Answer to Question #194930 in Management for Lucy

Question

“Emerging economies are characterized by an increasing market orientation and an expanding economic foundation. The success of many of these economies is such that they are rapidly becoming major economic forces in the world. Entrepreneurship plays a key role in this economic development”, what does this mean with regards to entrepreneurship in SA?

Answer 1

Answer

Findings on SA entrepreneurship show that most local entrepreneurs are optimistic and resourceful even as the region is enduring one of the most difficult economic periods. Further, the positivity of entrepreneurs is encouraging, and when supported, they acquire skills that give them a much better chance of succeeding. Despite the slow entrepreneurial ecosystem, entrepreneurship has been recognized at higher levels to boost economic growth, create jobs for the unemployed, and make SA globally competitive. Therefore, this explains why the emerging economies are characterized by an increasing market orientation and expanding economic basis.