Free Essay

Comparison of Entrepreneurial Factors of Various Country

In: Business and Management

Submitted By jayardemayo74
Words 1559
Pages 7
Factors | Assigned Country | European Country | Central American Country | Asian Country | Analysis & Evaluation | | United States of America | Russia | Mexico | Taiwan | | Management Styles, Systems, Practices | * American management seems to work best when the key needs are speed, aggression, last-minute genius, and take-chance, inspiring leadership.*pursue risk | * They foster management policies that may encourage more balance in a manager’s life, between work & private activities and risk & stability.* emphasis on efficiency, innovation, quality, and responsiveness to customers—even as one also finds adaptations to cultural differences.” | *Mexican management style follows the high power distance and collectivismfound in Mexican societal culture and this means that Mexican firms are more likely toadopt hierarchical structures with power vest at the top of the pyramid and introduce andfollow formalistic relationships between managers and workers* Paternalism and a sense of “extended family” arealso important factors of Mexican management styles. | * It is important for innovations to have a track record or history noting the benefits if they are to be accepted and implemented.*Taiwan is a fluid time culture, and, as is the case with many fluid time cultures, it is also very relationship-oriented. | Every entrepreneur should learn how to take a risk in order to succeed. But, we should also have to bear in mind that life should be a balance of professional and personal life, because in the first place , we are working in able for us to suffice our personal needs. And it shows the importance of documenting the past events so that we can be able to innovate it. | Business Culture | * In America, time is a very important commodity. People 'save' time and 'spend' time as if it were money in the bank. Americans ascribe personality characteristics and values based on how people use time.* They value logic and linear thinking and expect people to speak clearly and in a straightforward manner. To them if you don’t “tell it how it is” you simply waste time, and time is money.*People tend to not wait to be introduced, will begin to speak with strangers as they stand in a queue, sit next to each other at an event, etc. (approachable)*American schoolchildren are raised on stories about inventors such as Benjamin Franklin and Thomas Edison. | *Russians are traditionally very punctual, especially when meeting foreigners.*Russians can be very hospitable and are keen to demonstrate their generosity. | *Demonstrating trustworthiness, sincerity, and integrity are crucial to building relationships.*The family is at the centre of the social structure.*Business appointments are required and should be made at least 2 weeks in advance. Reconfirm the appointment one week before the meeting. | *Professional and also personal. Personal relationship or “Guanshi” are the key to doing business in Taiwan. Taiwanese people like to do business with people they know, are friendly with and trust.*Punctuality is a virtue; appointments are easy to schedule at all organizational levels. Telephone and e-mail contact is most convenient for such a purpose. | In business, time has a monetary value that’s why it is important, just as important as money, to budget and maximize the time we have. Money spent can be replenished but time wasted will never be. I think the one of the reason why Americans and other businessman pays a great respect to time is that because it is one of the things money cant buy, even the richest people, that’s why they are trying to maximize using it so that they could also save time for themselves and enjoy. Business, especially those who are very dedicated have already merged their personal life to ther professional life, in short , managers are sees professional life as a personal one that’s why they are very particulars to a closer relationship with each other and seeing their employees as a friend and not a servant. | Entrep. Development | *Between 1996 and 2004 it created an average of 550,000 small businesses every month. Many of those small businesses rapidly grow big. | *Center for Entrepreneurship is one of the leading forces for developing entrepreneurship in Russia. CFE is an entrepreneurship training, education and development organization that promotes economic opportunity, helps build a strong middle class, and enhances the relationship between Russia and the US. | *Over the last 20 years, the United States, Mexico and Canada have established one of the most competitive and successful economic platforms in the world. We have created a dynamic economic environment that engenders openness, innovation, and cooperation. This partnership has established the foundation that allows our countries to be market leaders in an increasingly competitive global economy and ensure our mutual prosperity. | *During the last four decades, the successful development of Taiwanese small and medium-sizedenterprises (SMEs) has become the most important part of Taiwan’s economic legend. | In the past years, and for the upcoming years, it is expected for a more competent and aggressive businesses especially nowadays that countries have been opening their respective doors for the open trade wherein companies can transact in the global scope. That’s why it is becoming competent does not rest to the company alone but to its employees as well in able to compete in a broader business jungle. | Competitive Environment | *Center of Innovation*Established alliaces to various countrye | *After the collapse of Soviet Union, the Russian Federation emerged as the largest country.The Russian Government has taken concrete steps and charted policies that make the business environment in Russia more favorable to foreign investment. The new regime has introduced policies that improves global competitiveness and encourage foreign investors to play an important role in Russia’s prosperity | *Mexico ranks among the easiest countries to do business in Latin America according to the World Bank's Ease of Doing Business 2012 report. | *Leading manufacturer of semiconductors widely used worldwide | In able to compete, a country should portray a competitive edge. Nowadays, technological intervention does a great contribution in the development and nourishment of a country, as we can see, the leading countries nowadays are those who has great technologies and it is rooted from great educational system. Therefore, we should learn to invest more in the education system of our country, train the youth so that they can upgrade the technology of the country in the mere future. | Entrepreneurial Capability | *The Global Entrepreneurship Monitor (GEM) conducted its 15th annual survey of entrepreneurshiparound the world. The United States survey of 5,698 working-age adults revealed high and stable newbusiness startup rates for the third consecutive year. Nearly 13% of the U.S. working age population was inthe process of starting or running a new business—the highest entrepreneurship rate reported among the 25developed economies that participated in GEM 2013 from North America, Europe, and Asia.*In 2013, an estimated 25 million Americans were starting or running new businesses, and 7.7 million projectedthey would employ six or more people in the next five years. In addition to these entrepreneurs, an estimated14 million Americans were running | *Only 4.7% of working age adults are early-stage entrepreneurs. Entrepreneurship continues to play a small role in the economy therefore 95.3% of working age is the potential entrepreneurial force of the country | *Mexico is continuially strengthening the the program for the Smal and Medium enterprises and invests for the technological enhancement of the country | *Taiwanese high-tech firms, thisinvestigation demonstrated that dynamic capabilities were significantly helping to leverage entrepreneurial resources to benefit start-upperformance, and moreover demonstrated that dynamic capabilities mediated between entrepreneurial resources and performance. | Every country has its potentials that’s why we have to discover our strengths, cultivate it and use it as a competitive advantage. As we can see there are different initiatives used by other countries to strengthen their selves, th ey established a support group to support and discover the entrepreneurial acticvities og hteir respective countries. They have also been focused on enhancing their technologies. | Support of the Government | *The Global Entrepreneurship Program (GEP) is a U.S. State Department-led effort to promote and spur entrepreneurship by catalyzing and coordinating private sector and U.S. Government programs to support entrepreneurs around the world.* | *The Russian government is active in shaping the business environment for SMEs – both through legislative improvements and by providing direct financial support,e.g. from state-owned SME Bank (VEB Group) | *Mexico has become increasingly focused on fostering entrepreneurship in recent years. In early2013, the Mexican Government created the Instituto Nacional del Emprendedor (NationalEntrepreneur Institute, or INADEM), an administrative body within the Ministry of Economyspecifically aimed at developing a stronger entrepreneurial ecosystem.1 The launch underlinedthe country’s commitment to accelerating innovation and improving Mexico’s competitiveness. | *$50,000 loan to entrepreneurs overseas to start their internet company here in Taiwan. If they can hire 10 Taiwanese in a year, the loan is forgiven. You get to attract highly educated foreign talents, create jobs for domestic market and build a vibrant startup hub here in Taiwan. | Capital and support from the government is vital for the entrpreneurs, more specially to those who are on the start-up stage. As we can see these countries established mechanisms to promote, support and back up entrepreneurials activities of the country because they know that it will have a return in the government, employees, and other stakeholders, and through these, their would ba more entrepreneurial activity which will help in the circulation and distribution of financial resources of the country. |

