Entrepreneurial Economics Is the Study of Entrepreneurship

Entrepreneurial economics is the study of entrepreneurship and entrepreneurship within the economy. Only factors of production do not tell the overall economy growth they should be combined with innovative entrepreneurship and entrepreneur to measure the long term economic development. But entrepreneurship cannot be analysed by using traditional principles of economics because they do not consider it. For example: General equilibrium model which is mainstream of economics, do not consider entrepreneurship as entrepreneurship is all about disturbing equilibrium and focusing on rapid innovations. The characteristic of entrepreneurial economy is that high level of innovation is combined with entrepreneurial activity which results in creation of new ventures, products and services that leads to economic growth.
Entrepreneurship has been globally felt as a developmental & progressive idea for business World. Scott, (1986). Therefore entrepreneurship is considered as vital ingredient for not only globalization but at the same time for creating diverse opportunities for future potential performers. Mitra, (2002). To exploit the human resource to their optimum potential is one of the greatest challenges faced by innumerable business organizations in the contemporary economic world, where progress is quantified and consumed as an entity. Brush, (1992).
Entrepreneurship is not just confined to any one gender now rather due to multi-faceted economic pressures women have turned up & realized that the survival of their families & their own potential lies only in working side by side with men. Marlow, (2002).
Education of woman have no doubt given them immense confidence & encouragement to serve & discover new business avenues. However the ground realities do differ to a great extent as far as geographical boundaries are concerned. Globally women are considered as weaker gender physically and emotionally, therefore prospects open for them to develop into business professionals is an area still quite unexplored and needs attention. Wennekers, (1999). Overcoming the challenges of business world are no doubt more treacherous for women than their male counterparts, therefore they undergo various impediments to achieve their business success. Allen and Truman, (1993). Fortunately due to technological advancement & means of communication the world has turned into a global community which has created new channels & opened up avenues for women to explore not only their potential aptitudes rather search for better business opportunities. Carter, (2001).
Entrepreneurship for Women
A question arises here that what entrepreneurship means for a woman? How a woman conceives the idea of entrepreneurship?
Entrepreneurship is an idea or vision which a woman holds to explore and optimize which could help her create new jobs & economic empowerment among her fellow beings. Across the globe, generations of women from very different backgrounds show very encouraging sign of entrepreneur spirit. It is to be hoped that governments at all levels will work to provide an environment in which this spirit may flourish. Delmar, (2000). Over 200 million women are employed across all industry sectors, with half of this number is in developing countries. Gem report, (2007). Entrepreneurship by definition implies being in control of one's own life and activities
For a woman entrepreneurship is not a new concept but certainly keeps woman hesitant to be among start-ups due to societal and community trends and pressures. Many other factors do influence to keep woman away to be potential entrepreneurs especially in developing countries.
Developed nations have provided gender equality platforms to keep the woman workforce motivated to be entrepreneurs. However, women still face financial insecurity, business insurance & human resource challenges plus resistance from their male counterparts to be successful woman entrepreneurs.
Motivational factors for woman entrepreneurs
Contemporary trends in business world have increased the fertility rate for entrepreneurship development globally. Large organizations lead to challenging situations in all spheres therefore small & medium scale enterprises are encouraged to open up new business avenues with new and diversified products and services to satisfy the consumer needs by cutting costs at the same time. Delmar, carter and jones, (2000).
Motivational factors influencing woman to join the leading group of entrepreneurs are of two types. One is entrepreneurship by choice, and the other is entrepreneurship by necessity. Schumpeter, (2000).
Women become entrepreneurs by choice due to the following factors:
€ To materialize their idea into a capital
€ For their empowerment and freedom
€ To prove their worth among their male family members
€ To establish their own rules for their work
€ To overcome the deficiencies they faced during their job experience
€ A long term standing desire to own their own company
€ Working for someone else did not appeal to them
€ By necessity they are motivated to be entrepreneurs are:
€ To improve the quality of life of their children
€ To share the family economic burden
€ To adjust and manage household and business life successfully on their own terms
€ Due to the death or sickness of their husband.
How Entrepreneurs Come Up With Great Ideas
At the heart of any successful business is a great idea. Some seem so simple we wonder why nobody thought of them before. Others are so revolutionary we wonder how anybody couldn't thought of them at all.
But those great ideas don't come on command. And that leaves lots of would-be entrepreneurs asking the same question: How did everybody else get inspiration to strike€"and how can we work the same magic?