What role does entrepreneurship play in the economy? Discuss how globalization i

Question

• What role does entrepreneurship play in the economy? Discuss how globalization is affecting entrepreneurship in the United States. With competition from so many multinational companies, do you think there are still opportunities for entrepreneurs? Why or why not?

• What role does entrepreneurship play in the economy? Discuss how globalization is affecting entrepreneurship in the United States. With competition from so many multinational companies, do you think there are still opportunities for entrepreneurs? Why or why not?

Explanation / Answer

Entrepreneurs are the spark plug in a country’s engine, activating and stimulating all economic activities. Entrepreneurship is the critical determinant of the level of prosperity, performance and opportunities in a country. It brings creativity and motivation which further triggers the production and sale of new products and services. They bring together money, raw materials, manufacturing facilities (land or buildings), engage unskilled/ skilled labor to produce a product or service, despite of a big or small business. Entrepreneurship brings Wealth Creation and Sharing, create jobs opportunities, balances regional development, improves standard of living of people, contribution in Exports and Community Development and finally to GDP and Per Capita Income.

Impact of Globalization on Entrepreneurship in the United States:

The ever increasing globalized and challenging world has resulted into demand of more competitive and creative Entrepreneurs, more competitive products and enhanced services. Globalization has incurred higher need of Demand for Education Fields/Programs, Vocational Education (Carpentry, Automotive, Sewing, etc.), Technical Education (Electrical, Engineering), Computers & ICT Education, and Business & Entrepreneurship Education, which further has boosted Entrepreneurship in the United States. It is raising awareness and opening minds towards entrepreneurship, encouraging people to go for economic, social, cultural change, integrating societies and increasing social mobility.

Opportunities for entrepreneurs can be discussed as:

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.