Similar Documents

Premium Essay

Entrepreneurship in Germany

...[pic] How Entrepreneurial is Germany? The Institutional Context of Entrepreneurship and Business Start Up Costs in Germany in International Comparison Abstract The importance of entrepreneurial activities is integral to a nation’s economic growth. This paper reviews the results of the 2000 Global Entrepreneur Monitor (GEM) country report with a sole focus on Germany in evaluating its degree of entrepreneurship. The factors examined include the costs, legal procedures, and institutional context via a look at the formal and informal entrepreneurial frameworks. The view of entrepreneurship in Germany will be explored as well as comparison to other countries in the GEM report. It is found that entrepreneurial activities differ within regions in Germany and the cultural and social norms place a barrier to start-ups despite the government effort in financing and state promotion programs. TABLE OF CONTENTS 1. Introduction……………………………………………………………….3 2. Overview of Germany’s entrepreneurship and international comparison...4 3. Institution context………………………………………………………....6 The regulation of entry……………………………………………………6 Political context- government policies……………………………………8 Human Capital…………………………………………………………….9 Education…..……………………………………………………………10 Psychological and sociological context………………………………….12 Regional context…………………………………………………………15 4. Conclusion……………………………………………………………….18 5. Works cited……………………………………………………………...20 Introduction The German economy...

