Entrepreneurship Has Emerged as the Economic Engine and Social Development throughout the World

Dr. Ghirmai T Kefela
Dr. Ghirmai T Kefela *
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Entrepreneurship Has Emerged as the Economic Engine and Social Development throughout the World

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Abstract

This paper consists of an introductory survey of two fundamental questions regarding the link between international entrepreneurship and economic growth. The first step in establishing the linkages requires the formulation of knowledge about the psychological make-up of entrepreneurs. The paper explains that Entrepreneurial activity breeds innovation, injects competitive pressures and develops opportunities in economies. It is the foundation in many respects for broader economic development. Entrepreneurship polices are equally important, as an engine of innovation, in developed countries as they are in developing or transition economies. The purpose of this paper is to explain why the model of the entrepreneurial economy maybe a better frame of reference than the model of the managed economy when explaining the role of entrepreneurship in the contemporary, developed economies. While borrowing constraints or other financial frictions affect entrepreneurship productivity and the distribution of income by restricting agents from profitable occupations that require capital, such as entrepreneurship, this paper is devoted to exploring issues aiming to increase national wealth and to improve international competitiveness of the national economy.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Dr. Kefela. 1970. "Entrepreneurship Has Emerged as the Economic Engine and Social Development throughout the World". Global Journal of Management and Business Research, Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 12 (GJMBR Volume 12 Issue B1).

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords
economic developmentEconomic GrowthEntrepreneurshippolicysmall firms
Classification
GJMBR-B Classification FOR Code: 150304
L26
  • Submission ReceivedDecember 9, 2011
  • Peer Review Double Blind
    Handling Editor
  • Accepted January 4, 2012
  • Published January 15, 2012
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v1.2

Language
English
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High-quality academic research articles on global topics and journals.

Entrepreneurship Has Emerged as the Economic Engine and Social Development throughout the World

Dr. Kefela
Dr. Kefela
  • Submission ReceivedDecember 9, 2011
  • Peer Review Double Blind
    Handling Editor
  • Accepted January 4, 2012
  • Published January 15, 2012