Report on Entrepreneurship Business Global Factors

Question: Describe about the Report on Entrepreneurship for Business Global Factors. Answer: Introduction Entrepreneurship plays an important role in the development of an economy whether national or global. It is affected by several domestic as well as global factors. An entrepreneur has to consider all the factors affecting the entrepreneurial process. The domestic as well as global factors will not necessarily be always in favor of the process; sometimes they could be negative for the business too. Role of entrepreneurship in the development of the national and global economy Entrepreneurship is the capacity and willingness to innovate, organize and manage a business while taking calculated risks for the profits. An entrepreneur has to be a planner and a visionary for the venture to be successful. He should be passionate and motivated and must be able to calculate risk along with being flexible. The most important thing for entrepreneurship is managing- managing people, managing money and managing resources and managing the situation. Entrepreneurship serves a very important purpose by contributing to the continuous development of the economy of a nation (Colette, 2011). Entrepreneurship improves the economy of a nation as well as it also helps in improving global conditions. Employment opportunities for the people - entrepreneurship generate employment opportunities for the people. A steady income and a healthy job help tremendously in improving the economic conditions. Taxes helps the economy- taxes paid by the entrepreneurs help the government in making public expenditure and improving the scenario of the country. One entrepreneurial venture leads to development of another venture and that in turn boosts employment opportunities and improves economy. Entrepreneurship leads to development in technology- technological advancements helps improve the economic and living situation of a country. It not only adds to the national income of the country but also create social changes that help in the advancement of the nation. Entrepreneurship also leads to community development. Entrepreneurship also encourages trading with another countries. This not only makes the optimum use of the resources around the world but also leads to better relations between the two countries and improves the position of the countries on the financial platforms. The government of the U.A.E. has expanded their support to develop the entrepreneurial scenario of the country by facilitating, enabling, supporting and developing the policy of development and advocacy that removes barriers, training and capability development to increase productivity and competitiveness, incubation and access to finance and market access (Dubai SME, 2011). Key factors that influence Entrepreneurship Domestic factors- These are the internal factors of the country that can either promote entrepreneurial development or can be a hindrance in the process. These factors are (Bharat, 2013): Education scenario of the country- if a country has good education system and provides good opportunities for elementary and high level education then it is a factor that encourages entrepreneurial development. Health- higher the life expectancy and good health conditions improve the working capacity. Infrastructure- if a country has good infrastructure in terms of transport, electricity, postal system, telecommunication and public services then it is a positive factor in promoting entrepreneurship. Political stability and lack of corruption are the major factors that encourage people to become entrepreneurs. If the Legal system is not complex and supports the entrepreneurial practices then it is also a positive factor. Financial system, macro finance, credit and taxation- if all these are kept in alignment with the view to promote and develop entrepreneurship then it will be a positive factor. Income distribution high income inequity can be a major barrier to growth and entrepreneurship development. Global Factors these are the factors that are global in nature but affect the entrepreneurship development in all the countries whether in a positive or negative manner (Max, 2016). Sustainability and Environment- issues such as global warming, going green are very powerful forces in global terms and affect the business of each and every country. Technological advancement advancement provides business the leverage to develop and expand their markets. Emerging markets- any new market could be a potential opportunity for a business to expand its operations. Emergence of any new market will affect entrepreneurship of the related countries. Cultural and religious ideologies define how the business in the country is conducted. This also defines their business relations with other countries. Conclusion Entrepreneurship is the major factor that boosts the economy of the nation. It leads to development of the economy and strengthens its systems. The nation is benefited if it promotes entrepreneurship. The several factors that influence it are, technology, political stability, emerging markets, Current trends, technology and sustainability and environment to name a few. It is concluded that entrepreneurship helps in boosting the economy of the country and also strengthens its position on a global map. References Bharat (2013). Domestic Factors and Economic Development. [Online]. Available at URL: https://hubpages.com/education/Domestic-Factors-and-Economic-Development [Accessed on 19th October 2016]. Colette, S. (2011). How Entrepreneurs Improve the Economy. [Online]. Available at URL: https://www.brighthub.com/office/entrepreneurs/articles/47092.aspx [Accessed on 19th October 2016]. Dubai SME. (2011). The Role of Government in Supporting Entrepreneurship SME Development. . [Online]. Available at URL: https://www.oecd.org/mena/competitiveness/47246782.pdf. [Accessed on 19th October 2016]. Max, B. (2016). What Are Some Ways in Which Global Forces Affect Business Today? [Online]. Available at URL: https://smallbusiness.chron.com/ways-global-forces-affect-business-today-67573.html. [Accessed on 19th October 2016].