Entrepreneurship as a Major Driver of Wealth Creation

John Ughulu

doi:doi:10.11648/j.ijebo.20221003.11

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Entrepreneurship as a Major Driver of Wealth Creation

John Ughulu

Published in International Journal of Economic Behavior and Organization (Volume 10, Issue 3)

Received: 26 July 2022 Accepted: 23 August 2022 Published: 5 September 2022

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Abstract

A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.

Published in	International Journal of Economic Behavior and Organization (Volume 10, Issue 3)
DOI	10.11648/j.ijebo.20221003.11
Page(s)	78-82
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Entrepreneur, Entrepreneurship, Economic Development, Scalability, Social Development, Wealth Driver

References

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John Ughulu. (2022). Entrepreneurship as a Major Driver of Wealth Creation. International Journal of Economic Behavior and Organization, 10(3), 78-82. https://doi.org/10.11648/j.ijebo.20221003.11

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John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int. J. Econ. Behav. Organ. 2022, 10(3), 78-82. doi: 10.11648/j.ijebo.20221003.11

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John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int J Econ Behav Organ. 2022;10(3):78-82. doi: 10.11648/j.ijebo.20221003.11

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@article{10.11648/j.ijebo.20221003.11,
  author = {John Ughulu},
  title = {Entrepreneurship as a Major Driver of Wealth Creation},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {10},
  number = {3},
  pages = {78-82},
  doi = {10.11648/j.ijebo.20221003.11},
  url = {https://doi.org/10.11648/j.ijebo.20221003.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20221003.11},
  abstract = {A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.},
 year = {2022}
}

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TY  - JOUR
T1  - Entrepreneurship as a Major Driver of Wealth Creation
AU  - John Ughulu
Y1  - 2022/09/05
PY  - 2022
N1  - https://doi.org/10.11648/j.ijebo.20221003.11
DO  - 10.11648/j.ijebo.20221003.11
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 78
EP  - 82
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20221003.11
AB  - A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.
VL  - 10
IS  - 3
ER  -

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Author Information

John Ughulu

Department of Entrepreneurship & Innovation, Higher Place Christian University, Atlanta, USA

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John Ughulu. (2022). Entrepreneurship as a Major Driver of Wealth Creation. International Journal of Economic Behavior and Organization, 10(3), 78-82. https://doi.org/10.11648/j.ijebo.20221003.11

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ACS Style

John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int. J. Econ. Behav. Organ. 2022, 10(3), 78-82. doi: 10.11648/j.ijebo.20221003.11

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John Ughulu. Entrepreneurship as a Major Driver of Wealth Creation. Int J Econ Behav Organ. 2022;10(3):78-82. doi: 10.11648/j.ijebo.20221003.11

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@article{10.11648/j.ijebo.20221003.11,
  author = {John Ughulu},
  title = {Entrepreneurship as a Major Driver of Wealth Creation},
  journal = {International Journal of Economic Behavior and Organization},
  volume = {10},
  number = {3},
  pages = {78-82},
  doi = {10.11648/j.ijebo.20221003.11},
  url = {https://doi.org/10.11648/j.ijebo.20221003.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijebo.20221003.11},
  abstract = {A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Entrepreneurship as a Major Driver of Wealth Creation
AU  - John Ughulu
Y1  - 2022/09/05
PY  - 2022
N1  - https://doi.org/10.11648/j.ijebo.20221003.11
DO  - 10.11648/j.ijebo.20221003.11
T2  - International Journal of Economic Behavior and Organization
JF  - International Journal of Economic Behavior and Organization
JO  - International Journal of Economic Behavior and Organization
SP  - 78
EP  - 82
PB  - Science Publishing Group
SN  - 2328-7616
UR  - https://doi.org/10.11648/j.ijebo.20221003.11
AB  - A qualitative approach was utilized for this research studying the contribution of entrepreneurship in a total of 20 countries all over the world. Entrepreneurship is a process when a person identifies business opportunities, organize their resources, undertake, and manage risk of an enterprise to start a business. Entrepreneurship can be categorized into necessity entrepreneurship and opportunity entrepreneurship. Social entrepreneurship has both functions i.e., to make profit and to solve societal problems. Entrepreneurship promotes capital formation, creates large-scale employment opportunities, promotes balanced regional development, reduces concentration of economic power, creates, and distributes wealth, increase GNP and per capita income, improve living standard, promote country’s export trade, induces backward and forward linkages, facilitates development, create innovation, new business, and social change, leads to personal growth. Scalability is described as the company’s ability to grow without being hindered by available resources and it’s a structure when faced with increased production in both the context of business strategy and finance. There are five ways through which business can be scaled with automation: scaling financial processes, scaling customer service to improve satisfaction and service delivery, scaling lead generation in nurturing process, scaling sales processes and scaling legal operations. Entrepreneurship has a greater role in the economic development of a country. In economic development, the role of entrepreneurship varies from economy to economy depending upon industrial climate, material resources and responsiveness of the political system to the entrepreneurial function.
VL  - 10
IS  - 3
ER  -

Copy | Download