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In this book the author investigates the role of entrepreneurship in the socio-economic development of emerging economies, highlighting its vital part in implementing development programs and policy initiatives. In search of efficient ways to stimulate entrepreneurial activities, Entrepreneurship in Emerging Economies reviews recent academic research and accumulated policy implementation experiences to identify measures and instruments which can be adopted within emerging countries’ institutional context. Particular attention is given to three issues which have dominated the debate on the macroeconomic impact of entrepreneurship at the turn of the twenty-first century: job creation, innovation, and international trade and economic cooperation. In the final chapter the author offers a holistic model of entrepreneurship policy to address the particular needs of emerging economies, encompassing entrepreneurship policy, favourable institutional environments and pragmatic principles for implementing selective policy measures.



1. Introduction

In this book, I look at entrepreneurship from the macroeconomic, country-wide perspective. The key question is the one relating to the role that entrepreneurship plays in the process of socioeconomic development. The late 20th and the early 21st centuries brought a significant shift in the predominant paradigm regarding the drivers of economic development. The dominance of large corporations was increasingly disputed and researchers and policymakers turned their attention towards the role of young and/or small firms in the economy. These trends were closely linked to a shift observed particularly in developed countries, which have already created a strong manufacturing base and modern service sectors, and have moved towards a knowledge- and innovation-based economy. Entrepreneurship has been a key driving force behind these radical changes.
Jerzy Cieślik

2. Essence of Entrepreneurship

Entrepreneurship is a complex and multidimensional phenomenon. Despite extensive research having been conducted since the early 18th century, controversy and debate persist among researchers in relation to fundamental issues, such as the definition of an entrepreneur and the role of entrepreneurship in the economic and social development. Most vividly debated issues include the distinction between “true” entrepreneurs and small business owners, stage of company development and entrepreneurship, overlapping between entrepreneurship, innovation and management, whether one can be entrepreneurial outside the business sector and to what extent entrepreneurial success depends on the personal traits or relevant know-how and skills can be learned. The concept of ambitious entrepreneurship deserves particular attention of policymakers in emerging economies.
Jerzy Cieślik

3. Dimensions of Entrepreneurship

The principal characteristic of entrepreneurship as a socioeconomic phenomenon is its immanent diversity, which, arguably, poses a challenge for researchers. In turn, it is crucial that policymakers recognize the internal diversity of business establishments and their leaders, as it allows them to influence more effectively—with the use of various instruments—the pace and the directions of development within the enterprise sector. A total of 24 facets of entrepreneurship have been conventionally divided into three main groups. The first one is the segment of small business. The second group features entrepreneurship facets reflecting the renaissance of entrepreneurship at the turn of the 21st century. The third group encompasses diverse manifestations of entrepreneurial attitudes outside the business sector.
Jerzy Cieślik

4. Measuring Entrepreneurship: International Comparisons

Entrepreneurship is defined in a variety of ways both in research and for the purpose of determining the objectives and instruments of entrepreneurship policy. This creates some confusion and adversely affects the level of public debate about the nature, scale and role of entrepreneurship in socioeconomic development. Opposing views are represented not only by journalists, but also members of the academic community and politicians. Representatives of these divergent views cite data and indicators from various sources, which are constructed in different manners. It is, therefore, virtually impossible to settle the dispute and see a clear picture of the existing trends and patterns in entrepreneurship. In this chapter, an attempt will be made to clarify basic concepts and methods of measuring entrepreneurship to allow comparative analysis of the level of entrepreneurial activity worldwide and in Europe, with particular emphasis on lessons that can be learnt from such comparisons by the policymakers from emerging economies.
Jerzy Cieślik

5. Entrepreneurship and Employment

The significant contribution of smaller firms to employment and particularly, the creation of new jobs was, next to their crucial role in innovation, a key argument for rejecting the notion that the sector of small and medium-sized enterprises (SMEs) plays a peripheral role in the economy, thus calling for a new paradigm on the entrepreneurship renaissance that took place at the turn of the 21st century. The promotion of entrepreneurial activity for the purpose of countering unemployment remains at the centre of attention for policymakers. The recipe seems simple. Let’s encourage people, including the unemployed, to set up their own business: they will employ themselves and, in the future, might also give work to other job-seekers. In reality, however, the situation is much more complex. In order to use the entrepreneurial lever to fight unemployment effectively, one needs to have a thorough understanding of the trends prevailing in the business sector in order to identify categories of business establishments and the forms of entrepreneurial activity that generate new jobs. Equally important is the quality of jobs in the small business versus the corporate sector.
Jerzy Cieślik

6. Entrepreneurship and Innovation

Interest in the relationship between entrepreneurship and innovation can be attributed to the important role that the latter plays for both enterprises and national economies. For the emerging economies application of innovations to spur economic development should be viewed as the most promising approach in an attempt to narrow the distance that remains between them and global economic leaders. Knowledge of innovation processes taking place in enterprises is paramount for the implementation of a macroeconomic development policy. Does the “advantage of backwardness” apply to the global context at the turn of the 21st century? How can emerging economies make the best use of the entrepreneurial and innovative potential of their societies? Which innovative strategies work best for companies from emerging economies striving to catch up with global leaders? These issues and dilemmas shall be addressed in Chapter 6.
Jerzy Cieślik

7. International Dimension of Entrepreneurship

Entrepreneurship revival at the turn of the 21st century has also been reflected in international business operations. Smaller companies, taking advantage of the new opportunities engendered by modern information and communication technologies (ICT) and progress in international economic integration, sought to conquer international markets. The latter trends coincided with a strategic direction observed in emerging economies that strive to achieve long-term development goals through deeper integration with global capital and product markets. It has translated into several policy directions. Firstly, it has been recognized that the expansion in international markets can accelerate the growth of domestic firms, particularly in manufacturing and modern service sectors. In the case of high-tech start-ups from emerging economies, their success is practically impossible without co-operative links and a direct presence in key global technology centres. Secondly, the widespread criticism of the negative role played by multinational corporations in developing host countries has been gradually replaced with a more balanced approach. It has been acknowledged that foreign direct investment brings both negative and positive effects and that the overall balance of gains and losses can be improved by effective policy measures vis-à-vis transnational corporations. The third direction has been based on the notion that emerging economies need to develop the upper echelon of domestic companies that will operate as truly global players, thus strengthening the position of a given country in the global economy.
Jerzy Cieślik

8. Entrepreneurship Policy: Towards an Integrated Framework

In this chapter, entrepreneurship policy is discussed in the context of emerging economies with particular focus on three major issues. First is the rationale for the state’s intervention in the enterprise sector. Second, the goals that public authorities intend to achieve by implementing a variety of entrepreneurship policy instruments. As evidenced by experience, these objectives are disparate and form various relationships: synergetic, neutral and—sometimes—competitive. Third, a holistic concept of a National Entrepreneurship System (NES) will be presented. The NES concept is rooted in the institutional context of socioeconomic policy, based on the notion that effectiveness in policymaking is determined not only by specific instruments and programmes, but also by a set of rules and standards, as well as the functioning of business support organizations, which should operate in a co-ordinated manner, thus forming a coherent system.
Jerzy Cieślik


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