All over the world, the economic development has largely been heavily influenced and driven by entrepreneurship. Entrepreneurship has been able to create new job opportunities and open up potential markets and impacted positively on the global economy. Most countries in the world are encouraging entrepreneurship among the youth and women to drive the economy. This assignment will focus on discussing the central concepts associated with entrepreneurship and how the concepts contribute to the national and global economy. Furthermore, the role of entrepreneurship policies and their contributions to the United Arab Emirates economy will also be enumerated.
According to Yetisen et al. (2015), entrepreneurship is the process of designing, launching and running a new business by offering a product or service. An entrepreneur is a person who can identify an opportunity, take risks and create a business to attain profits. Advancement in technology has fueled entrepreneurship by presenting many business opportunities in the field of technology especially information technology. The major role of an entrepreneur is innovation and taking risks to exploit an opportunity (Zhang, et al. 2015).
Entrepreneurship has its challenges despite its benefits. For instance, lack of capital is the most common problem affecting entrepreneurship. Others include lack of experience, poor inventory, poor management, lack of financial management skills and inability to manage the growth of the business (Burdus, 2010). Entrepreneurship is influenced by several factors which determine its success or failure. These factors include globalization, demographics, development of new technology, the internet, etc.
Entrepreneurship is being embraced by various governments to spur economic growth and create job opportunities for the youth. Entrepreneurship has been widely emphasized both in developed and developing countries as a mechanism to reduce the increasing unemployment rates. It is for this reason that entrepreneurial hubs and centers have been set up in the main cities around the world such as Silicon Valley in California, Shenzhen Hi-tech industrial park in China, silicon wadi in Israel, Tsukuba in Japan, and Suwon in South Korea among others. Many of the new business created by these entrepreneurial hubs have made a huge difference in the world such as Facebook, Google, Cisco Systems, Adobe, etc. from the Silicon Valley. For instance, the GDP of California, India, Taiwan, Japan and South Korea have increased and unemployment rates reduced in the last decades partly due to entrepreneurship especially in the technology and computer fields. Silicon Valley is ranked third in GDP per capita in the world (MNM partners, 2015)
The millennium development goals which were set by the United Nations Development Program (UNDP) and the World Bank are majorly dependent on entrepreneurship to realize these aims, especially for developing countries. Some of the wealthiest individuals on in the world amassed their wealth through entrepreneurship, and they have contributed to global development through products that are life changing.
The United Arab Emirates economy is the second largest after Saudi Arabia and traditionally based on petroleum and gas. The various governments in the Emirates have identified entrepreneurship especially research and innovation to develop the economy to counter the consequences of fluctuating oil and gas prices. This plan is based on established innovation hubs and technology parks in higher institution of learning. For instance, the United Arab Emirate of Abu Dhabi is planning on injecting US$300 billion to build high-tech institutions of learning to foster innovation (Khaleej Times, 2015).The United Arab Emirates government has come up with a national innovation strategy. The plan is based on education funding and youth training.
The national innovation strategy prioritizes innovation in health, technology, transportation, clean energy; education and water (The United Arab Emirates, 2015).The Dubai Hub in Dubai and Dubai Education city are already under construction to boost innovation in technology and education respectively. Dubai hub brings together all innovators in the seven Emirates (The National, 2013).These change policies are having a positive effect on the economy which has seen megaprojects in hospitality, tourism and transport being completed and earning billions of revenues for the UAE government
Entrepreneurship is the best mechanism for fostering national and global development. Creditors and lenders should encourage entrepreneurship, especially among the youth by enabling them access capital so as to take advantage and realize real business opportunities. The United Arab Emirates is strategically positioning itself as the next innovation hub to spur entrepreneurship development. However, United Arab Emirates should improve its ease of doing business by getting rid of the bureaucracy. Moreover, the country should come up with policies to encourage and promote female entrepreneurs.
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The United Arab Emirates (2015).National Innovation Strategy. Retrieved from https://https://www.uaeinnovates.gov.ae/docs/default-source/pdfs/national-innovation- strategy-en.pdf?sfvrsn=2
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