Entrepreneurial Environment Case Study 2022

Running head: ENTREPRENEURSHIP
Entrepreneurship
Name of the student
Name of the university
Author note

ENTREPRENEURSHIP1
Introduction
The term entrepreneurial environment can be considered as the combination of factors
that entrepreneurial development in the market (Bakhtiari 2019). Highlighting over all socio
cultural, political, people willingness and economic factors in a country, the entrepreneurial
activities can be observed. The purpose of this study is to shed light on the competitive
entrepreneurial environment in Australia and its impact on developing agile, innovative and lean
venture for exploiting opportunities as well as optimizing the success. In this study describing
the theoretical aspects of entrepreneurship, the relevant examples have been linked by supporting
the argument.
Body
In the global economy, generating the new product development initiative and knowledge
sharing process have become the crucial parts for enhancing economic competitiveness in the
market. In order to enhance the market competitiveness, IP toolkit has become the important
contributor for commercializing the new business ideas. By supporting this Blackmore and
Sawers (2015) stated that it cannot be denied that with strong encouragement of Australian
government towards boosting commercial outcomes, has brought huge impact on the case of
managing the entrepreneurial environment in Australia. Analyzing the emerging business
environment in Australia, it has been identified that manufacturing sector has brought huge
contribution in case of increasing the GDP rate in this country. On the other hand, investment in
university sector has also increased the investment in innovation, which has impacted on the job
creation process.

ENTREPRENEURSHIP2
Analyzing the entrepreneurial environment in Australia it has been identified that the
Global innovation index is the important contributor that has helped to maintain the collaboration
between industry and research in Australian market. In the year 2015, the World Economic
Forum Report has introduced the competitive ranking of Australia based on its opportunities of
commercializing (Wipo.int 2019). In which Australia has been highlighted as the Economic
cooperating country in which the collaboration between industry and publicly funded researchers
has been ensured. By continuing this, Audretsch and Lehmann, (2017) opined that it can be said
that in order to increase the productivity as well as global competitiveness, the ‘Boosting
commercial Returns from research strategy’ has been introduced by the government in
Australia so that greater collaboration between researchers and industry can be promoted. In the
venture capital research, it has been identified that most of the developed countries have got
legged behind by Australia (Smartcompany.com.au). Analyzing the entrepreneurial mentality of
Australian people, it has been identified that in order to encourage the entrepreneurialism, both
the success and failure are being accepted. In a research on Australian economy, it has been
identified that within coming 2050 the economic situation of this country may face high struggle.
In that situation entrepreneurial development can ensure the positive growth in this country
(Smartcompany.com.au).
Lean startup can be considered as the important methodology that helps to develop
products as well as business. It has important contribution in case of reducing the product
development cycle as well as discovering the viability of business model for achieving success.
By arguing this Bylund and McCaffrey (2017) said Lean startup can be considered as the
scientific approach that can help to manage starts up and gets the desired products to the
customers hand in fastest manner. In order to build a successful business with maximum