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Harvard
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Management
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Essay
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English (U.S.)
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Entrepreneurial Economies in the Society

Essay Instructions:

You are required to write an essay which critically evaluates entrepreneurship in an economy of your choice. You can choose your own country or any developing economy, emerging economy, or an advanced economy. Your essay will enhance our understanding of the entrepreneurship process in the economy of your choice. Your essay must demonstrate your knowledge of “how entrepreneurship is fostered and/or hindered in the economy of your choice?”. You are strongly encouraged to include a discussion of how the Covid 19 pandemic affected entrepreneurship including how both entrepreneurs and policy makers responded to this exogenous shock that affected almost all businesses globally. In addition, you should succinctly examine entrepreneurial processes, innovation, the institutional environment and how it promotes or inhibits entrepreneurship in that country. For instance, some institutional realities (such as regulation, corruption, export promotion strategies, import substitution strategies…etc) and other relevant variables might hinder or promote entrepreneurship. On the other hand, innovation and technology are enablers. Based on entrepreneurship theories and relevant concepts of economic development, you are expected to provide empirical evidence in support of your arguments and reasons for your thinking. A critical evaluation means providing a critique of the various relevant debates including the evaluation of policies, the R & D or technology landscape designed to promote entrepreneurship. You should make use of existing published literature in international peer-reviewed journals (e.g. Entrepreneurship: Theory & Practice), book chapters, policy reports and evidence from the business press (e.g. the Economist magazine, Financial times) to substantiate your understanding of the key drivers of the entrepreneurship process in the economy of your choice. You can include both qualitative and quantitative literature.

Essay Sample Content Preview:

Entrepreneurial Economics Essay
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Table of Contents TOC \o "1-3" \h \z \u Table of Contents PAGEREF _Toc62511130 \h 1Introduction PAGEREF _Toc62511131 \h 2Identification and evaluation of opportunities PAGEREF _Toc62511132 \h 2Development of a plan. PAGEREF _Toc62511133 \h 3Implementation. PAGEREF _Toc62511134 \h 3Growth. PAGEREF _Toc62511135 \h 5Covid-19 Impact PAGEREF _Toc62511136 \h 5Way forward for the economy. PAGEREF _Toc62511137 \h 6Conclusion PAGEREF _Toc62511138 \h 8
Introduction
Entrepreneurship refers to finding an existing market gap and addressing it in a way to generate profits. Every step of this process is marred with challenges. To finally create a sustainable and profitable business venture, entrepreneurs have to take financial risks and navigate many issues that threaten their vision. Entrepreneurs are bound to encounter numerous failures such as lack of funds, low demand in the market, or internal sales decisions. Some rise above it while others are not so fortunate leading to the closure of the once-promising business ventures. The risk involved makes entrepreneurial ventures so rewarding as the consumer market favors individuals who see opportunities, solutions, and endless possibilities where others see problems. This essay seeks to understand entrepreneurship's process through the critical analysis of Singapore's developed economy and how its institutional environment has allowed entrepreneurship to thrive.
Identification and evaluation of opportunities
Over the past decade, Singapore has managed to position itself among the leading economies thriving in innovation, research, and development. Its vibrant entrepreneurial environment is becoming an attractive proposition for local and international innovation startups. For instance, Taiger is an artificial intelligence company founded in Spain which recently moved its intellectual property and key operations to Singapore. The vibrant innovation ecosystem has also aided local startups such as mobile security specialist V-Key and visual search solutions provider ViSenze to make their mark globally. The county has made this possible by providing quality infrastructure, research facilities, a pool of well-trained talent, and most importantly, support from the government.
These factors have been attributed to the competitive and attractive ecosystem of doing business. Consequently, this has placed Singapore at number one in innovation among Asian nations according to the annual Global Innovation Index 2017 CITATION For18 \l 1033 (Forbes, 2018). Commitment to research and development by the government and private sector has allowed entrepreneurship to thrive. For instance, there have been investments of around S$19 billion (US$13.9 billion) in the research and development capabilities of Singapore Under the government's Research, Innovation, and Enterprise Plan (RIE 2020). These investments support strategic plans in sectors with high growth predictions over the next five years, such as health, engineering, digital economy, urban solutions, and biomedical sciences CITATION For18 \l 1033 (Forbes, 2018).
Development of a plan.
Over the last five decades, Singapore's phenomenal economic development ha...
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