The rapid decline in employment opportunities across major economies around the world is one of the reasons why entrepreneurship is quickly growing. Although the population is growing, most economies have been experiencing sluggish performance in the past few decades.
Of the worst impact to national, governments were the recent 2007 global recession that led to massive loss of employment opportunities to several skilled and non-skilled labors. When formal and informal employment opportunities are scarce, the next best option is to engage in entrepreneurial activities (Lundstrom & Stevenson, 2005).
Secondly, entrepreneurship is fast growing due to the acquisition of professional training and development in business related courses. Over the past few decades, new and competitive training modules have been formulated and vastly taught in the middle level, and tertiary colleges.
The same trend in training has also been experienced in institutions of higher learning. Due to the acquisition of business and entrepreneurship knowledge, there has been a desire to put the same knowledge into practice through the development of entrepreneurial activities.
Also, most world economies are finding it relevant to develop their Gross Domestic Products (GDPs) by supporting the private sector initiatives in business (Swedberg, 2000). This type of support has led to the availability of funds needed to start and run business entities.
This trend is, of course, expected to continue bearing in mind that the world is quickly becoming business-oriented. Even though the public sector is fully run by national governments, positive economic growth can hardly be realized in the absence of contribution made by the private sector through entrepreneurship.
The three primary reasons that lead people to entrepreneurship include lack of opportunities in the public sector, knowledge, and skills in entrepreneurship as well as confidence, optimism, and talent in initiating new business ventures (Duening, Hisrich & Lechter, 2009). Out of the given reasons, an eventual personal choice to become an entrepreneur is largely driven by passion, talent, and optimism to succeed as an entrepreneur.
References
Duening, N.D., Hisrich, D.R. & Lechter, A.M. (2009). Technology Entrepreneurship: Value Creation, Protection, and Capture. Burlington, MA: Academic Press.
Lundstrom, L. & Stevenson, A.L. (2005). Entrepreneurship Policy: Theory and Practice. New York: Springer.
Swedberg, R. (2000). Entrepreneurship: The Social Science View. Oxford: Oxford University Press.