Carving New Dimensions for Entrepreneurial Management: A Qualitative Inquiry From an Asian Subcontinent Region

Introduction

When it comes to describing the important drivers for the growth of any economy, entrepreneurship and entrepreneurs are considered to be the most significant drivers as they give birth to new employment opportunities, bring innovations as well as help stimulate the competitiveness in the market (Stoica et al., 2020). Entrepreneurship can also be described as innovation since it acts as a wheel of a vehicle for the movement of an economy in a forward direction, helping to get out of static equilibrium (Ratten 2020; Tsatsenko, 2020). Also, technological advancement can undoubtedly increase the level of entrepreneurial activities in the economy, serving as a systematic process of exploitation of opportunities in the market through innovation in technology and organization (Singh and Maurya, 2020). When an entrepreneur discovers an opportunity and utilizes it for the welfare of the society, it tremendously brings success to the innovator and its corporation (Omoruyi et al., 2017). Omoruyi et al., (2017), in their study reported the global perspective of entrepreneurship. Their study delineated that African economy remains undeniable while proving entrepreneurship an important driver for the creation of employment in African economies. Whereas, Indonesia has been operating mostly with micro-scale entrepreneurship which is most likely to help in improving the productivity as well as the income levels of the entrepreneurs (Kadarusman, 2020).

Based on the Global Entrepreneurship Monitor (GEM) report, some of the countries with most rising entrepreneurial activities in Asia are Thailand and Lebanon, placing them on the top fifth position in the world ranking of entrepreneurial employee activity. Whereas in Latin America, Brazil is the leading country with 14% of new business ownership rate (in which women have reported higher entrepreneurship rates than men). In Africa, Burkina is the World’s second largest entrepreneurial country while Belize is leading in North America with the highest-level. The intensity in technological innovation through entrepreneurship has increased the interest of government in entrepreneurial activities and small business development in order to boost economic growth and reduce unemployment. This has in fact resulted in making California the best known high-tech entrepreneurial center (Hisrich et al., 2020; Mazzarol, 2014). Cutting out the gender gap, women entrepreneurs of Bangladesh have outnumbered the males, playing a vital role for economic growth by increasingly getting into SMEs including, parlors, boutiques, restaurants and export-oriented businesses for job creation and eventually economic development (Hafiz and Latiff, 2020).