NOVICE NASCENT ENTREPRENEUR

Impact of Entrepreneurial Networks on the Novice Nascent Entrepreneur Setting Up a Business for the First Time

Impact of Entrepreneurial Networks on the Novice Nascent Entrepreneur Setting Up a Business for the First Time

Introduction

Entrepreneurship is the result of a well controlled, systematic method of applying creativity and discovery to desires and possibilities in the marketplace. It involves applying concentrated schemes to new concepts and new insights to conceive a product or a service that satisfies customers' desires or explains their problems. Millions of persons come up with creative ideas for new or different goods and services; most of them, although, not ever do anything with them. Entrepreneurs are those who attach their creative ideas with the purposeful action and structure of an enterprise. Thus, thriving entrepreneurship is a constant method that relies on creativity, discovery, and submission in marketplace. (Cooper, Gimeno-Gascon & Woo, 1994) Entrepreneurship in the 21st years will be more comparable because of technological innovation, competitiveness, and demands and troubles from workers.

The study of new venture creation or entrepreneurship has been the subject of many studies. The subject has also obtained attention of policy makers and governments as new ventures are viewed important for the economic growth and development of any country, because it generates both capitals for the economy of the country & employment opportunities. Baumol (1990) stated that the production elements in this regard might be essential but are not adequate for economic health of the country. For example, it has been observed in many studies that enormous funds in physical and human capital in many centrally planned and developing economies are unsuccessful to generate enough wealth as development of economies are not reliant on the simple aggregation of the elements of productions. In sequence for the different elements of production to interpret into economic growth, productivity and human creativity are necessary. Thus, it is now completely understood that entrepreneurship is desirable to unite the inputs in beneficial ways. (Cooper, Gimeno-Gascon & Woo, 1994)

Mostly entrepreneur are viewed as living treasures for a nations that is why they are considered as the most important factors that push countries into a spiral of increasing financial health. (Greene and Brown, 1997) Practically most of the countries to fulfill the aim of growth and development focused on increasing the entrepreneurial activity and potential inside their country by creating an attractive and compassionate organizational infrastructure to encourage the creations of new enterprises, i.e. by grants, sustaining infrastructure and providing tax incentives. (Audretsch and Thurik, 2000; Audretsch et al., 2001) The simple hypothesis is that an institutional atmosphere that promotes dynamic entrepreneurship is the critical determinant of economic health. Present econometric studies' results indicate the fact that entrepreneurship is surely a crucial determinant of economic growth (Baumol, 1990). Additionally it has also been discovered that poor entrepreneurship results in costs in terms of predetermined economic growth, therefore poor entrepreneurship can have adverse cost results for the countries (Aldrich, 1990). Although entrepreneurship has been considered significant to the financial development ...