Words: 4897 - Pages: 20

Free Essay

Comparison of Entrepreneurial Activities in the Usa and China

...Comparison of entrepreneurial activities in the USA and China Table of Content Page 1 Introduction 3 2 Comparison of entrepreneurial activities in USA and China 4 2.1 Culture 4 2.2 Government policies 6 2.3 Funding and financing 9 2.4 Education and training 10 3 Conclusion 11 Bibliography 13 1 Introduction Entrepreneurship is one of a major factor influencing the economy of countries in terms of international trade, infrastructure, employment and living standards as well as capital growth. It also reflects the effectiveness of government policies. Entrepreneurship relates to national policies (taxation, regulations, ease of doing business), entrepreneurship financing (banks, government support), economic circumstances (economic freedom), marketing (competitiveness), public agency assistance (government support), and expertise etc.. The level of entrepreneurial activity not only interacts with the factors above, but also with cultural or geographical factors and regulations. Personality characteristics, behavior and motivation are also the major elements, which should be taken into consideration. There are many determinants of being or becoming self-employed which are dealt with in the literature, such as employment status, minority behavior, immigrant behavior, family firm effects and attitudinal effects (Freytak/Thurik 2006, 6). The assignment compares the level of entrepreneurial activity between the U.S. and China as...

Words: 3030 - Pages: 13

Free Essay

International Business

...Journal of Business Venturing 27 (2012) 266–290 Contents lists available at SciVerse ScienceDirect Journal of Business Venturing International entrepreneurship research in emerging economies: A critical review and research agenda Andreea N. Kiss a,⁎, Wade M. Danis b, 1, S. Tamer Cavusgil c, 2 a b c Global Economics and Management Department Faculty of Economics and Business University of Groningen, 800 Postbus, 9700 AV Groningen, The Netherlands Peter B. Gustavson School of Business, University of Victoria, P.O. BOX 1700 STN CSC, Victoria, BC Canada V8W 2Y2 J. Mack Robinson College of Business, Institute of International Business, Georgia State University, P.O. Box 3989, Atlanta, GA 30303-3989, USA a r t i c l e i n f o a b s t r a c t This article systematically reviews and critically examines international entrepreneurship research in emerging economies (IEEE research), and articulates its importance, timeliness and relevance in consideration of the growing influence of emerging markets in the global economy. A systematic analysis of eighty-eight journal articles published over the last two decades reveals that IEEE research is a vibrant and rapidly growing stream of the broader international entrepreneurship (IE) domain, and that it is methodologically and topically diverse. Our review also shows that IEEE research has a limited presence in premier journals, is highly skewed in its geographic coverage, and is somewhat fragmented. We therefore inventory...

Words: 21137 - Pages: 85

Premium Essay

A Gem of Study

...>cases A GEM of a Study >Abstract The Global Entrepreneurship Monitor Entrepreneurial Assessment, a joint project of The Kauffman Center for Entrepreneurial Leadership at Babson College and The London Business School, has undertaken a long-term, large-scale project to prove the causal links between a government’s economic policies and initiatives, the resulting entrepreneurial activity and subsequent economic growth. This case describes multiplestage research, including thousands of interviews in several countries by established research firms. >The Scenario What government policies and initiatives are most likely to generate high levels of entrepreneurial activity? Which are positively correlated with the economic well-being of a country as measured by growth in GDP and job formation? Project directors of the Global Entrepreneurship Monitor (GEM), who define entrepreneurship as “Any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team of individuals, or an established business,” suggest the following: • Promoting entrepreneurship, especially outside the most active age group (25-44), with specific programs that support entrepreneurial activity. • Facilitating the availability of resources to women to participate in the entrepreneurial process. • Committing to long-term, substantial postsecondary education, including training programs designed to develop...

