The transformation of ideas into economic opportunities is the crux of entrepreneurship. History shows that pragmatic people who are entrepreneurial, creative and innovative, able to exploit opportunities and willing to take risks, have significantly advanced economic progress. For example, the USA gets more than half of its economic growth from industries that barely existed a decade ago. This is directly attributable to innovative entrepreneurs and their start-up businesses.
Entrepreneurs can produce new solutions to old problems, and they always challenge the status quo. Entrepreneurs are risk-takers who pursue opportunities that others may fail to recognise or may even view as problems or threats. Entrepreneurs are closely associated with change, creativity, knowledge, innovation and flexibility, which are all factors that are increasingly important sources of competitiveness in an increasingly globalised world economy. Therefore, fostering entrepreneurship means promoting the competitiveness of businesses.
At a macro-level private sector development and entrepreneurship development are essential ingredients for achieving the United Nations Millennium Development Goal of reducing poverty. While sound macroeconomic policies and providing market access are crucial, emerging markets need to nurture and develop entrepreneurs able to take advantage of the opportunities created by globalisation.
At a national level, entrepreneurs can play a vital role in the economic development of the country and the social upliftment of its people. As with the rest of the private sector, entrepreneurial development is a powerful engine of economic growth and wealth creation, and crucial for improving the quality, number and variety of employment opportunities for the poor. Economically, entrepreneurship invigorates markets. The formation of new business leads to job creation and has a multiplying effect on the economy. Socially, entrepreneurship empowers citizens, generates innovation and changes mindsets. These changes have the potential to integrate developing countries successfully into the global economy.
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