Entrepreneurship and Venture Creation Essay Example | Topics and Well Written Essays - 3000 words - 1

Entrepreneurship and Venture Creation - Essay Example There are several theories that explain the multidimensional concept of entrepreneurship. For example, the psychological theories that focuses on the mental and emotional factors characteristic of entrepreneurs. In the classical and neo-classical period, the terms entrepreneurship and entrepreneur were perceived to be similar (Evans 2014:48). The theories explaining entrepreneurship can be divided into three broad categories that are the psychological aspects, sociological theories and economic principles. However, scholars in the discipline of economics are the main contributors to the development of the entrepreneurship concept. In the neo-classical theories, entrepreneurship does not exploit the business field. Based on the earlier concepts of market equilibrium, neo-classical theories argue that firms in the market obtain their profit margin based on their levels of labor. The neo-classical theories also argue that entrepreneurs who put in more effort compared to their counterpar ts in turn obtain more profits (Evans 2014:48). The key limitation in the neo-classical theories is that they undermined the role of management and decision making in the success of the firm in the market. The theories also focused on the knowledge of the entrepreneurs and the nature of the business that an entrepreneur carries out. For example, if an entrepreneur is more knowledgeable in a particular type of business compared to their counterpart, then the entrepreneur is likely to be successful.

To what extent does the rise of China pose a fundamental challenge to Essay

To what extent does the rise of China pose a fundamental challenge to the liberal world order - Essay Example It is remarkable how China has managed to rise from a country struggling to develop into a leading global economy in just three decades. During the past three decades, the United States exercised hegemony over global affairs, particularly after the collapse of the Soviet Union. Today, however, China has taken a leading position in world affairs especially in terms of economic prowess. China is poised to surpass the United States in exercising global hegemony in the near future. Such views have stemmed from the fact that China has built highly complex systems of conducting global business that has enabled China’s economy to grow rapidly. Although China has asserted that it does not wish to become a global hegemonic state, there is speculation that circumstances will force China to do so. Therefore, the way that Western countries will handle China’s ascent to global affairs will conclude the outcome of liberal internationalism. The international arena will either become a hegemonic or multi-polar environment with China’s ascent to power. The apprehension on China’s ability to challenge the liberal world order is based on China’s domestic politics, which are characterized by an autocracy that feels no need to uphold the rule of law. Accordingly, it is speculated that if China surpasses the United States as a superpower, then the former will conduct international law and politics in similar fashion as it does domestically. The Communist Party in China has led the country to a stable political-economy, evident during the recent global recession (Ross & Zhu, 2008; pp. 219). While Western countries and in particular the United States was hit hard by the recession, the Communist-Party led government of China was able to withstand the recession and maintain high economic growth rates. As a result, the Yuan is rapidly gaining international value and is on the way to rivaling the US dollar, an occurrence that will surely solidify Chinaâ €™s international stature (Inkenberry, 2011). In line with this argument, it is speculated that once China achieves the superpower status, it will run international political-economic affairs using the same policies used by the Communist Party domestically. Most Western countries view the communist government as being led by corrupt officials and people with total disregard for the rule of law. Considering this view point, many are worried that if China uses the policies promulgated by the communists in the international arena, then the liberal world order will be under serious