Introduction

The development of new entrepreneurial ventures plays a key role in shaping any national economy. Entrepreneurial firms are a source of growth and innovation in the industry for owners and provide jobs for the local population. They are also believed to offset economic declines and help to restructure existing industry. A healthy entrepreneurial sector is critical to any national economy and imperative to economic growth for several reasons. First, it is estimated that six out of every ten jobs are created by entrepreneurial firms. Second, young firms are spearheading the industrial transformation from traditional industries into high technology sectors. Third, entrepreneurial firms are at the forefront of developing innovations with a clear competitive advantage; they are known to commit more capital and resources to research and development when compared with more established corporate entities. Last, entrepreneurial firms are making significant inroads in developing global markets.