GLOBAL ENTREPRENEURSHIP MONITOR

Global Entrepreneurship Monitor Reports on Entrepreneurship in Latvia, United Arab Emirates and United Kingdom



Global Entrepreneurship Monitor Reports on Entrepreneurship in Latvia, United Arab Emirates and United Kingdom

Introduction

Entrepreneurship or the creation of a new venture by individuals or private businesses plays an important role in the social and economic development of a country. The innovation in the business industry brought about by innovation is considered to be an important source of creating new jobs and adding value to the economic system of a society. The economics of the entrepreneurship can be identified by the generation of innovative ideas and production processes carried out through new ventures. In this way, it can be said that the wealth of the nations is relied upon its ability to create more jobs which can be achieved through innovation and entrepreneurship. Entrepreneurship helps in the development of a particular sector in a country and increases the gross domestic product of a country. The globalization has modified the aspects of entrepreneurship and lead to a competition in the area of entrepreneurship (Porter et al., 2002).

The rules and regulations of conducting a private business with innovation have provided several benefits to the entrepreneurship along with the numerous challenges. The level of entrepreneurship in a country may determine the growth and development of the nation. However, there is a need to develop measures that could identify the specific role of entrepreneurship in an economy. One of the global measures of entrepreneurship activities in the countries of the world is the GEM (Global Entrepreneurship Monitor) that analyzes the factors that influence the level f entrepreneurship in a country (GEM, 2012). This paper discusses GEM reports on different countries regarding the activity of entrepreneurship and relates the different factors in the economy of a country that promotes or demotes the entrepreneurship in a country. The countries selected for the analysis includes Latvia, United Arab Emirates and United Kingdom. The paper also explains the differences between the entrepreneurship in these countries.

Global Entrepreneurship Monitor (GEM)

Global Entrepreneurship Monitor is a global project that assesses the entrepreneurial activities of the countries on an annual basis. It analyzes the development and progression of entrepreneurship in the countries through the evaluation of the attitudes and aspirations of the individuals towards the entrepreneurship. There are several countries of the world included in the Global Entrepreneurship Monitor project. The project was initiated in the year 1999. The origination of the Global Entrepreneurship Monitor project developed due to the partnership between the Babson College and the London Business School. Initially, it covered the entrepreneurial assessment of 10 countries of the world. After that it progressed and around 100 national teams from different countries of the world participated in the Global Entrepreneurship Monitor project.

The project paved a way towards an annual growth and development in 2011. The estimated budget of the global project of Global Entrepreneurship Monitor is around $ 9 Million USD. It is considered to be the largest ongoing study in the field ...