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Entrepreneurship as a Major Driver of Wealth Creation

Received: 26 July 2022     Accepted: 23 August 2022     Published: 5 September 2022
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Abstract

A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.

Published in International Journal of Economic Behavior and Organization (Volume 10, Issue 3)
DOI 10.11648/j.ijebo.20221003.11
Page(s) 78-82
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Entrepreneur, Entrepreneurship, Economic Development, Scalability, Social Development, Wealth Driver

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    John Ughulu. (2022). Entrepreneurship as a Major Driver of Wealth Creation. International Journal of Economic Behavior and Organization, 10(3), 78-82. https://doi.org/10.11648/j.ijebo.20221003.11

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    John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int. J. Econ. Behav. Organ. 2022, 10(3), 78-82. doi: 10.11648/j.ijebo.20221003.11

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    AMA Style

    John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int J Econ Behav Organ. 2022;10(3):78-82. doi: 10.11648/j.ijebo.20221003.11

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  • @article{10.11648/j.ijebo.20221003.11,
      author = {John Ughulu},
      title = {Entrepreneurship as a Major Driver of Wealth Creation},
      journal = {International Journal of Economic Behavior and Organization},
      volume = {10},
      number = {3},
      pages = {78-82},
      doi = {10.11648/j.ijebo.20221003.11},
      url = {https://doi.org/10.11648/j.ijebo.20221003.11},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20221003.11},
      abstract = {A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.},
     year = {2022}
    }
    

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    AB  - A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.
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Author Information
  • Department of Entrepreneurship & Innovation, Higher Place Christian University, Atlanta, USA

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