Words: 1079 - Pages: 5

Premium Essay

A Gem of a Study

...partnered with the Kauffman Center for Entrepreneurial Leadership of Ewing Marion Kauffman Foundation, the London School of Business and Babson College,designed a research study to add insight to what activities would be most likely to stimulate entreprenship activities. >The Scenario What government policies and initiatives are most likely to generate high levels of entrepreneurial activity? Which are positively correlated with the economic well-being of a country as measured by growth in GDP and job formation? Project directors of the Global Entrepreneurship Monitor (GEM), who define entrepreneurship as “any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, a team of individuals, or an established business,” suggest the following: • • • • • • Promoting entrepreneurship, especially outside the most active age group (25– 44), with specific programs that support entrepreneurial activity. Facilitating the availability of resources to women to participate in the entrepreneurial process. Committing to long-term, substantial postsecondary education, including training programs designed to develop skills required to start a business. Emphasis on developing an individual’s capacity to recognize and pursue new opportunities. Developing the capacity of a society to accommodate the higher levels of income disparity associated with entrepreneurial activity. Creating a culture that...

Words: 1092 - Pages: 5

Premium Essay

Random

...The Employment Outlook for Youth: Building Entrepreneurial Ecosystems as a Way Forward ---- An Essay --- Peter Vogel College of Management of Technology, École Polytechnique Fédérale de Lausanne, Odyssea 4.15 Station 5, CH-1015 Lausanne, Switzerland, peter.vogel@epfl.ch Since the outbreak of the recent financial crisis we have experienced some of the highest rates of youth unemployment in history. If we want to avoid branding the young people as a “Lost Generation”, we need to act quickly. One important active labor market strategy to solve the youth unemployment crisis is entrepreneurship, helping them turn into job creators rather than job seekers. Entrepreneurship has received significant attention over the past decade with a rapid and often uncoordinated increase in entrepreneurship support programs. These constitute a major part of entrepreneurial ecosystems. In order to build effective entrepreneurial ecosystems, we need to understand the components and assessment indices of such ecosystems. This essay proposes a new conceptual framework describing entrepreneurial ecosystems. The proposed framework is expected to support policymakers and practitioners in setting up new entrepreneurial ecosystems and serve as a basis for future research. Keywords: Entrepreneurial Ecosystems, Youth Unemployment, Next Generation Introduction An economic and labor market crisis has plagued the world since 2008. The labor market slowdown is dramatic with a current deficit of...

Words: 4069 - Pages: 17

Free Essay

Entreprenuarship

...SOCIAL ENTREPRENEURSHIP AND ENVIRONMENTAL FACTORS: A CROSS-COUNTRY COMPARISION Research Work International Doctorate in Entrepreneurship and Business Management Department of Business Economics & Administration Author: Elisabet Ferri elisabet.ferri@uab.cat Supervisor: David Urbano david.urbano@uab.cat September 2011 2 ABSTRACT Social entrepreneurship is a subject of growing interest for both academics and governments. However, from the quantitative approach, little is known about the environmental factors that affect this phenomenon. For this reason, the main purpose of the present study is to statistically explore the relationship between environmental factors and social entrepreneurship, as seen through a cross-country comparison and in the light of institutional economics as the conceptual framework. Linear regression analysis is used over a sample of 49 countries to study the impact of formal institutions (public spending, access to finance and governance effectiveness) and informal institutions (social needs, societal attitudes and education) on social entrepreneurial activity. The main findings suggest that, while societal attitudes increase the rates of social entrepreneurship, public spending has a negative relationship with this phenomenon. Contributions of the research are both conceptual, in terms of development in the field of social entrepreneurship from an institutional perspective, and practical, in terms of designing policies to promote social enterprise...

Words: 14759 - Pages: 60

Premium Essay

Ghghh

...are different? Introduction The economic status of a country is determined by various factors and various measures that are compared to other countries. The economic stability of countries is measured with consideration of various elements such as the general income of the citizens, and also the productivity of various groups and organizations in the nations. The economic contributions of economic institutions such as banks, private and public financial institutions are also used to determine the position of nations’ economic status. The index heritage scale is an essential parameter in determination of a country’s economic position in comparison with other nations across the world. The global economy ranking is therefore achieved after a comprehensive analysis of the economic positions of various countries, and this is with comparison of the pillars of the economy of the respective nations. Poverty, poor health and ignorance are considered to be the fundamental contributors of low index heritage scale due to their negative contributions towards the economy of a country. It is the responsibility of the government and key players in the economy of a country to ensure that the economic strategies and activities that they engage in positively help in eradication of poverty, reduction of ill health and control of unawareness among people and organizations. This paper aims at drawing a comprehensive and evidence-based comparison between Germany and Canada. This follows the realization...

