The Importance of Entrepreneurship in Global Business

Background

The concept of entrepreneurship encompasses the creation of ideas, companies, and patents as well as the thought process behind these creations (Baumol & Strom, 2007). Entrepreneurship has been the engine propelling much of the growth of the business sector as well as a driving force behind the rapid expansion of the social sector (Austin, Stevenson, & Wei-Skillern, 2006). Research in entrepreneurship is an important subject (Blackburn & Kovalainen, 2009), encompassing the multiple theoretical and methodological traditions (Gartner, Davidsson, & Zahra, 2006) and focusing on business growth (Galloway, Kapasi, & Sang, 2015).

Entrepreneurship is attracting substantial attention from policy makers, educators and among the young people themselves as a driver of economic growth and innovations. With fewer jobs being available in the labor market and potential employees not possessing the skills sought after by employers, one solution is for young people to become entrepreneurs and create the opportunities for themselves (UNESCO, 2012). Entrepreneurship can be taught, and entrepreneurial education in universities is critical for entrepreneurship education (UNESCO, 2015). A long-term vision for entrepreneurial education is necessary, complemented by the careful consideration of how to make entrepreneurship education relevant to young people (UNESCO, 2013).