Abstract:

In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Entrepreneurship is any attempt at new business or social enterprise by an individual, teams of individuals, or established businesses or social enterprises. The nature and quality of Entrepreneurial Ecosystem in a country determine whether individuals will pursue entrepreneurship. Industrial clusters have become the focus of a new wave of research and economic development policy, which focuses on the role of location and local competition in fostering global competitive advantage. Also in emerging economies Business incubators tend to play a significant role for the development of the economy and the society at large through their support to new ventures. Science based and high technology entrepreneurship is seen by many of the governments in emerging economies as the most promising way to stimulate economic growth and create employment Entrepreneurship can contribute in important ways to economic development, one crucial way it does this is through innovation.