Mock-up Test for Entrepreneurship
Entrepreneurship is a blanket term related to starting a business. Howard Stevenson of Harvard Business School, for example, has defined entrepreneurship as the “pursuit of opportunity beyond resources controlled,” considering it as a kind of managerial approach rather than a specific time, like a business’s creation, or a specific person within a business, such as its founder.1
While there are some complicating factors to the relationship between entrepreneurship, economic growth, development, and welfare, discussed below, the increase in economic growth from entrepreneurship is considerable. It is not, however, a magic bullet, and as discussed below broader economic conditions outside of entrepreneurship are important in determining whether economic growth occurs.
Entrepreneurial efforts have forced new social, political, and economic changes, holding out the promise for new innovations that will address intractable social problems such as climate change and structural racism. Notably, however, the results can vary, sometimes not creating as much social justice or positive development outcomes as initially promised.
Importance of Entrepreneurship In 2022 and Beyond
Summary An excellent article originally written by Shobith Setth