GEM(Global Entrepreneurship Monitor) defines entrepreneurship as the act of starting or running a new business.
According to 2023/2024 Global Report, titled 25 Years and Growing released by GEM, new businesses bring new products and technologies to the market and turn the ideas of entrepreneurs into tangible goods and services that consumers or other businesses want to buy.
Entrepreneurs hasten structural changes in the economy, attracting resources towards products and services in new sectors and new industries, and pulling resources away from sectors that produce goods and services that people no longer desire.
Such structural changes drive productivity increases and ultimately raise living standards
across the economy. Entrepreneurial activity is thus a key component in the process of economic development.
Entrepreneurs can also hasten social change.
For these reasons, increasing entrepreneurship is a major policy objective in most economies.
Read full report by GEM