Powering the Economy through Entrepreneurship

Abstract

This paper discusses the relevance of entrepreneurship to the economy, barriers faced by entrepreneurs/entrepreneurship, the type of entrepreneurs the economy needs to grow and develop, and what powers entrepreneurship. In doing these, the various meanings given to entrepreneurship and entrepreneur by various authorities, since their noticeable contributions to the advancement of economies from the 1700s, are examined. The conclusions there include the fact that entrepreneurship is discontinuous-creative destruction of old ways in products and services that initiates changes when the opportunity exists and disappears to come again when the need arises. It is also a vital engine for economic growth and development. And for entrepreneurship to power the economy entrepreneurs must possess certain qualities among which are avoidance of greed and the ability to transition in character as the business grows/develops. Some recommendations on how to sustain the importance of entrepreneurship as a major economic stimulator in the 21^st century are also offered.