Entrepreneurship is one of the most important dynamic forces
that can help shape the economies of nations today.
Entrepreneurship gives rise to new products and services or
creates new value for already existing products or services. Today,
the largest companies in any country are entrepreneurial in origin.
Moreover, without entrepreneurs it is impossible to imagine the
rapid economic progress of any developing country.
Entrepreneurship is an engine that provides employment to people
while generating wealth. For instance, in countries such as the
Philippines, Korea, Japan and China, Small and Medium
Enterprises (SMEs) comprise around 70% of the total labor force. “Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is
created by individuals who assume the major risks in terms of equity, time and/or commitment
or provide value for some product or service. The product or service may or may not be new
or unique but value must somehow be infused by the entrepreneurs by securing and allocating
the necessary skills and resources.” Globalization needs entrepreneurs. No country in the world has made it as a significant, active,
and meaningful player in the global economy and global society without a critical mass of
entrepreneurs operating in a supportive but competitive environment.
The level and quality
of entrepreneurship is a good indicator of the overall development of society and readiness for
globalization.Countries that have a high concentration of entrepreneurs have noticeably higher
levels of economic and social development in contrast to those countries that don’t have many
entrepreneurs . Historically, countries with successful entrepreneurs operating in different societal
endeavors have achieved faster rates of economic growth, enjoyed more broad-based improvements in
peoples’ standards of living and quality of life and participated more competitively in the global
economy and global society. |
