Essay: Opportunities for Entrepreneurship
The main reason for the growth of the entrepreneurial firms in the environment is due to the technological changes taking place. “India and China have utilized nanotechnology for competitive advantage on them based on competency theory” (Thukral et al., 2008). The internet and web based communicative technology have enabled small firms to operate in an agile manner in competition with the much larger and older companies in the market. The communication technology enables the smaller entrepreneurial firms to cater to a larger market while operating on a much smaller scale.
“Technology is making smaller scale, distributed production more economical, raising global competition and forcing change on traditional firms in mature markets. Change was gradual for decades but accelerated during the last ten or fifteen years as new computing and communications (C&C) technologies helped coordinate production flows, making firms break up and distribute their value chains over markets of subcontractors and changing the work environment of individuals.” (Eliasson, 2006)
The opportunities for growth have also arisen due to the ease of arranging for venture capital and financing for entrepreneurial firms and start ups though loans from SME based and financial institutions. The firms are able to lease infrastructure and assets for operating the business by taking utilizing the SME and business loans provided by the banking and the financial sector.
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