Identifying intercontinental and cross-cultural opportunities and weaving them into unique profit-building innovations can be a daunting task for a small start-up, especially when a high cost-risk ratio is factored. Michigan State University offers a multitude of resources for global entrepreneurs for understanding how to tackle the most common roadblocks: market commonality/divergence recognition, foreign economy entrance, and network access for concrete business-services platform.
globalEDGE Blog - By Tag: global-entrepreneurship-series
How to encourage entrepreneurship? This is a question many universities, cities, states and nations ask themselves on an almost daily basis. The notion of entrepreneurship is a romantic one. Those who begin ventures in a dorm room or garage and achieve success are universally beloved – look no further than Bill Gates or Steve Jobs. The secret formula to release and cultivate the entrepreneurial spirit has long been debated. Could failure actually be a cause?
One of the more unique ways of fostering entrepreneurship that has really caught on in the last few years is microfinance. Initially started in 1976 by Muhammad Yunus in India, microfinance is where a financial institution gives a small loan (usually in the $5-50 range) to an impoverished family that otherwise wouldn’t have access to credit.
Starting a business is not an easy task. It’s one that takes hard work, dedication, and an entrepreneurial spirit that is willing to take on challenges. Despite the many challenges faced by entrepreneurs, starting a business has become easier in certain parts of the world as policymakers begin to recognize the importance of entrepreneurship. Entrepreneurial activities are extremely crucial for the economic well-being of almost every country. As the driving force of innovation and job creation, entrepreneurship has taken on a new level of significance in the global economy. However, certain countries lag behind others in terms of entrepreneurial activities. Differences in culture and business climate are the major factors affecting the level of entrepreneurship within a country.
Entrepreneurship is an important facet of every economy across the globe due to the fact that many times, these new businesses find success when going abroad. The most obvious form of entrepreneurship is starting a new business. Other forms exist as well including revitalizing a mature organization in response to a new opportunity or when large organizations spin off a part of their company, making a new company.