Words: 1870 - Pages: 8

Premium Essay

Economic Comparison

...are different? Introduction The economic status of a country is determined by various factors and various measures that are compared to other countries. The economic stability of countries is measured with consideration of various elements such as the general income of the citizens, and also the productivity of various groups and organizations in the nations. The economic contributions of economic institutions such as banks, private and public financial institutions are also used to determine the position of nations’ economic status. The index heritage scale is an essential parameter in determination of a country’s economic position in comparison with other nations across the world. The global economy ranking is therefore achieved after a comprehensive analysis of the economic positions of various countries, and this is with comparison of the pillars of the economy of the respective nations. Poverty, poor health and ignorance are considered to be the fundamental contributors of low index heritage scale due to their negative contributions towards the economy of a country. It is the responsibility of the government and key players in the economy of a country to ensure that the economic strategies and activities that they engage in positively help in eradication of poverty, reduction of ill health and control of unawareness among people and organizations. This paper aims at drawing a comprehensive and evidence-based comparison between Germany and Canada. This follows the realization...

Words: 1870 - Pages: 8

Premium Essay

Germany and Canada

...are different? Introduction The economic status of a country is determined by various factors and various measures that are compared to other countries. The economic stability of countries is measured with consideration of various elements such as the general income of the citizens, and also the productivity of various groups and organizations in the nations. The economic contributions of economic institutions such as banks, private and public financial institutions are also used to determine the position of nations’ economic status. The index heritage scale is an essential parameter in determination of a country’s economic position in comparison with other nations across the world. The global economy ranking is therefore achieved after a comprehensive analysis of the economic positions of various countries, and this is with comparison of the pillars of the economy of the respective nations. Poverty, poor health and ignorance are considered to be the fundamental contributors of low index heritage scale due to their negative contributions towards the economy of a country. It is the responsibility of the government and key players in the economy of a country to ensure that the economic strategies and activities that they engage in positively help in eradication of poverty, reduction of ill health and control of unawareness among people and organizations. This paper aims at drawing a comprehensive and evidence-based comparison between Germany and Canada. This follows the realization...

Words: 1870 - Pages: 8

Premium Essay

Streetism

...Business and Economic Research ISSN 2162-4860 2012, Vol. 2, No. 1 An Exploratory Study of Motivational Factors on Women Entrepreneurship Venturing in Malaysia Hasni Che Ismail College of Law, Government & International Studies Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia E-mail: has1121@uum.edu.my Faridahwati Mohd. Shamsudin Othman Yeop Abdullah Graduate School of Business Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia E-mail: faridah@uum.edu.my Mohammed S. Chowdhury (Corresponding author) Othman yeop Abdullah Graduate School of Business College of Business Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia E-mail: mchowdr@yahoo.com or m.chowdhury@uum.edu.my Received: December 20, 2011 Accepted: January 9, 2012 doi:10.5296/ber.v2i1.1434 URL: http://dx.doi.org/10.5296/ber.v2i1.1434 Abstract This study explored the effects of motivational factors on women entrepreneurship venturing in Malaysia. The research was conducted on 80 entrepreneurs through random sampling technique. All hypotheses were tested using regression analysis and Pearson correlations, controlling for demographic variables of gender, age, and education, years of experience, and start-up funding. While the results of this study found significant effect of pull motivational factors, there is a marginal effect of push motivational factors on women entrepreneurship venturing in Malaysia. Implications and a number of recommendations are discussed. Keywords: Women entrepreneurship,...

Words: 4601 - Pages: 19

Premium Essay

Management Styles: American Vis-a-Vis Japanese

...on each other's strengths in order to better cope with growing external pressures is significant because both eountries now share a similar socio-economic situation characterized by a low rate of economic growth, a high degree of vulnerability to external variations and an advanced stage of technological development. A comparative analysis of the quality of management must first determine what is to be measured. 23 If the criterion is profit performance, most of the major Japanese companies compare favorably with leading American firms, and that is where the comparison ends. What is more meaningful is to measure the extent to which the underlying factors have contributed to profit perfonnance in the past, and how they will continue to function in the new socio-economic setting. These underlying factors consist of entrepreneurial quality, level of aspiration and executive quality. Entrepreneurial (juality is the degree of innovativeuess and propensity for risk-taking. Level of aspiration is concerned with the confidence that management instills within the organization (internal relations) as well as outside the organization (extenial relations). Executive quality refers to the decision making ability...

