Malaysia, entrepreneurship Dissertation Example | Topics and Well Written Essays - 1500 words

Malaysia, entrepreneurship - Dissertation Example Human beings are the super animals; all of them possess the power to innovate new things that would enhance the quality of living. Thus, identifying the new methodologies encompasses the most important characteristics of entrepreneurship. In short an entrepreneur is the one, who becomes a risk lover and accepts any upcoming risk, provided it associates the scope of achieving profit. In the modern world of globalization, business and trading activities are at its zenith. It is almost impossible to achieve economic growth in a nation without the expansion of entrepreneurial capabilities. Entrepreneurs in a nation give rise to small and medium scale enterprises that generate more employment opportunities in the country. A rise in the level of employment ultimately stimulates the growth of Gross Domestic Product (GDP) in a country. Small scale industry growth is the primary aspect that helps in reducing poverty in an economy. Almost all the developed and developing countries in the world are now opting for rise in the level of entrepreneurial activities. The government of any nation should actively support the entrepreneurial activities in the economy, as this is the only key that would help in attaining economic development. ... economy. Most of the jobs and inventions in U.S. result from the current entrepreneurial activities. In early 2002, it was estimated by the U.S. Census Bureau that almost three forth of the U.S. businesses were tackled by entrepreneurs (DOL, 2013). Figure 1: U.S. Growing Entrepreneurship 2006-2011 (Source: Forbes, 2012) Malaysia is a nation, whose income is categorized in the group of middle income nations. Since 1970’s the country has shown rapid growth and progress, transforming itself as a multi-sector economic system. It is estimated that small scale industries contribution in the economy is higher by almost 2 %, than the large scale business firms in Malaysia (CIA, 2013). The enormous number financing, infrastructural and business advisory policies framed regarding the entrepreneurship in Malaysia shows high prevalence of the same in the country. The Ministry of Entrepreneurial Development was established in Malaysia long ago in 1995 (USINFO, n.d). This state body ensured that the nation enjoys economic development with the help of capitalist class growth. In the recent times most of the economies are stimulating their economic growth with the virtues of entrepreneurship. Figure 2: Growing Popularity of Entrepreneurship (Source: MSU, 2013) Operational Management Strategies for Entrepreneurship The business environment of medium and small scale industries is highly competitive. The method and strategies used in the operational activities successfully helps a firm to generate competitive advantage among the rivals in the market. Operations involve managing business resources and modifying the procedure of production of goods or services. Figure 3: Operational Strategy (Source: Slack and Nigel, 2005) The above diagram shows that operations