Significance of International Entrepreneurship in Economic Development

Literature Review

Abstract
The entrepreneur is likely to utilize ample of resources so that the business venture can
grow successfully. International entrepreneurship is a significant combination of innovative, risk
taking behavior that crosses the national border with an intention to create business values. In
other words, when people move in any other country to run the business, it is known as the
international entrepreneurship. It is found that it is identified that international entrepreneurship
significantly contributes in economic development and enhancement in terms of increasing GDP,
increasing the sales & profit margin, lowering down the manufacturing cost, globalization of
competitors and more. International entrepreneurship is related to the technological advancement
and culture awareness that help the new businesses to access the foreign market.

Table of Contents
Table of Contents........................................................................................................................................3
INTRODUCTION.......................................................................................................................................4
MAIN BODY..............................................................................................................................................4
The significance of international entrepreneurship in economic development is mentioned below:............5
CONCLUSION...........................................................................................................................................8
References.................................................................................................................................................10

INTRODUCTION
Currently, the most crucial factor to drive growth in terms of economy, country,
individually and more, it is imperative to follow crucial entrepreneurial practices.
Entrepreneurship plays an integral role in the overall success of the economy(Achim, Borlea and
Văidean, 2021). It is an activity of bearing risk with an aim to start new business. Here, the
entrepreneur is likely to utilize ample of resources so that the business venture can grow
successfully. Nowadays, entrepreneurship is gaining popularity across the world as people wish
to start their own business so that they can earn tremendous amount of profit. In the present era,
the dream of entrepreneurs is to develop the business at international level(Atamas and et. al.,
2020). For this purpose, they are likely to think to move towards international market as it is
helpful in increasing the business value. The another crucial reason of moving internationally is
to do business across the boundaries of a country. When the entrepreneur has been achieved
maturity in the domestic market, it is wise to shift towards the international market so that the
profit margin can be maximized. In other words, international entrepreneurship is a significant
combination of innovative, risk taking behavior that crosses the national border with an intention
to create business values(Baier-Fuentes and et. al., 2019). In other words, when a person move
in any other country to run the business, it is known as the international entrepreneurship.
MAIN BODY
An entrepreneur introduces innovative technologies, products and services which assists
in increasing rivalry among the existing firms(Dana,2017). He provides a new opportunities of
employment whether it is for short term or long term.
Economic development is about investment in growth & prosperity of economy so that
the individuals can enjoy a better lifestyle. Promoting inclusive and sustainable growth of the
economy is imperative to drive progress, creating jobs and improving the living standard.
Economic development is directly related to employment(Dvouletý, 2017). In developed
economies, there are several opportunities of employment so that people can earn sufficient
amount of income to live a better life (Li, Y., Huang, S.S. and Song, L., 2020). In other words,
economic growth is fundamental need for the development of each & every country. To grow
economically, it is important for a company to have stable environment, functioning markets and