Entrepreneurship has become the single most important influencer of global development. There are at least three reasons for this and each reason is particular to certain types of countries.
1. In the West, the managed economy of the 1970s-2000s was characterized by reliance on big business and mass production. This has given way to a so-called entrepreneurial economy, with knowledge-driven goods and services now more flexibly provided by smaller firms, and the emergence of a creative class requiring less interference but more facilitation by the state.
2. In the emerging countries, especially the BRICs – Brazil, Russia, India, China – there has been impressive growth that has been driven by a veritable entrepreneurial revolution. In these economies, there is the need to sustain growth through sustainable access to resources, knowledge, markets, and low-carbon industrialization. This puts a premium on innovative entrepreneurship.
3. In the least developed countries, where aid dependency is high, donors have been shifting the emphasis in development cooperation towards private sector development. In many of these countries, including resource-poor North African countries, populations consist of many young people who see little prospects of gaining employment with decent wages. Promoting youth entrepreneurship here has become a vital policy objective of many development organizations and donors.
It is expected that entrepreneurship will, in light of the above, contribute to growth and employment creation in advanced, emerging and least developed economies alike. This is a reasonable expectation – one that is supported by recent findings of historians, economists and management scientists.
ISNUK™ will therefore be focusing on initiatives that foster entrepreneurship and instil in its members the spirit of creativity, self-reliance and self-employment as it is imperative to move away from a culture of 'looking for a job' and move towards a culture of 'creating a job'. This can lead to greater personal satisfaction and as such, happiness, as well as national happiness. [Make sure you read our blog post: 'Entrepreneurship and National Happiness'.]
If you are interested in finding out more about ISNUK's initiatives in this area, please contact us so that we can keep you informed.