Words: 4413 - Pages: 18

Free Essay

Entrepreneurial Intensity in Communities

...com/1750-6204.htm Factors influencing entrepreneurial intensity in communities Sibylle Heilbrunn Department of Business Administration, Ruppin Academic Center, Israel Abstract Purpose – The purpose of this paper is to explore the factors influencing entrepreneurial intensity. More specifically the study addresses the following objectives: propose a way to measure entrepreneurial intensity within the community context in order to determine entrepreneurial activity over a period of ten years, detect the factors influencing the entrepreneurial intensity, and finally locate Kibbutz communities on the entrepreneurial grid. Design/methodology/approach – Kibbutz communities are the level of analysis. Using a comprehensive questionnaire, a sample of 60 Kibbutzim – constituting 22 percent of the population of Kibbutz communities in Israel – was investigated over a period of ten years. The same questionnaire was administered to the same sample Kibbutzim (Kibbutzim is the plural of Kibbutz) in 1994, 1997 and 2004. Collected data include number and types of enterprises, economic strength, organizational size and age, and features of organizational structure and culture. Findings – Quantitative data analysis revealed a significant increase of entrepreneurial activity of Kibbutz communities in terms of frequency, degree and intensity of entrepreneurship. Organizational size and age have an impact on entrepreneurial intensity as well as the existence of an “entrepreneurial vehicle.” On the entrepreneurial...

Words: 6120 - Pages: 25

Premium Essay

Will Bury Goes Global

...Economic Concepts The Economic Concepts in the Will Bury Goes Global Scenario are labor, entrepreneurial ability, and capital. By determining the time it will take to digitalize hardcopy books Will Bury is focusing on the labor. Because currently Will Bury himself is doing the entire work for digitalizing Will needs to concentrate on the labor factor of economic concepts and recruit trained employers for digitalizing hardcopy books. Will wants to maximize the profits; therefore Will has a dilemma on labor aspect because employing people will cost Will Bury to pay for the wages. Capital is the next economic concept in Will Bury Goes Global Scenario. According to McDonnel-Brue,” The capital includes all manufactured aids used in consumer services and producing consumer goods”(McDonnel-Brue, p. 23). For Gaining profits in digitalizing hardcopy books business Will Bury must develop facets and equipments for transforming the printed books into the digital soft copies. Will is capturing the difference between capital verse consumers when changing into digital sound from written copyrighted print. Entrepreneurial ability is the last economic concept in the Will Bury Goes Global Scenario. Entrepreneurial ability is factoring the risks into one and therefore entrepreneurial ability is the most important economic concept. According to McDonnel-Brue,” Entrepreneur is an innovator assuming risks for initiating projects and takes strategic decisions in business” (McDonnel-Brue, Pgs 23-24)...

Words: 1181 - Pages: 5

Premium Essay

Entrepreneurship Leadership in the 21st Century

...The past thirty years have witnessed the most powerful emergence of entrepreneurial activity in the world. Entrepreneurs are now described as aggressive catalysts for change in the world of business; individuals who recognize opportunities where others see chaos, contradiction, or confusion. They have been compared to Olympic athletes challenging themselves to break new barriers, to longdistance runners dealing with the agony of the miles, to symphony orchestra conductors who balance the different skills and sounds into a cohesive whole, or to top-gun pilots who continually push the envelope of speed and daring. The U.S. economy has been revitalized because of the efforts of entrepreneurs, and the world has turned now to free enterprise as a model for economic development. The passion and drive of entrepreneurs move the world of business forward as they challenge the unknown and continuously create the future (Kuratko, 2002). Several methods have been used to measure the impact of entrepreneurial ventures on the economy—for example, efforts to start a firm (which may not be successful), incorporation of a firm (which may never go into business), changes in net tax returns filed (reflecting new filings minus filings no longer received), and a substantial amount of full-time and part-time self-employment. According to the Small Business Administration, 672,000 new businesses were created in 2005; the largest in US history (even 12% higher than the...

Words: 6402 - Pages: 26