Entrepreneurship And Economic Growth Of A Country

Entrepreneurship is generally described as the ability of an individual or a group of individuals to create or discover an opportunity and utilize it to the benefit of the society, which, in turn, will bring success to the innovators and their organisation (Hart, 2003). The relationship between entrepreneurship and economic growth of a country has increasingly gained a lot of interest from economists and policy makers over the years (Steyaert and Hjorth, 2008). However, while some view it as a direct relationship, others see it as an indirect kind of relationship. Entrepreneurship is a multifaceted and complex concept and described differently based on the context of study and disciplines (Hart, 2003). Hart (2003) noted that main research†¦show more content†¦In the past decades, there has been a growing interest regarding the concepts of economic development and entrepreneurship. Researchers have concluded that although economic development theory can still be argued to lac k a ‘general theory’ of entrepreneurship, one that could encompass a variety of development outcomes, progress has been made in extending the notion and understanding of entrepreneurship in economic development (Naude, 2010). On the other hand, international organizations, governments and policy makers have shown a greater attention to the function fulfilled by entrepreneurship in generating economic development. Entrepreneurship is important because it is the economic mechanism through which inefficiencies in economies are identified and mitigated (Grigore and Dragan, 2015). According to OECD (1998) â€Å"entrepreneurship is central to the functioning of market economies† (Carree and Thurik, 2003). Economic experts have abandoned their traditional approach to economic development based mainly on recruiting large companies with different financial and fiscal inducements. Entrepreneurship is spreading recognized by government officials throughout the world not onl y as â€Å"a key mechanism forShow MoreRelatedA Review of the Role of Entrepreneurship in Stimulating Economic Growth, Reducing Unemployment and Increasing Level of Income in Low to Middle Income Countries.3874 Words   |  16 PagesA REVIEW OF THE ROLE OF ENTREPRENEURSHIP IN STIMULATING ECONOMIC GROWTH, REDUCING UNEMPLOYMENT AND INCREASING LEVEL OF INCOME IN LOW TO MIDDLE INCOME COUNTRIES. INTRODUCTION This paper sets out to review the role of entrepreneurship in stimulating economic growth, reducing unemployment and increasing levels of income in low to middle income countries. Nieman and Nieuwenhuizen (2009) states that the contribution of entrepreneurs to the economy can be attributed to their special qualities. 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