Author: Tugba Kalafatoglu

Publisher:

Published: 2014

Total Pages: 0

ISBN-13:

Entrepreneurship has been a “hot topic” in global economy since Joseph Alois Schumpeter pointed out over one hundred years ago that entrepreneurship is crucial for understanding economic development. The concept of entrepreneurship appeared in 1755 by R. Cantillon, and the first time it was recognized the function of starting an undertaking within the economic system. The hypothesis that entrepreneurship is linked to economic growth finds its most immediate foundation in simple intuition, common sense and pure economic observation: activities to convert ideas into economic opportunities lie at the very heart of entrepreneurship. Entrepreneurship is a source of innovation and change, and as such spurs improvements in productivity and economic competitiveness. Lately, world's economic growth is driven by twin engines -- the stability and success of the world's strongest middle class, and the ingenuity and drive of the country's entrepreneurial spirit. Every country in the world, the government and private sector are fostering the entrepreneurship to its people. When we look around to see who these people are? The response is “Middle Class”. A strong middle class fosters innovation and encourages entrepreneurs to start their own businesses, which in turn creates good jobs that support a growing economy and an increasing middle class. So the middle class is the key for many countries' economic growth especially the ones like emerging countries; Turkey, China, Brazil etc.