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Entrepreneurial Industry Model

819 Words4 Pages

7.0 Entrepreneurial Industry as a mean of economic growth model In their research, Arcs and Armstrong (2003) have established the strong positive correlation between entrepreneurship and employment growth. It also considered as a vehicle to incorporate human capital, enhancing research and development and bring along innovation in an economy (Glaser, 2006). As per Schumpeter’s concept of entrepreneurship, the advancement of the entrepreneurship industry is a valid indicator of innovation. Therefore, improving the entrepreneurship policies and promoting innovation programs would lead to sustainable and economic development. Lindstrand (2003) earmarked that in the actual competitive and challenging business environment, the success of any firm …show more content…

Research should be conducted and questions asked to all actors in the business to gather the maximum relevant information possible which will be used for decision making. Here, Ansoff Matrix could be of prime importance. • Understanding the future customer  In most business plan, emphasis is being laid on the financial aspect of the business such as cash flow statement, how financing will be obtained? What technology will be used? etc. Less is being said about the potential customer but in the end , the customers will be the primary determinants of the success of the firm. One of the most important aspects to understand is the customer’s buying behaviour which will determine the cash inflow for the survival of the firm. • Financial Resources  Cash is the life blood of any business. Some owners will want to inject their own capital in the business while others shall look for investors. However, the cash flow forecast shall be of utmost importance as it will determine how much capital will be needed for the business growth. Owners shall ensure not to rely too much on long term debts. A well balance debt/equity ratio shall ensure the going concern of the …show more content…

• New goods and services can meet unmet social needs • It creates social capital which is an important element for sustainable economic growth • It fosters a more equitable society Therefore, economic development policies should consider the following challenges that social entrepreneurship faces: • First, the access to finance is difficult. Banks often ask collaterals which cannot be provided by the small business. In Mauritius, the setting of the Small and Medium Enterprise scheme have helped a lot in the development of small firm. • Secondly, the education of leaders and counselling in this sector is of utmost importance to ensure proper development of the sector. The Small and Medium Enterprise Development Authority is providing this kind of support in our local environment. • Thirdly, Government have to implement incentive programs such as Tax rebates to encourage the entrepreneurship. The latest budget in Mauritius have provided to this kind of

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