Challenges and opportunities of Entrepreneurship in Globalizing Economy

Entrepreneurship is the practice of converting opportunities into profit in terms of money and satisfaction through novel business. Economic globalization has been accelerated since 1980s. India became a part of global village with the liberalization of trade laws made in 1991. Since then, number of entrepreneurs and market volume are increasing rapidly. Economic globalization has enabled easy trans-national trade, which in turn boosts challenging entrepreneurship.

Globalization is astoundingly changing the world's economic landscape, far beyond what computerization has done in the past two decades. It is creating and forcing profound changes in start-ups, business organizations - large and small, both in terms of processes and in the nature of their final products. As these changes take place, it creates more challenges and opportunities for entrepreneurship across the world. These challenges and opportunities cannot be dealt easily without learning their impact on every business. Every factor acts as an opportunity and a challenge to entrepreneurship. For example, globalization has created a new scope for both exports and imports. This is not only an opportunity for an entrepreneur to export but also a challenge as he has to compete with global players and their standards.

Challenges and opportunities of entrepreneurship can be analyzed in detail by studying the status of entrepreneurship before and after global economic changes. Entrepreneurship is an agent for global economic changes and also a respondent to such changes. The scope for entrepreneurship is to be described perspicuously in the paper “Challenges and opportunities of Entrepreneurship in Globalizing economy”

Challenges:
Chances of dumping
Changes in WTO
Internal & International politics
Wars
Changes in rules and laws (including foreign countries)
Heavy competition from giants
Dependence on other country’s economy
Eco friendly & Labor friendly
Unequal competition
Perfect competition in market
Restriction to surplus

Opportunities:
Large scope for exports
Offers from Govt. of various countries
Tax cuts in SEZs
Westernization
Increasing Purchasing power
Easy entry
HR availability
Value addition
Technology