The Functional Contribution to Organizational Success – Discussion—Entrepreneurs and the World of Bu

Part 1

The increase in entrepreneurship activities across the globe has instigated the rise in the number of entrepreneurs in different parts of the world. A number of factors both economic and cultural contributed to the significant growth of entrepreneurship (Schramm, 2004). Innovation and advancement in technology are the major factors that have contributed to the growth of entrepreneurship activities.

  • Technology advancement enhances the accessibility of entrepreneurship making it more reachable to many people. Also, change is instigated with the advancement of information technology making entrepreneurship the only option to embrace the changes.
  • The suitable start-up environment availed to business-people eliminates any probable challenges in starting up a new business, thus contributing to the growth of entrepreneurship (Baron, 2006).
  • Funding for execution of the entrepreneurial activities has also been made available in the recent times. The Great Depression saw a significant restraint in capital borrowing that barred most people from becoming entrepreneurs. However, the elimination of most restraints has not only made loan accessible to entrepreneurs but have contributed to the increasing global entrepreneurship.

The number of entrepreneurs in different parts of the globe is expected to increase in future. Technology and innovation is expected to be disruptive leading to the creation of new markets and making the existing ones unpredictable. As such, most people are likely to be involved in their own business enhancing the

The three main reasons that influence people to become entrepreneurs are desire to be their own boss, need to pursue their innovation and ideas and the wish to acquire better financial rewards.

Become own boss-most employees have a desire of becoming their own bosses in future. These individuals are likely to consider venturing in new businesses to fully satisfy their desires

`           Pursue own innovation and ideas- People tend to identify opportunities and work towards exploiting them to fill certain gaps in the market (Warnecke, 2013). The desire to exploit the identified opportunity is a motivating factor for an individual to become an entrepreneur. Financial rewards through enhanced profitability and improving the value of the new start-up are also reasons for the                                                                                                                                                                              

References

Baron, R. A. (2006). Opportunity recognition as pattern recognition: How entrepreneurs “connect the dots” to identify new business opportunities. Academy of management perspectives20(1), 104-119.

Schramm, C. J. (2004). Building entrepreneurial economies. Foreign Affairs, 104-115.

Warnecke, T. (2013). Entrepreneurship and gender: An institutional perspective. Journal of Economic Issues47(2), 455-464.

Response

Flexibility, talent matching and availability of space may explain the reason for the growth of entrepreneurship. However, the factors are not effective in justifying the motive behind the significant growth in entrepreneurial activities. Flexibility and talent matching can still be achieved even in an employment scenario. As San Tan & Ng (2006) indicates stronger factors such as advancement in technology, and a suitable business environment can effectively explain the significant growth in the number of entrepreneurs in different parts of the world. Inclusion of such factors in the analysis section would have enhanced the quality of the responses

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