Edited by John R. McIntyre, Silvester Ivanaj and Vera Ivanaj
Chapter 8: Entrepreneurship development at a small scale: a key to sustainable economic development
Successful new business ventures and economic development do not just happen. They are the result of the combination of favourable environment, sincere efforts and meaningful innovation. A rewarding feature of economic development anywhere in the world, be it a developed nation or a developing one, has been the spread in the concept of entrepreneurship and increased numbers of people following it, resulting in many activities at all entrepreneurship levels: medium, small and micro. Small-scale enterprises prove to contribute greatly and to be highly effective, although unnoticed, in creating a significant impact on social development compared to their large-scale counterparts. There is a growing recognition worldwide that small and medium-sized enterprises (SMEs) have an important role to play in the present context, given their greater resource-use efficiency, capacity for employment generation and technological innovation, promoting intersectoral linkages, raising exports and developing entrepreneurial skills.
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