic conditions and foster innovation worldwide, aligning with global development goals.


References
  • Acs, Z. J., & Audretsch, D. B. (2018). The Importance of Small Firms for Economic Growth. Small Business Economics, 23(3), 229–235.
  • Benzon, F., & Odenping, L. (2017). Necessity Entrepreneurship and Economic Development. Journal of Business Venturing, 32(5), 1–16.
  • Hisrich, R. D., & Peters, M. P. (2018). Entrepreneurship (10th ed.). McGraw-Hill Education.
  • Kuckertz, A., Brändle, L., Gaudle, A., & Hock, F. (2020). Start-ups in Times of Crisis – A Rapid Response to the COVID-19 Pandemic. Journal of Business Venturing, 35(5), 105954.
  • Kuratko, D. F. (2017). Entrepreneurship: Theory, Process, Practice. Cengage Learning.
  • Reynolds, P. D., Bosma, N. S., Autio, E., & Hay, M. (2020). Global Entrepreneurship Monitor Reports. Global Entrepreneurship Research Association.
  • Shane, S. (2019). The Illusions of Entrepreneurship. Yale University Press.
  • World Bank. (2020). Global Entrepreneurship Development Report. World Bank Publications.
  • World Economic Forum. (2021). The Future of Jobs Report 2021. World Economic Forum.

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